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I liked this article because sometimes in the workplace you can feel like things are out of your control. While this is true, this article reminds you of things in the workplace that are in your control.

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What can you do if a workplace conflict is still raging out of control, despite your every effort to resolve it? While your emotions may be in knots over the situation, the best strategy isn't to focus on what you can't control, but on what you can. Here are nine areas within your control.

1. Your Plan for the Future

Consider what's important and follow a strategy for a period of time that feels comfortable. Your plan may include leaving your current work environment, or you may decide staying is the best thing to help meet your goal for a secure retirement, health benefits or a good letter of recommendation. Knowing what you want your future to look like helps you look past the current situation and focus beyond your temporary problems.

2. Your Perspective

It's easy to get so wrapped up in a disagreement that you lose all perspective about the situation. This is especially true when the conflict is at work and you're experiencing it every day. Dealing with a persistent difficulty can become the routine -- until you decide to change how you look at it. Stop and reassess your point of view. See if you can find a learning opportunity in the situation. Maybe this is a chance for you to step outside yourself and extend a little compassion to the other person. Or maybe if you purposefully and mindfully examine what's going on, you can honestly say the issue isn't that important to you.

3. Your Responses

You can't control the other person's actions, thoughts or feelings, but you always have the option to control your own responses. Change how you react to what's happening, and look for ways to respond that won't escalate your anxiety or blood pressure. Consider how you want others to see you and choose your responses accordingly.

4. Your Investment

How long have you lived with this conflict and how much effort are you putting into it? Do you really want to be more emotionally invested than everyone else? If your answer is no (or even a shaky maybe), then try to reduce your investment in the drama. Spend less time thinking about it, talking about it and engaging in it.

5. Your Role in the Conflict

As difficult as it is to admit, you probably have some responsibility in the conflict. Consider how your actions and reactions look to others. Ask yourself, "What have I said or done -- or not said or done -- that has kept this conflict going?" It may take the assistance of friends, family or professionals to help you realize it, but you don't need to continue being the bully or the victim. If it takes two to tango and you're no longer willing to dance, the conflict has to diminish.

6. Your Energy

Changing where you focus your energy can be a huge stress reliever. Unresolved conflict (and unresolved emotions) can be a black hole for energy; you can give and give without any guarantee you'll see that energy investment returned to you. Instead of putting 110 percent of yourself into the conflict, put your energy into a different outlet. Cleaning a closet, putting together a proposal for a creative project at work or hitting the gym are all great ways to channel energy and emotions.

7. Your Own Story

When I read a good book, I create the movie in my head. I'm the casting director, set designer and director. When it comes to a conflict at work, you can essentially do the same by choosing how you depict the scene to yourself and others. When you're not emotionally involved in a problem, you can see both sides, so be objective and apply it to your own situation. Decide how this particular story will play out and how you'll speak about it. Give an account without elevating or victimizing anyone. When a coworker or supervisor asks about specifics, consider an honest but hopeful response such as, "It's a difficult time right now, but I'm learning a valuable lesson about expectations," rather than, "Yet again I'm the victim and no one cares."

8. Your Method for Processing Emotions

You can keep the impact of a conflict to yourself and stuff your emotions away, or you can find constructive ways to process what's happening. Talking with a mentor, family member, friend, clergy or therapist can be helpful. Keeping a journal, writing letters you'll never send (my personal favorite), exercising or even slinging rocks at a tree are all productive ways to process the emotions and perspective associated with an otherwise unproductive situation.

9. Your Character

You may follow directions and have job responsibilities, but no one can make you do anything. When you say, "He just makes me so (fill in the blank) that I had to (fill in the terrible past response or action you took)," you're giving the other person control over your moral fiber. Take personal responsibility and don't give anyone else the power to make you behave in a way that is unbecoming, unethical or dishonorable. Show your best side -- not an unchecked series of poor reactions.

[ Vivian Scott is a Professional Certified Mediator and the author of Conflict Resolution at Work for Dummies. Having spent many years in the competitive and often stress-filled world of high tech marketing, Scott realized that resolving conflict within the confines of office politics was paramount to success. Prior to retirement from corporate life, Scott developed the "America at Work" video series. She is also the recipient of a rare personal award from the Small Business Administration for her commitment to small business development.]

Articles in This Feature:

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If a workplace conflict is raging out of control, the best strategy isn't to focus on what you can't control, but on what you can.

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What can you do if a workplace conflict is still raging out of control, despite your every effort to resolve it? While your emotions may be in knots over the situation, the best strategy isn't to focus on what you can't control, but on what you can.

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I added this picture because it gave you a visual between what data and information is. It helped me to see that information is created from data.

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I added this because it defined what a productions and operations manager was. I found this a good read because it helped me to understand the differences between the two roles.

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Production and Operations Management - Meaning and Important Concepts

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Production and operations management talks about applying business organization and management concepts in creation of goods and services.

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I added this because it shows the difference in power and control in an organization. I think it is a good read because so many people correlate the two as the same.

