Your lack of emotional competency might be an important reason you struggle to build a thriving business. Research has shown that the key to creativity and innovation is the mastery of emotional skills. People with control over their emotions are more inclined to run a successful business, as they appear more composed to respond constructively to varying events. In today’s podcast, Doug Noll from Doug Noll Company and Stephen Halasnik from Financing Solutions discuss how small business owners can develop their emotional competency to build stronger relationships, manage conflict, become more creative, and achieve their business goals.
Emotional Competency as a Business Owner
As a small business owner, how you respond to challenges, express your feelings, and interact with others can significantly impact your business. And the level of your emotional competence is a major determinant of how you react to events.
If you want to build relationships, reduce team stress, defuse conflict and improve job satisfaction in your workplace, then you should not hesitate to improve your emotional competency.
Emotional competency is a fundamental skill that every small business owner must strive to acquire to excel in their businesses. Developing emotional competency makes you a high performer in everything you do, plus it also helps you self-regulate your feelings instead of allowing them to dictate your life randomly.
Having a high emotional competency allows you to sympathize with your employees, communicate effectively, and become both self and socially aware- qualities essential for business growth and development.
Read on to learn how you can develop your emotional competence.
What Is Emotional Competency for Small Business Owners?
A business might fail if the owner is less connected to their emotions; numerous cases abound. However, a mastery of your emotion can help drive your business growth.
Emotional competency is the ability to identify, interpret, and constructively respond to emotions in oneself and others. It is an essential set of personal and social skills. People with high emotional competency are better equipped to undertake entrepreneurial activities.
In other words, they are more creative and innovative and have better control over their emotion. Emotional competency is critical to running a successful business as it helps you to build interpersonal relationships that will not be damaged by the emotional problems of oneself or others.
Further, business owners with high emotional competence demonstrate better stress tolerance and are more likely to stick it out in times of difficulties and seek opportunities. In addition, people with better emotional skills are not afraid to take calculated risks and have a positive entrepreneurial attitude.
Through self-assessment of emotional efficiency, small business owners can practice emotional efficiency management and develop high-level emotional competency.
How Small Business Owners Can Develop Emotional Competency
Developing your emotional competence is essential to running a successful business. Business owners with emotional competence undoubtedly affect the bottom line. And they can create a healthy workplace that promotes productivity.
In a competitive business world, mastering your emotions is essential to business success. Below are tips for developing your emotional competency.
To develop your emotional competency, you must first make a constructive decision about your behavior. In other words, you should be intentional about your daily activities and avoid stress. Stress can make you lose control of your emotions and ability to think and act appropriately.
For instance, thinks about a time you were stressed; were you able to think clearly or make a rational decision? Probably not. Your ability to reason properly and adequately assess emotions -your own and your employees’- becomes compromised when you are worn down.
By being emotionally aware, you will have the ability to recognize and make sense of your own emotions and that of others. With a high level of emotional awareness, you can learn from your feelings quickly and make decisions that will help you.
Effective communication entails having good listening skills. In other words, once you learn how to listen, communication becomes so easy because you can listen from the speaker’s frame of reference. And once the speaker feels heard, the speaker will be able to listen to you.
Most of the time, people seldom listen when they engage in communication. Instead, they focus on what they will say, thereby not making any meaningful headway. Good communication is all about good listening. Proper listening will allow you to develop cognitive empathy, which in turn allows you to develop emotional awareness and self-regulation.
Having a good relationship with people is vital for the successful operation of your business. Relationship management means maintaining good and positive relationships with your employees and customers. However, working well with others is a process that starts with emotional awareness and your ability to understand other people’s feelings.
When you have emotional awareness, you can effectively develop a working relationship that promotes your organization’s productivity.
Emotional competency is a critical skill for every small business owner. Having control of your emotions saves you from making rash and irrational decisions that can negatively impact your business. In addition, emotional competency helps you understand your actions and feelings as well as how they affect the people around you. Developing emotional competency will allow you to value your employees, listen to their concerns, and empathize with them on many levels.
Learn About Our Guest
Douglas E. Noll, JD, MA, left a successful career as a trial lawyer to become a peacemaker. His calling is to serve humanity, and he executes his calling at many levels. He is an award-winning author, teacher, trainer, and highly experienced mediator. Doug’s work carries him from international work to helping people resolve deep interpersonal and ideological conflicts to training life inmates to be peacemakers and mediators in maximum-security prisons.
Learn More About Financing solutions
Financing Solutions provides an easy-to-setup unsecured business line of credit to small businesses. The small business financing product is a great cash backup plan that costs nothing to set up, nothing until used, and is inexpensive when needed. Financing Solutions is rated A+ by the Better Business Bureau and 5 stars by the BBB/Google Reviews.
Unlike a traditional business bank loan, our business credit line requires no collateral or personal guarantee (except in the cases of fraud) making it an excellent alternative business financing option. Small businesses often used their line of credit for short-term expenses, working capital, to make payroll, or for a business investment especially when business cash flow is temporarily down.
Get a free, no-obligation business line of credit quote by filling out our simple 2- minute business line of credit application here.
Remember: The time to set up a credit line is when you don’t need it.