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Conflict Resolution: Effective Communication Strategies for Resolving Conflicts and Finding Common Ground.

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1 year ago

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Conflict Resolution: Effective Communication Strategies for Resolving Conflicts and Finding Common Ground.

Conflict Resolution: Effective Communication Strategies for Resolving Conflicts and Finding Common Ground.

The idea of conflict stems from the fact that no two individuals are same. Identical twins may have strikingly similar facial features, however their values, ideals, mannerisms, and thought processes are almost always parallel to each other. The clash that arises when two individuals disagree on an issue as a result of their dissenting thought processes is typically known as conflict. Michael Nicholson, a popular academician defines conflict as an activity which takes place when individuals or groups wish to carry out mutually inconsistent acts concerning their wants, needs or obligations. Let’s observe a situation where you have a colleague who believes in utilizing any process no matter how Machiavellian to produce results, while you are a fair and just person who believes in equality and liberalism. If you two are assigned to a project which would involve human management, the probability that conflict would arise is as sure as the day coming after the night. Conflict does not necessarily arise as a result of some premeditated “beef” against a person. The root of every conflict can be traced to a clash in values or ideals or objectives.

Conflict Resolution: Effective Communication Strategies for Resolving Conflicts and Finding Common Ground.

Conflict Resolution: Effective Communication Strategies for Resolving Conflicts and Finding Common Ground.

Levels and Types of Conflict

Conflict may exist at different levels such as

Intrapersonal Conflict: This conflict arises at the level of an individual. It occurs within a person. For example, a person may be conflicted within himself when he nabs his friend doing something detrimental to his company. He is torn between his personal relationship with his friend and the fiduciary relationship he has with his company.

Interpersonal Conflict: This conflict exists between two individuals. This is the most common type of conflict. It arises as a result of a difference in the ideals, values, interests etc of the persons involved. This type of conflict can be seen between co-workers, neighbours, etc.

Intergroup Conflict: This is the conflict that takes place among different groups and often involves a clash in goals, values, or resources. Types of groups may include different departments, employee unions, or management in a company or competing companies having same customer base.

Interorganizational Conflict: Interorganizational conflict often arises between two companies in the same industry (for example, a clash between automobile manufactures over engine standards), between two companies in different industries or sectors, and even between two or more countries.

Conflict may also be of different types such as

  • Goal Conflict: usually occurs when an individual or group desires a different result or goals from others.
  • Cognitive Conflict: This conflict often stems from an incompatibility in emotions, ideals, values, etc. Often cognitive conflicts are rooted in differences in attitudes, beliefs, values, and worldviews.
  • Behavioural Conflict: exists when a person or group acts in a way that is just unacceptable to others. Using profane language is a typical example of behavioral conflict.

Having given a general overview of what conflict is,  let’s have a look at the communication strategies we can employ to resolve conflicts. However if you’re a little indifferent, you’ll probably ask, why resolve conflicts? Why not just let each person have their ideals and objectives to themselves, while you enjoy yours?

North Central University defines conflict resolution as the process of ending a dispute and reaching an agreement that satisfies all parties involved. Emphasis should be placed on “satisfies all parties”. This is the bane of conflict resolution. The fact that all parties involved leave satisfied.

Importance of Conflict Resolution

  1. Goal Achievement: Conflict arises primarily because there’s a clash in the realization of certain goals. Such conflict often results in the delay of goal achievement. This is never good if you have a boss or supervisor or board who needs such goal achieved. What does this mean? You need that conflict resolved one way or another to achieve the intended goals.
  2. Building Relationships: No man can exist as an island. In effect, we need relationships to get results. However these relationships, personal or professional, suffer when conflicts are left unresolved.
  3. To Enhance Commitments/Generate New Insights: While Conflicts may be very detrimental to group projects, it can also work to improve the commitment levels of a team if handled and resolved properly. Conflict resolution that ends in a win-win almost always makes the participants feel more devoted to a cause. In addition to this, conflicts help members of a team see a challenge or concept from different perspectives. These perspectives when thoroughly considered invariably makes new insights possible.

Let’s dive into the communication strategies to employ in resolving conflicts.

Top 6 Conflict Resolution Strategies!