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Power and authority are separate but related concepts. A manager in an organization has authority if he or she has the right to direct the activities of others and expect them to respond with appropriate actions to attain organizational purposes. A uthority most often comes from the duties and responsibilities delegated to a position holder in a bureaucratic structure. A company president can order a product design change, for instance, or a police officer has the authority to arrest an offender of the law.

Power is the possession of authority, control, or influence by which a person influences the actions of others, either by direct authority or by some other, more intangible means. A prime source of power is the possession of knowledge. A person with knowledge is oftentimes able to use that knowledge to directly or indirectly influence the actions of others. The authority of knowledge is often independent of levels or positions. Power can reinforce authority, and authority is one of the primary sources of power.

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What is the difference between power and authority in an organization? - eXtension

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Power and authority are separate but related concepts. A manager in an organization has authority if he or she has the right to direct the activities of others and expect them to respond with appropriate actions to attain organizational purposes. A uthority most often comes from the duties and responsibilities delegated to a position holder in a bureaucratic structure.

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I added this because I do not personally like this style of leadership. I would not use it in my own business and these disadvantages are just a few of the reasons why.

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5 main Disadvantages of Autocratic or dictatorial leadership

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5 main Disadvantages of Autocratic or dictatorial leadership are as follows: a) One way communication without feedback leads to misunderstanding, and communications breakdown. b) An autocratic

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I added this because I believe that when I have my own business that I will use this style of leadership. I think that it is important to have a diverse work place and have the input of others to make the best decisions. Other people might have ideas that you have not yet thought of.

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Democratic leadership, also known as participative leadership or shared leadership, is a leadership style in which members of the group participate in the decision-making process. This type of leadership can apply to any organization, from private businesses to schools to the government.

With a democratic leadership style, everyone is given the opportunity to participate, ideas are exchanged freely, and discussion is encouraged. While this process tends to focus on group equality and the free flow of ideas, the democratic leader is still there to offer guidance and control.

The democratic leader is also charged with deciding who is in the group and who gets to contribute to the decisions being made. Research has found that the democratic leadership style is one of the most effective types and leads to higher productivity, better contributions from group members, and increased group morale.

Mental Health in the Workplace Webinar

Characteristics of Democratic Leadership

Some of the primary characteristics of democratic leadership include:

Collaboration: Group members are encouraged to share ideas and opinions, even though the leader retains the final say over decisions.

Engagement: Members of the group feel more engaged in the process.

Creativity: Creativity is encouraged and rewarded.

Researchers suggest that good democratic leaders possess specific traits such as being a team player, possessing a willingness to adapt, having a fair mind, and being engaged in the process. Strong democratic leaders inspire trust and respect among their followers.

These leaders are sincere and make decisions based on their morals and values. They also tend to seek diverse opinions and do not try to silence dissenting voices or those that offer a less popular point of view. As a result, followers feel inspired to take action and contribute to the group.

Examples of Democratic Leadership

More than half of the countries in the world with populations over 500,000 people use a democratic leadership style. The United States is one. Sweden, the Philippines, Indonesia, South Korea, and the Netherlands are a few others.

Some businesses also operate with a democratic management style, offering a participative leadership approach. Google is one, with its founders likening their leadership style to being "proud parents-offering advice and love, but not daily nagging!" Jack Dorsey, the former Twitter CEO, was also often credited with having the characteristics of a democratic leader.

You can also find examples of democratic leadership within school clubs and 4-H organizations. Tommy Lasorda, former manager of the Los Angeles Dodgers who won two World Series championships, is credited with being a participative leader in the sport of baseball.

Benefits of Democratic Leadership

Because group members are encouraged to share their thoughts, democratic leadership can lead to better ideas and more creative solutions to problems. Group members feel more involved and committed to projects, making them more likely to care about the end results.

Research on leadership styles has shown that democratic leadership contributes to higher productivity among group members. This way of leading has also been connected to increases in group morale.

Potential Pitfalls of Democratic Leadership

While democratic leadership has been described as the most effective leadership style, it does have some potential downsides. In situations where roles are unclear or time is of the essence, democratic leadership can lead to communication failures and uncompleted projects.

In some cases, group members may not have the necessary knowledge or expertise to make quality contributions to the decision-making process. Democratic leadership can also result in team members feeling like their opinions and ideas aren't taken into account.

For a government or organization to be truly democratic requires the sharing of all the information. This can lead to potential security issues in some cases, making it another pitfall of using a democratic leadership style.

How to Use Democratic Leadership

Democratic leadership works best in situations where group members are skilled and eager to share their knowledge. It is also important to have plenty of time to allow people to contribute, develop a plan, then vote on the best course of action.

Because so many people are involved, setting deadlines can ensure that you get everyone's input in enough time to act on it. Providing expectations upfront can be helpful as well, making it clear when the group's input will be sought and which decisions management will make on its own.

A Word From Verywell

Like any other leadership style, there are pros and cons to being a democratic leader. Should you decide that this is the best style for you, following a few simple guidelines-such as managing time carefully and setting deadlines-can help make this an effective approach.

