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Archive for November, 2015

How EQ (Emotional Intelligence) Affects Your Business

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Tuesday, November 24th, 2015

eqEmotional intelligence (EQ) is the ability to identify, use, understand, and manage emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges, and defuse conflict.

As a business owner, these qualities can enhance both your communications with your customers and how you deal with life in general. If you have the capability of understanding your own emotions and the reasons you react the way you do, it will give you a better understanding of why others are reacting the way they do when you come into contact with them regarding business matters.

In order to thrive, a high level of emotional intelligence is necessary. Take, for example, someone who angers easily, who lacks control over their emotions. Their inability to see the cause of their emotional instability usually leads to job loss, relationship problems and sometimes ill health. While there is such a thing as healthy stress and it can be a motivator in times of crises, most stress that we deal with tends to be of the unhealthy variety.

A person with a high EQ level usually keeps their cool instead of becoming angry, they don’t complain about the small things in life, if at all, and they avoid drama at all costs. They are self aware and self composed, understanding that stress reduction is important. They usually possess a good sense of humour and if conflict arises that can’t be avoided, they work through it as quickly as possible.

Can emotional intelligence be learned?

EQ is a skill and like all skills, it takes practise, knowledge of your own shortcomings and the ability to apply a skill to your life circumstances. Each person responds differently to stress just as all business owners are different and they will have to learn which stressors in their business have the most effect on them. Unlike IQ, which tends to be linked to learning at a younger age, particularly in music, EQ includes the ability to be aware of oneself and our emotions.

Since EQ has a huge effect on problem solving, the higher your emotional intelligence, the better equipped you will be to deal with all aspects of your business. Though intangible, we see it in those who are socially aware, competent in a variety of situations and measured by performance. Someone with a high EQ is able to train themselves to use behaviours that will benefit them. They can modify their own behaviour to the extent that it changes their whole world.

Business involves networking with people who have completely different personalities than your own. Understanding yourself means understanding others and it also means influencing others. Your emotional intelligence can be improved and because of that you can also learn to overcome challenges that you once found impossible to deal with.

© Chris Draper, DemGen Inc. 2015

 

Categories : Small Business
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Business Criticism

Posted by: admin | Comments Comments Off on Business Criticism
Tuesday, November 17th, 2015

criticismWe’ve all given it at one time or another but when we hear criticism of our own business and especially when it hits close to home, we lose our ability to handle it gracefully.

Comments on social media, editorials in newspapers or magazines, word of mouth – in all of these ways and more we come across mentions of our business that we find difficult to swallow.

Should we respond, especially in kind? Always think of where the critique is coming from. Not all criticism is helpful or even meant in the way it sounds. Sometimes it’s just there to draw attention to the person who is criticizing and is best ignored.

However, when hearing things against your own business that you find you agree with, the best thing to do is take care of the issue as promptly as possible. If you can, speak with the person who has found a problem and apologize, then ask how you can rectify the situation and keep them as a customer. Problems handled in this way can actually lead to more business as customers truly appreciate great customer service. If they know that your business is one that can be relied upon to fix its mistakes, they will tend to tell others about you.

Take a step back, acknowledge that your business may have its problems and work on what can be improved. Paying too much attention to the comments of others can have a detrimental effect on both you and your business. You’re a professional and remembering that will help you to keep your head up and deal with criticism in a mature manner. You have a right to your own opinion, especially when it comes to your business, so keep in mind that the customer may not always be right.

Each person’s perception of your business will be different and the most important person here is you. Do you feel you’re handling your business properly? Could there be some truth in the criticism coming your way? Learn what you can from it, take it with a grain of salt and put it behind you. In the end, it can only help you improve your business.

© Chris Draper, DemGen Inc. 2015

Categories : Business Experts, Small Business
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The Passive Aggressive Business Owner

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Wednesday, November 11th, 2015

passive aggressive

Your customers are making what you feel are unfair demands of you, yet you smile, acknowledge their complaint but do nothing about it. At least not immediately. While telling them that everything will be fine, you will fix whatever is wrong, you really have no intention in changing a thing.

You wonder why they’re so upset, over what seems such a trivial matter, and sometimes even tell them, (in a very nice way of course), to settle down, they are overreacting.

Passive aggressive business owners are as common as passive aggressive people. You go out of your way to resist the demands or requests of others. You procrastinate, complain, sulk and purposely avoid doing what needs to be done.

How does this affect your business?

Passive aggressive behaviour comes into play when your negative feelings about someone or something build to the point that it impacts your life and because you’re holding these feelings in, some outward display of destructive behaviour shows up instead.

A business, just like life, always has problems intermittently and a business owner has to be able to handle whatever crops up. If you tend toward being passive aggressive, there will always be an excuse to avoid problems or just not deal with them at all. Whatever happens will always be the fault of others, not you. Competition will be another issue as you will refuse to involve yourself in it or will create some type of scenario where you have been victimized in one way or another.

A business owner needs to be able to communicate, honestly, with his or her customers, clients and others involved in the running of their business. Avoiding the truth, putting off payments, turning a blind eye to what needs to be done will eventually create confusion and resentment in all of the involved parties.

Learning to take responsibility for your actions is the first thing a passive aggressive business owner needs to do. The best way to do this is by looking at how your behaviour affects not only yourself but your business and others around you. Take the time to think before you respond to others and decide why you wish to respond in a certain way or not respond at all! Your reactions should tell you a lot about yourself, and your feelings to your outside circumstances.

Be aware that others may eventually have to set boundaries to control how your behaviour affects their lives. Just like you, their responses and reactions have a reason behind them. You are aiming for consistency, in a good way, and you will need to learn how the outcome of certain behaviours will mean success or not in your business.

© Chris Draper, DemGen Inc. 2015

Categories : Small Business
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Putting Boundaries on Your Business Costs

Posted by: admin | Comments Comments Off on Putting Boundaries on Your Business Costs
Thursday, November 5th, 2015

costsHow do I keep expenses under control in an increasingly expensive business world? This is a common question among small business owners and one which they don’t necessarily ask aloud but is always in the back of their minds.

If you notice your business has stopped growing, then you’ve lost control of the spending boundaries for at least one aspect of your business. Start by renewing your focus on controlling costs at all levels.

Look at renewable contracts with your clients. Multi-year contracts may not be to your advantage. Real time costs are not always taken into consideration and at the time of the original contract you and your client have no idea of which costs will rise in the years ahead during the duration of the contract.

If you carry an inventory, keep in mind that this costs you more. Never keep more stock than you will sell within a short period of time. Even better, don’t carry an inventory at all and purchase only from suppliers when items are needed. Plan ahead for any changes in your market, or products and services you wish to change or improve upon. Compare your costs and expenses with other similar businesses of the same size in your market area.

Never forget to seek out lower prices from your suppliers and to raise your prices as necessary. Raising your prices will not mean you lose customers if the prices are reasonable. Look into anything, especially technology, that will improve delivery of your services. Clients expect the best when it involves completing tasks for them. They like to see creative and innovative ways of getting things done.

Learn accounting. There is no better way to keep track of your costs than to understand them in the first place.

Focusing on the over all cost of your business will show you where you need to rein in costs and where you can spend a little more. Your goal should be to come out ahead while still supplying high quality services and products.

© Chris Draper, DemGen Inc. 2015

 

Categories : Business Experts, Small Business
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