  1. Active and Empathic Listening

One of the principles of communication according to Stephen Covey is to understand first before the pursuit to be understood. We cannot deny that innate urge to scream out our point of view and impose it on the other party whenever a clash looms. Sadly, this is the tripwire that causes the explosion. Yes, you want to be understood. Indeed you want your point appreciated. That is only fair. However the same way you want to be understood is the same way your partner wants to be understood. In the heat of the moment, no one wants to sincerely understand the other. This is why this principle is very key. Always seek to understand first. The key to understanding is empathic and active listening. According to the University of IOWA, active listening is a set of techniques designed to help you hear and understand what someone else is saying and to help the speaker express him/herself clearly. Active listening zooms in on both facts and feelings, reduces tension and defensiveness, and allows conflicts to be resolved more effectively. It is very important to note that active listening does not involve mere reflective listening where you rephrase the speaker and try to employ listening sounds and fillers. To resolve a conflict, you must sincerely seek to understand and appreciate your speaker’s perspective. It goes beyond listening, to feeling and acknowledging the views of the speaker even though you probably don’t agree on all fours.

  1. Foster Open Communication

This comes into play where the relationship is vertical. In the event, you have a looming conflict with a subordinate who may most likely be reserved with his views, it is important you level the playing ground in order to fully understand your partner. Encourage open and honest dialogue where parties can express their thoughts, feelings, and ideas without fear of judgement. Stifle the urge to resort to your authority when a conflict hovers. This only results in repressed feelings which will eventually resurface in an uglier fashion. Calmly open the door to honest communication and seek to understand the other’s point of view.

  1. Focus on Solutions

There’s this self-gratification we attain when we run around a problem. However it makes us trade blames, beat about the main issue, cry after the absence of a solution, then we trade blames some more and the cycle continues. Conflict arises because there’s a clash in the thought processes of two or more individuals or groups over a concept. Rather than beat around the fact that there’s the problem of disagreement, dialogue over a solution. Problems don’t get solved by constant debates and ceaseless heated arguments. They get solved by brainstorming sessions. Resist the urge to go back and forth on the issue at hand. Encourage parties involved to step out of the picture as pained participants and find a way to forge ahead. Stephen Covey calls is “Seeking the hidden but present third alternative.” Closely associated with this strategy is the principle of distinguishing a person from his perspectives. There’s this desire to deepen a conflict by drawing the persona of a participant into the conflict. Indeed the values of a person is oftentimes a reflection of who he is. However when we bring the persona of a party into the conflict, we remove the focus from the issue at hand. Conflict resolution is not an attempt to change a person, it is an attempt to blend the various dissenting views and values into a workable concept that ends in a win-win situation. Hence unnecessary attention should be denied the problem and the persona of the parties. Instead proper focus should be paid to steps that will bring about solution. Refrain from assigning blames or making accusations and set the stage for reasonable dialogue and brainstorming.

  1. Compromise

To assert the importance of compromise is to admit that we have different preferences, priorities, and approaches. It is also to acquiesce that everyone knows something and no one knows everything. Compromise is a Latin word consisting of com (together) and promittere (to promise). In its original meaning, it means the joint promise of two sides to solve problems. Since time immemorial, compromise has been the main way for people, groups, and countries to work out their differences. It is the main tool of diplomacy. You cannot seek to have everything work in your favour. It eventually does not end well. Try to let go of some standpoints. Rigidity only breeds similar stubborn indifference from your partner. Compromising some factors will tell your partner that you are open to negotiating the available options in order to arrive at a consensus.

  1. Avoid Blame; Use “I” Statements

No one enjoys being accused. Accusatory statements almost always start with “You”. Funny enough, the mere utterance of “you did this”, “you didn’t do that” unknowingly triggers the defense alarms of your partner who loses the zeal to solve the issue in a bid to rescue himself from your attacks. When in conflict, structure your statements to use more “Is”. When you look down upon the other party from an inaccurate moral high ground, a real resolution becomes thoroughly impossible. Defuse the already existing tension by deflecting the blame.

  1. Consider Mediation

The legal sphere understands that although conflict is an unavoidable bacteria in the cells of human existence, there’s the need to minimize it to avoid a full-scale infection. As a result, new systems of arbitration, conciliation, and mediation have been set up. These processes are commendable in that they lack the bitter animosity associated with full scale litigation. It is advisable to draw up arbitration clauses in your business agreements, this way both parties can settle amicably before a panel of arbitrators.

In summary, an unpopular but sincere observation is that conflict has come to stay. We should be focused on the steps to resolve them before they deepen. Employ these 6 strategies and realize how conflicts can become a very useful tool to further your goals!