Frequently Asked Questions

When is the best time to use democratic leadership?

If you have enough time to follow a democratic process and your group's members can provide quality information, this is a good opportunity to use democratic leadership. It's also a good time to use a democratic management style if the decision you need to make doesn't involve revealing any private or confidential information.

How can you improve a democratic leadership style?

Make it easy for all group members to share their thoughts and ideas. For a democracy to work, everyone has to feel as if they can give their opinion and know that it will be heard. Other ways to improve a democratic leadership style include being willing to listen, empowering group members to take action, and creating a cohesive decision-making process.

Why is a democratic leadership style effective?

When all group members feel that they can contribute their thoughts and opinions, they may be more encouraged to take an active role in the process. This increased engagement leads to more creative ideas and higher levels of productivity. It also reduces the likelihood that team members will feel as if their contributions don't matter.

When is a democratic leadership the least effective?

If you don't have enough time to collect everyone's input and act on it, this can lead to an ineffective democratic process. A democratic leadership style is also ineffective if the group members cannot contribute in a meaningful way or if the decision being made requires the dissemination of information that shouldn't be shared on a large scale.

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Is Democratic Leadership the Best Style of Leadership?

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Democratic leadership, also known as participative leadership or shared leadership, is a leadership style in which members of the group participate in the decision-making process. This type of leadership can apply to any organization, from private businesses to schools to the government.

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I found this interesting because I believe it shows the difference in motivation coming from within and outside of yourself. I believe that to be successful you need both types of motivation.

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I added this article because I believe that leadership was a huge part of not only this module but of the entire book. Leadership involves being able to properly motivate people. This article lists motivation strategies to increase productivity. This will be useful one day in my life when I own my own business.

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A great indication of a successful manager is one who has employees who are motivated to perform their jobs at a high level. It is easy to see that higher employee motivation leads to more productivity and therefore more profitable business growth. Therefore, it is important for a manager to understand motivation and how to garner it from their employees.

Motivation, and what triggers it, has been studied for decades and workplace leaders have used assessments to determine an employee's personality and better anticipate their behaviours. But assessment scores alone will not show you all you need to know, it is important for managers to get to know their staff and learn how to be more specific in their approach to motivating them and understanding their goals and aspirations.

As great as it would be, there is no one method to motivate your employees. Your employees are all very different from one another, so different factors affect their motivation. Some people are motivated by money, others by rewards, some prefer recognition, and some people just motivate themselves to achieve. Supervisors and managers need to utilise a number of different strategies and techniques to increase their employee's motivation and productivity.

We have compiled a list of motivational strategies for managers to apply in order to harness the most productivity and results from their staff, and to provide a happy, thriving working environment.
Motivator 1 - Trust
This is one of the most important aspects in any organisation and it is a two way street. Employees want to know that their manager is looking out for their best interests, which motivates them to succeed. In turn, leaders also want to know that they can trust their staff to do their jobs properly. It is up to the manager to ensure this trust is built with their employees and to be able to communicate effectively with each individual and foster positive relationships.
Motivator 2 - Reward System
Incentives are a great way to promote motivation. Employers can use many types of incentives or reward programs to increase productivity and motivation among staff. Incentives can come in many forms, whether it be bonuses, paid time off, travel perks, or vouchers. It offers employees something to strive for and gives them a bit of healthy competition.
Motivator 3 - Recognition
The simple of act of letting an employee know they are doing a great job and recognising their efforts can do wonders for their motivation. As humans, we like to hear when what we are doing is appreciated and it creates a sense of accomplishment. In turn, this motivates us to keep achieving and keep receiving recognition. Of course, there is no need to recognise everything someone does, but make sure you take the time to congratulate a job well done.
Motivator 4 - Career Advancement
Employees are much more likely to achieve if it means that a career advancement lies ahead of them. As a manager, you can sustain this motivation by ensuring there are avenues and opportunities for your employees to advance in their positions. You can also provide them with opportunities for further qualifications or on the job workshops. It lets them know they are valued and makes them more committed to their positions. In fact, LMA's L.E.A.D Survey 2013 showed that 79% of employees said that opportunities for training and development is 'Quite' or 'Very Important' to their decision to stay in their current organisations. Visit LMA's Principles of Learning to establish the best direction for implementing learning in your organisation
Motivator 5 - Happiness
At the end of the day, if employees are happy in their jobs they are more motivated to do the best job they can. As a manager, you need to be aware of whether your employees are satisfied or not. Don't assume that simply having a conversation with them regarding their happiness will be enough, they may smile and say yes if they think it is what you want to hear or if they are worried their job is on the line. The process to happiness and job satisfaction can be influenced by ensuring the previous factors are evident in your company and letting happiness be an organic process.

As a manager, it is important that you are focused on ways to continuously improve your business and staff. Finding ways to keep your staff motivated to perform at their best is a key part of any managerial role. If managers can understand the factors that lead to employees performing at higher levels, they can increase the performance of entire departments.

Can you identify ways that you can implement some of these motivational techniques for higher productivity in your business?

