Self- Awareness in Your Business

April 26th, 2016

The ability to recognize and understand……

 

 

Today’s post is written by Heather Powell, Director of Customer Service & Project Manager at SafeSourcing Inc.

In my first blog, “What is Emotional Intelligence? Why It Should Matter in Any Business?”, I identified what emotional intelligence (EQ) is and how it applies to any business. In my second blog, “Emotional Intelligence in Action”, I explain the What, How, and Why the competencies of EQ work.  In my third blog, “Five Components of Emotional Intelligence and Your Business” I gave the basic definition of the five components of emotional intelligence. In this installation, I will provide a deeper explanation of Self-Awareness and how it applies to you as a leader and your business.

1). Self-awareness. The ability to recognize and understand personal moods and emotions and drives, as well as their effect on others.1

A self-aware person who knows that tight deadlines bring out the worst in him plans his time carefully and gets his work done well in advance. Another person with high self-awareness will be able to work with a demanding client. They will understand the client’s impact on their moods and the deeper reasons for their frustration. People with high self-awareness are able to speak accurately and openly—although not necessarily effusively or confessional—about their emotions and the impact they have on their work.

An example:2

Jordan is a negotiator. He has an important position in the procurement division of his company. He has to purchase 30,000 new gizmos for an important piece of equipment his company produces. He has been in negotiations with two key sellers. Seller A sells the gizmos at a unit price of $15.00, Seller B at $13.00. After several meetings with both sellers, Jordan notices that he always feels energized when he has met with Seller A- the meetings just seem to fly by. In contrast, he always comes away from meetings with Seller B feeling drained and with an uncomfortable, nervous feeling in his stomach. After much thought, Jordan persuades himself to ignore the feelings and to the rational thing; go for Seller B with the cheaper unit price: “This is business after all.”

For several weeks after the decision Jordan continued to feel uncomfortable and anxious about the new supplier. After three months of cooperation the supplier stopped replying to Jordan’s calls and, eventually, when Jordan manages to track him down, explained that they were experiencing staffing problems and would not be able to meet the supply of the gizmos for the next two months.

One thing is certain here: Jordan failed to listen to his emotional brain or intuition. Trust is an important value to Jordan and his intuition was telling him that there was something about Seller B he did not trust. Jordan chose to ignore these clear signals and ended up paying the price.

By developing our Emotional Intelligence in the five EQ domains we can become more productive and successful at what we do, and help others to be more productive and successful too. The process and outcomes of Emotional Intelligence development also contain many elements known to reduce stress for individuals and organizations, by decreasing conflict, improving relationships and understanding, and increasing stability, continuity and harmony.3

Please stay tuned for the next blog on how self- regulation can help you and your business.

We enjoy bringing this blog to you every week and hope you find value in it. For more information on how we can help you with your procurement needs or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative. We have an entire customer services team waiting to assist you today.

We look forward to your comments.

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References:

  1. http://inspirebusinesssolutions.com/blog/5-main-components-of-emotional-intelligence
  2. Neale, S., Spencer-Arnell, L., & Wilson, L. (2011). Emotional Intelligence Coaching: Improving Performance for Leaders, Coaches, and the Individual. Philadelphia, PA: Kogan Page (p 106).
  3. http://www.businessballs.com/eq.htm

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