5 tips to keep your new business on track

• It%27s OK for you to say %27no%27 to business opportunities.
• Set one-year%2C three-year and 10-year goals for yourself and your company.

Question: Ever since I've started working on my new business, there has been a ton of opportunity. It is overwhelming. How do I decide what to say "no" to?

Answer: Saying "no" takes focus and practice, but you can develop habits that make it less challenging.

If you can nail down a business vision and only explore opportunities that take you in that direction, then you will do pretty well.

• To get started, write down your one-year, three-year and 10-year goals for yourself and your company.

• For each series of goals, note some of the major milestones you have identified as important to get you where you want to be.

• From this list, circle or star the things that are most important — that if not accomplished, your business or life will suffer.

If you are unsure of your goals and milestones, you may want to plan a strategy session with your executive team or family because not knowing your goals is likely the reason you are saying "yes" to the wrong things.

• Next, write down your core values and what is most important to you — things that are "non-negotiables."

• Draft a statement that you feel comfortable saying when you need to say no.

This may take some time, but if you have this memorized, it will make it easier to say no when needed.

An example: I really value and respect you, and I appreciate that you came to me with this offer. I do not want to create poor results, so given my current focus and limited time, I am going to have to say no.

Keep this list and script somewhere visible in your daily activities, whether this is in your office, your car, or maybe a folder you carry with you.

Each time an opportunity comes to you, refer back to this list.

Think about each opportunity in two ways:

• Is this aligned with my values?

• Will this help me meet a milestone to achieve a goal? (And if my week is really packed, will this help me meet one of my "starred or circled" milestones?)

If you are on the phone or in a meeting, let the other party know you will follow up with him or her within 24 hours.

Avoid saying yes on the spot. It is completely respectable for you to say you need to take the day to ensure this is aligned with your core goals. Smart people will respect your focus.

Other caveats

Two important caveats that make this more challenging:

• Helping others. You should certainly feel free to give your time to things that will not advance your goals, but that will help others.

In fact, I recommend this. Decide now how many hours per month you can allocate and then say no when you have met that limit.

• Serendipity. There are times when we take meetings we don't expect to be fruitful that turn into something big.

I have no silver bullet to know how to spot these, but if you are afraid to miss these chances, take as many meetings as you like and only move forward with opportunities that align.

You'll get better at spotting these as you become more seasoned.

Sidnee Peck is director of the Center for Entrepreneurship at the W.P. Carey School of Business at Arizona State University. Send your questions to startupsidneeasu@gmail.com.