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5 motivation strategies to increase productivity | LMA

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A great indication of a successful manager is one who has employees who are motivated to perform their jobs at a high level. It is easy to see that higher employee motivation leads to more productivity and therefore more profitable business growth.

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I added this picture because I believe it depicts the grapevine in an informal communication so well. Grapevines can be detrimental to work places and spread hear say. Grapevines can also exsist in a persons personal friend group.

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I added this article because I believe that emotional intelligence is a huge factor in making a manager a successful one. I also believe that emotional intelligence makes you better at your personal life and interacting with others.

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Opinions expressed by Entrepreneur contributors are their own.

Scholars may have coined the term "emotional intelligence" in the early 1990s, but business leaders quickly took the concept and made it their own.

According to emotional intelligence, or EQ, success is strongly influenced by personal qualities such as perseverance, self-control and skill in getting along with others. Much has been written about how to improve employees' EQ, but hiring managers are likely to make better hiring decisions when they look for people who already possess high EQ scores.

At Glassdoor, we see our 2,100 employer clients like Zillow and 1-800-CONTACTS working hard to better connect with both employees and job seekers. Why? Because they know that in order to keep their culture intact and to effectively recruit the right kind of candidates, they need to engage and be open and transparent.

Workers with high EQ are better able to work in teams, adjust to change and be flexible. No matter how many degrees or other on-paper qualifications a person has, if he or she doesn't have certain emotional qualities, he or she is unlikely to succeed. As the workplace continues to evolve, making room for new technologies and innovations, these qualities may become increasingly important.
Related: In Business and Love, Emotional Intelligence Rules
In his books, Emotional Intelligence: Why It Can Matter More than IQ and Working With Emotional Intelligence, Daniel Goleman presents five categories of emotional intelligence. To hire candidates who will thrive in your workplace, look for those who have a handle on these five pillars.

1. Self-awareness: If a person has a healthy sense of self-awareness, he understands his own strengths and weaknesses, as well as how his actions affect others. A person who is self-aware is usually better able to handle and learn from constructive criticism than one who is not.

2. Self-regulation: A person with a high EQ can maturely reveal her emotions and exercise restraint when needed. Instead of squelching her feelings, she expresses them with restraint and control.

3. Motivation: Emotionally intelligent people are self-motivated. They're not motivated simply by money or a title. They are usually resilient and optimistic when they encounter disappointment and driven by an inner ambition.

4. Empathy: A person who has empathy has compassion and an understanding of human nature that allows him to connect with other people on an emotional level. The ability to empathize allows a person to provide great service and respond genuinely to others' concerns.

5. People skills: People who are emotionally intelligent are able to build rapport and trust quickly with others on their teams. They avoid power struggles and backstabbing. They usually enjoy other people and have the respect of others around them.

Just as it's important to seek new hires with emotional intelligence, it's vital for managers and other business leaders to operate in emotionally intelligent ways to meet the needs of today's workers.

Many older workers started their careers at the same companies from which they retired. A job, for many in older generations, was viewed simply as a vehicle for earning an income. Today, however, most workers want more from their jobs than simply a paycheck. Younger generations have seen that the traditional view didn't always work out, as they've watched their loyal older counterparts deal with rampant layoffs and workplace disappointments.

While the emotional needs of today's workforce may seem like a tall order for employers, they're worth your attention. Investing in EQ has brought our company more engaged, committed employees, and we'll continue to put a premium on this effort moving forward.
Related: Don't Believe the Hype Around 'Emotional Intelligence'

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The Importance of Emotional Intelligence at Work

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Opinions expressed by Entrepreneur contributors are their own. Scholars may have coined the term "emotional intelligence" in the early 1990s, but business leaders quickly took the concept and made it their own. According to emotional intelligence, or EQ, success is strongly influenced by personal qualities such as perseverance, self-control and skill in getting along with others.

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Performance appraisals are reviews of an employees performance. I added this example because it shows how a company might review it's employees.

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I included this link because human resources is a big part of this module. This relates to me because I live in Jacksonville Beach.

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Human Resources | City of Jacksonville Beach

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Thank you for considering the City of Jacksonville Beach as a prospective employer.

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This shows the difference in blame and accountability. I added this because it shows you how you can react differently to situations and be accountable.

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This is a PDF of a job asking for the person applying to explain how they have delegated responsibility in the past. I like this because it gives you a real life example of when you might need to know what it means and how delegating is so important in a management position.

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I added this picture because it describes what horizontal and vertical dimensioning is in regards to business. I found it much easier to understand the concepts with this chart versus just reading the definitions.

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I added this because the article defines organizational culture. It made it easier for me to learn by having it listed out like that.

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Definition of organizational culture: The values and behaviors that contribute to the unique social and psychological environment of an organization. Organizational culture includes an organization's expectations, experiences, ...

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This puts a visual to the problem solving method. This is also useful in both a persons personal and professional life.

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This is a video putting the SWOT Analysis to work. This helps because it gives you a visual of the analysis.

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I chose this artifact because I enjoyed this assignment during this module. I think that this method of analysis can be used in personal and professional life.

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This article gives you tools and techniques to help you make decisions. I think you could use this in your personal and professional life.

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Credit:

Viorel Sima | Shutterstock

Running a business requires the ability to make good decisions. One wrong choice can affect the entire company. It is crucial for business owners to understanding the weight behind each decision they make, and to continually improve their decision-making skills.

The University of Massachusetts-Dartmouth outlines seven basic steps in effective decision-making:

1. Identify the decision to be made

2. Gather relevant information

3. Identify alternatives

4. Weigh evidence

5. Choose among alternatives

6. Take action

7. Review decision and consequences

While the basic principles might be the same, there are dozens of different techniques and tools that can be used when trying to make a decision. Here are some of the more popular options, many of which use graphs, models or charts. You may want to use a combination of these techniques to arrive at your final decisions.

Decision matrix: A decision matrix is used to evaluate all the options of a decision. When using the matrix, create a table with all of the options in the first column and all of the factors that affect the decision in the first row. Users then score each option and weigh which factors are of more importance. A final score is then tallied to reveal which option is the best.

T-Chart: This chart is used when weighing the plusses and minuses of the options. It ensures that all the positives and negatives are taken into consideration when making a decision.

Decision tree: This is a graph or model that involves contemplating each option and the outcomes of each. Statistical analysis is also conducted with this technique.

Multivoting: This is used when multiple people are involved in making a decision. It helps whittle down a large list options to a smaller one to the eventual final decision.

Pareto analysis: This is a technique used when a large number of decisions need to be made. This helps in prioritizing which ones should be made first by determining which decisions will have the greatest overall impact.

Cost-benefit analysis: This technique is used when weighing the financial ramifications of each possible alternative as a way to come to a final decision that makes the most sense from an economic perspective.

Conjoint analysis: This is a method used by business leaders to determine consumer preferences when making decisions.

SWOT Analysis: SWOT stands for strengths, weaknesses, opportunities and threats, which is exactly what this planning tool assesses.

PEST Analysis: An acronym for political, economic, social and technological, PEST can improve decision-making and timing by analyzing external factors. This method considers present trends to help predict the future ones.

There are a few common mistakes people make during the decision-making process that could result in a poor choice. Jeff Miller, the director of corporate training and development for human resources and business performance solutions provider Insperity, said that leaders often either rush decisions or procrastinate on making them.

"As well as being uncomfortable or time-consuming, avoiding decisions can also hurt your reputation," Miller wrote on the Insperity website. "Your staff may perceive it as a lack of care for their well-being, which can create a lack of respect."

Another mistake is not trusting your own gut feelings when trying to make a decision. Business leaders often both over and underestimate the value of the information they receive from others. Instead of letting others sway your belief one way or another, the U.S. Small Business Administration advised leaders to keep the opinions of others in perspective.

"Our society teaches us to ignore [our gut] feelings, but by tuning into your intuition, you will find that you will make much better decisions in the long run," the SBA writes on its website.

While you can and should consult expert advice on particularly difficult decisions, the SBA advises leaders not to rely too heavily on those opinions when evaluating their choices.

"Oftentimes, people have a tendency to place too much emphasis on what experts say," said the SBA article. "Remember, experts are only human and have their own set of biases and prejudices just like the rest of us."
Additional reporting by Chad Brooks.

Sammi Caramela

Sammi Caramela is a recent graduate of Rowan University, where she majored in writing arts and minored in journalism. She currently works as a Purch B2B staff writer while working on her first novel in her free time. Reach her by email, or check out her blog at sammisays.org.

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Techniques and Tools to Help You Make Business Decisions

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Running a business requires the ability to make good decisions. One wrong choice can affect the entire company. It is crucial for business owners to understanding the weight behind each decision they make, and to continually improve their decision-making skills.

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This article lists some of the risks of being involved in international organizations. This could help someone who was trying to decide on taking their business overseas or not

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When an organization decides to engage in international financing activities, it takes on additional risk along with the opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue.

What Is Foreign Exchange Risk?

Foreign exchange risk occurs when the value of an investment fluctuates due to changes in a currency's exchange rate. When a domestic currency appreciates against a foreign currency, profit or returns earned in the foreign country will decrease after being exchanged back to the domestic currency. Due to the somewhat volatile nature of the exchange rate, it can be quite difficult to protect against this kind of risk, which can harm sales and revenues.

For example, assume a U.S. car company receives a majority of its business in Japan. If the Japanese yen depreciates against the U.S. dollar, any yen-denominated profits the company receives from its Japanese operations will yield fewer U.S. dollars compared to before the yen's depreciation.

Foreign exchange risk typically affects businesses that export and/or import their products, services and supplies.

What Is Political Risk?

Political risk transpires when a country's government unexpectedly changes its policies, which now negatively affect the foreign company. These policy changes can include such things as trade barriers, which serve to limit or prevent international trade. Some governments will request additional funds or tariffs in exchange for the right to export items into their country. Tariffs and quotas are used to protect domestic producers from foreign competition. This also can have a huge effect on the profits of an organization because it either cuts revenues from the result of a tax on exports or restricts the amount of revenues that can be earned.

Although the amount of trade barriers have diminished due to free-trade agreements and other similar measures, the everyday differences in the laws of foreign countries can influence the profits and overall success of a company doing business transactions abroad.

In general, organizations engaging in international finance activities can experience much greater uncertainty in their revenues. An unsteady and unpredictable stream of revenue can make it hard to operate a business effectively. Despite these negative exposures, international business can open up opportunities for reduced resource costs and larger lucrative markets. There are also ways in which a company can overcome some of these risk exposures.

For example, a business may attempt to hedge some of its foreign-exchange risk by buying futures, forwards or options on the currency market. They also may decide to acquire political risk insurance in order to protect their equity investments and loans from specific government actions. What a company must decide is whether the pros outweigh the cons when deciding to venture into the international market.

For further reading, see Forces Behind Exchange Rates and Investing Beyond Your Borders.

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The risks businesses face in international finance

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When an organization decides to engage in international financing activities, it takes on additional risk along with the opportunities. The main risks that are associated with businesses engaging in international finance include foreign exchange risk and political risk. These risks may sometimes make it difficult to maintain constant and reliable revenue.

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This is the website to the World Trade Organization. I thought this was a big part of the module considering it has a lot to do with globalization.

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Global trade - The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that global trade flows smoothly, predictably and freely as possible.

Global trade - The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that global trade flows smoothly, predictably and freely as possible.

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Global trade - The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

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This image puts a picture to the word Globalization and can give you a visual to what the word means.

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This article goes into depth with the difference between Multinational and Transnational companies.

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Multinational vs Transnational

Multinational companies are not a recent phenomenon, but it is a fact that today because of modern and fast and efficient means of communications and transportation, companies and businesses find it easy to operate in many other countries apart from their parent country. It is customary to call such companies as multinational corporations. However, there is another word used for similar companies operating in more than a single country and that is transnational. This article tries to highlight the differences between multinational and transnational, in order to remove any doubt in the reader's mind about these two concepts.

There is no doubt that when a company grows at a rate faster than its products or services can be utilized by people in the home country, it tries to internationalize its business in anticipation of greater profits. Thus, when a company invests in another country besides its own and does business with another country, it is termed as a multinational. A single company can have operations in any number of countries. Today we have multinationals referred to as MNC's.

A different word has been coined to refer to corporations having a presence in more than a single country. Transnational is also a business entity having business operations in more than a single country, and many of the MNC's classify to be called as transnational.

The basic difference between a multinational and a transnational lies in the fact that transnational company is borderless, as it does not consider any particular country as its base, home or headquarters. Multinational companies, though having a parent country and a centralized decision making process, adopts a selling strategy that is unique to every other country where it has investments. This strategy is made keeping in mind the requirements of the local markets and the rules and regulations of the government. Often MNC's have to abide by sensitivities and culture of the local people.

What is the difference between Multinational and Transnational?

* Transnational corporations are a type of multinational corporations.

* MNC have an international identity as belonging to a particular home country where they are headquartered. On the other hand, transnational corporations are more or less borderless in this regard as they do not consider a particular country as their base.

* Multinationals have branches in other countries, whereas transnational have subsidiaries.

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Difference Between Multinational and Transnational - Difference Between

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Multinational vs Transnational Multinational companies are not a recent phenomenon, but it is a fact that today because of modern and fast and efficient means of communications and transportation, companies and businesses find it easy to operate in many other countries apart from their parent country.

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I love this picture because it shows diversity and how that when you use it everything comes together and can help everything in the long run.

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I liked this picture because it shows how communication is so important and that effective communication needs to be achieved to be able to work together.

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Diversity is something that we face each day in our professional and personal lives. This article shows some of the advantages of having diversity in the work place.

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black and white 88 image by Nathalie P from Fotolia.com

More than 25 million people working in the U.S. are foreign-born, and data suggest that in less than three decades, the country will be a truly pluralistic society with no single group holding a majority. If you expect your company to compete and succeed in this new world order, you need to take a close look at the advantages and disadvantages of diversity in the workplace.

Advantage: Better Financial Results

Numerous studies have found that companies with diverse teams are more profitable than homogenous businesses. A 2015 McKinsey report on public companies noted that those with the most ethnic and racial diversity in their management were 35 percent more likely to be financially successful.

Advantage: Global-Level Competition

Millions of Americans are employed by foreign-owned companies. We live in a global economy, and the companies that consistently top the Fortune 500 list are global in nature. Companies need to employ people who represent diverse populations and points of view to compete on this world stage. What sells in small-town America may not fly in the cities of the United Arab Emirates. On the other hand, if you understand the culture and the economies of each, maybe it will.

Advantage: Fact-Based Decision-Making

Studies have found that diverse groups tend to focus on facts when making decisions. They look beyond old-school ways of thinking and examine and re-examine facts to remain objective, thus making better decisions for their company. Nonhomogeneous groups are more able than homogenous groups to identify their biases and work to keep them at bay when making important business decisions.

Advantage: Creative and Innovative Thinking

If everyone acts and thinks alike, you're likely to see the same-old, same-old when it comes to approaches to products, distribution, marketing, management and sales. However, when several people approach problems and challenges from varied perspectives, you'll discover more creative solutions. Research suggests that diversity increases innovation and improves market growth.

Advantage: Cross-Cultural Understanding

While homogenous groups may naturally get along better, in an increasingly diverse world, cross-cultural understanding creates a better working environment and a better world. Rather than relying on a crutch of old world prejudices and misconceptions, diverse work groups improve internal climates and external results for businesses.

Disadvantage: Difficulty in Transitioning

If your company is just beginning to recognize the potential of diversification, there will likely be challenges to creating a more diverse work environment. Old ways of thinking and entrenched prejudices may hinder your efforts and create tension and conflict. Additionally, as cultures collide, there may be misinterpretations of meanings. What's funny to one culture may be considered disrespectful to another. Management needs to buy in and educate employees across the board if workplace diversity is to have its first measure of success.

Disadvantage: Short-Term Cost Outlay

Depending on how long you've been in business, you may have already learned a great deal about accommodations in the workplace. Just as the Americans with Disabilities Act brought significant changes to some businesses at a financial cost, so will diversity require some flexibility. For example, if you have employees who are practicing Muslims, you'll need to give them time and space for daily prayer. Transgender employees may need their own bathrooms. As your employees become more diverse, you may face associated costs that you hadn't considered.

Although the transition to a diverse workplace can be difficult, employers across the country and the globe are making moves to diversify. They're finding it's worth the effort and the investment and that the results are both morally and financially rewarding.

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Advantages and Disadvantages of Diversity in Workplace

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More than 25 million people working in the U.S. are foreign-born, and data suggest that in less than three decades, the country will be a truly pluralistic society with no single group holding a majority.

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I added this article because a big part of module 2 was understanding corporate social responsibility and this chart shows the benefits of it.

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I included this article because I think that it would make work environments so much better if employers would follow this. These actions can be taken whether you are a manager or not and as well as in your personal life.

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I added this cartoon because I thought it was a comical view on how managerial decisions can be difficult sometimes.

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This article lists 15 skills that are essential for a manager to be successful. I think this will help in my personal and professional life in the way that I interact with others.

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Do you want to be a more successful manager? There are essential skills that successful managers apply. By focusing on growing your aptitude in each of these areas you will be a better manager. Good managers have happier and more engaged employees who also get better results. Let's review these essential skills.

Coaches and Develops People

Coaching to develop employees and teams is an absolute must for managers. When people grow at work they're more engaged and perform better. A good coach will deliver feedback early and often. The feedback should be both positive and constructive as it's important to show both sides of the coin.

You also have to have an understanding of the motivations and drivers for each member of your team. If you have an employee who is motivated by recognition it's going to be far less effective to offer them a bonus for a job well done, not to mention more expensive.

"Coaching is unlocking a person's potential to maximize their own performance. It's helping them to learn rather than teaching them". - Tim Gallwey

Managers who are good coaches invariably lead teams who are more driven to succeed and engaged in the success of their organization. These teams are always growing and developing their skills and value the achievements they reach.

Demonstrates Good Leadership Skills

There is often talk about leadership versus management. There are distinct differences but there are also some overlaps. To be an excellent manager you must lead your team. This means inspiring and motivating them to crush those performance targets or to rally around that key initiative. You need to model the behaviors you or your organisation values for your people to reach new heights.

"Management is doing things right; leadership is doing the right things." ― Peter F. Drucker

Leadership is also about being strategic. It's not enough to be a task master. You have to have a vision for your team that drives towards the goals of the organization. Having a strategy for how you'll get there makes it easier to make decisions as you and your team always have a reference point for how each action will further your strategic goals.

Recognizes and Rewards Success

Even the most reserved employees want to know when they've done a great job. A strong manager will be a cheerleader for their team and go above and beyond to recognize these milestones. With so much stress in our daily work lives it's more important than ever to stop and celebrate the wins along the way. It feels good and shows your team you care about their success.

Communicates Clearly and Openly

More often than anytime in history managers are leading teams that they rarely see face to face. This makes strong communication skills that much more important. It's no different, however, if your team sits right across from you. Being available and engagable are key success factors for managers.

You must also master each method of communication. It's not enough to be great at only one type. Managers need to be able to interact both formally and interpersonally and to communicate in all the various mediums we use (email, chat, phone, video, and in person of course).

In addition a key talent strong managers possess is the ability to spin a narrative. This doesn't mean telling stories exactly, though sometimes that helps. It means being able to communicate in a way that puts things in context and explains the background. If you're not telling the story you can count on someone creating it for you.

Manages Projects

Even people managers these days are running projects. Whether small team initiatives or larger efforts, managers need to be able to plan and manage projects. It takes organizing resources, planning and scheduling tasks, and ultimately driving delivery.

While not all that different from managing the work load of a team you will need to employ different tools. Here's a few examples to get you started:

Continually Learning

You place a lot of emphasis on the growth and development of the people on your team. It's important to place that same level of importance on your own development. Seek out new challenges. Find new learning opportunities. With the demands on your time as a manager it can certainly be tough. You'll find that by scheduling your own development time, just like you schedule one on one development with your team it will be easier to make it a priority. Schedule a meeting with yourself once a week or at least once a month to make sure you're continually learning and growing as a manager and a person.

"The only person you are destined to become is the person you decide to be." - Ralph Waldo Emerson

Champions Fun

We spend a majority of our waking hours at work. Why not make it enjoyable? Managers who make the workplace a fun environment have teams who enjoy their work and are more engaged in their own success.

You've probably heard that 'my manager' is the largest driving factor of job satisfaction or dissatisfaction. Be a reason your employees love their work.

Hires the Right People

Hiring the wrong people is a common mistake managers can make. It's tempting to hire people that are like you or the rest of the members of your team but it's important to have complimentary skill sets in your department. A team that is too homogeneous may have some fun happy hours but they could struggle to get the job done. As an example if you have a group of visionaries and big picture thinkers but no one who is the task master you'll have a difficult time executing on those grand ideas.

Another common concern, especially among newer managers, is hiring people with too much experience or that are perhaps smarter than the manager. You mustn't feel threatened by talent. You should put together the strongest team you can and be confident enough in your own abilities to not feel threatened by the wealth of experiences your team will bring to the table. Remember the better your team is, the better they'll perform, and the better you'll do.

Resolves Conflict

People of different backgrounds, interests, and personality types all coming together in an office can be a hotbed for disagreements and conflict. You must come at these problems head on and squash conflict quickly. Ignoring seeds of negativity in your team will only allow them to fester and you'll be dealing with much bigger problems down the road. To be a good manager you must be able to confront issues quickly and fairly.

Displays Emotional Intelligence

Managers who possess emotional intelligence or EQ are self aware. They manage their emotions, particularly under stress or pressure. In addition when you are emotionally intelligent you are cognizant of the emotions and feelings of others. This is an important skill for managers because leading a team of individuals takes a certain finesse. This finesse comes from the ability to understand where other people are coming from, empathize with their thoughts and feelings, and ultimately tailor your approach to each member of the team.

Stays Organized

Strong managers excel at organizing tasks and resources. The role demands it and being able to successfully keep all the balls in the air is key to delivering on performance targets. To stay organized adopt a system and sick to it. There are many approaches to organized your work life. Just pick one that works for you. Consistency is the real key to staying organized.

Empowers People

Have you ever been given a deliverable or project by your boss only to have them scrutinize each step you took along the way? If so, you know what it's like to be micro managed. Empowering your employees is the opposite of this approach. It means you outline the goal and deliverable and then step back while they execute giving them the empowerment to get the job done.

You can also empower your people to make decisions. Have you ever been on the phone with your electric, cell phone, or credit card company asking for a resolution to an issue that is perfectly reasonable? You are likely to hear on the other end of the line 'please hold while I get my manager'. That employee probably doesn't feel empowered to make the decision and perhaps they're not. It's almost guaranteed that their manager is very busy taking a lot of phone calls rather than focusing on managing their department. Don't be that manager. Empower your people to make reasonable decisions about their work. Give them guidelines to stay within and if they have doubts they can still ask for your assistance. Doing so will make each and every member of your team start taking an approach more akin to business ownership than clock puncher.

Possesses Business Acumen

As managers you are small business owners. You have budgets, staff, resources, and key performance indicators. Just like if you owned the company, it's important that you have a strong grasp of the financial side of your business.

Sets High Expectations and Expects Results

Setting the bar low may guarantee success but will you really have accomplished anything? A good manager isn't afraid to set high expectations that demand excellence of themselves and their people. This doesn't mean you should set targets so high they're not attainable but without high expectations you won't really see what is possible. Expect more of your people and they will deliver more. Expect less and well that's what you'll get.

"High expectations are the key to everything." - Sam Walton

Analyzes Business Performance

We already talked about the need for strong business acumen. Closely linked is an ability to critically and analytically evaluate your business and team. You should be able to see the relationship between metrics in order to best optimize your business and team's performance.

Likewise a manager should be able to identify the root causes of problems rather than focusing on the immediate fire. Without identifying the underlying causes of issues you'll live your life wearing a fire fighters hat.
Using Process Improvement Tools to Improve Your Business
After reading through these qualities, what do you think? Are we missing any? Let us know by sharing your feedback on our .
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essential skills for successful managers

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15 Essential Skills for Successful Managers

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Do you want to be a more successful manager? There are essential skills that successful managers apply. By focusing on growing your aptitude in each of these areas you will be a better manager. Good managers have happier and more engaged employees who also get better results. Let's review these essential skills.

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I added this picture because the role of a Manager was a huge part in the first Module. These are the four basic management functions.