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BUSINESS

Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

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6 months ago

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Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

Enlumi, headquartered in Lagos has announced the launch of its B2B product—Lumi Business. The platform offers a comprehensive array of solutions, including but not limited to Point of Sale, Inventory Management, Accounting, Expense Management, Loyalty Management and analytics.

Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

As a retail business in Nigeria it’s long been believed that having a modern payment collection device is enough to run the business and the rest is left to chance, instinct, or clunky, outdated softwares and tools. However, to thrive in the market, businesses need much more. Business owners frequently struggle with inventory-related challenges such as surplus, slow-moving stock, expired items, stockouts of high-demand products, and employee theft, all of which can result in revenue loss or tied-up business capital.

Lumi Business is tailored to tackle the inventory requirements of businesses, irrespective of their size, stock quantity, or staff strength. It efficiently simplifies sales tracking, expenses, and facilitates the management of customers, products, services, raw materials, ingredients, and recipes. By leveraging the Lumi Business platform, business owners gain access to data-driven insights that inform decision-making, thereby enhancing sales and maximizing overall business profitability.

Wait there’s more! Lumi Business has a cloud-based multi-store management system, which enables business owners to exert full control over their operations from any location worldwide, using any device. Its storefront feature allows business owners to start up virtual stores and sell online. This capability allows them to monitor stock movements effectively and mitigate issues such as employee theft, lost products, and wastage.

Over 300 SMEs in Nigeria trust Lumi Business to manage their day to day operations, particularly due to its robust features and user-friendly interface. The company looks forward to growing its reach and capabilities as it actively pursues partnerships with other platforms serving SMEs.

Speaking on the launch, Wale Adeniji, Enlumi Data’s CEO said “We firmly disagree with the notion that Nigerian business owners aren’t ready for more than basic payment collection tools.

We’ve seen that businesses in Nigeria are ready for more advanced solutions, they just need to be delivered the right way. We’re focused on building a business management solution that Nigerian businesses are crying out for, addressing a myriad of pain points all at once”. Click here to learn more about Lumi Business or visit www.lumibusiness.io

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Rhebuch: Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

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8 months ago

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Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

Rhebuch: Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

 

The world is already going digital with the spate of innovations that are constantly released to drive convenience and comfort. It often comes with the sense that technology is the present scope shaping the future. There are many tech products in homes, offices, and other places today, with respective designs to serve relative purposes for human causes. This is because of how effective and efficient they are in making life easy for us as a people.

Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

Meanwhile, it is common knowledge that security is a serious business – concerning the safety of lives and property. As such, adopting technology takes cognizance of this through developing tools or gadgets capable of improving security across space and time. One such piece of equipment is the security surveillance cameras- designed to give real-time information about happenings around the vicinity of the installation. Although these have been around for quite some time, their relevance to enhancing security and safety has not waned, especially as they continue to improve.

 

Nigerians are not new to using security surveillance cameras, as you can find them at homes, offices, shopping centers, religious centers, banks, estates, streets, etc. But while some people believe the cost of acquiring these gadgets is expensive, others are skeptical of their effectiveness – both untrue. Rhebuch is changing this age-long narrative by providing quality and affordable security surveillance cameras to Nigerians.

 

What Is Rhebuch?

 

Rhebuch is a technological company that is a multi-brand distributor of smart homes, video surveillance, fire alarms, access control, smart lighting systems, and many more. Therefore, it is your one-stop shop to buy all automation systems for your home or office. This company is reputed for providing the latest global standard equipment to foster the safety and security of lives and property in Nigeria.

 

There are CCTV cameras of different brands on Rhebuch – some of which include DAHUA 4HDD EPoE, DAHUA 24-port Unmanaged PoE switch, DAHUA 8MP IR fixed-focal dome network camera, Hikvision fixed dome network camera, DAHUA unmanaged desktop switch, etc.

 

Therefore, Rhebuch is the leading place to buy your security surveillance cameras, as there are many benefits from shopping on this platform.

 

Benefits Of Shopping For Security Surveillance Cameras On Rhebuch

 

1. Affordable And Quality Cameras

 

Rhebuch operates in sync with its mission of providing its customers with the best and latest gadgets in the marketplace – which it still upholds. As such, this platform is where affordability and quality melt, such that you purchase original security surveillance cameras at the best prices that are relatively lower than its competitors.

 

For instance, you can buy a DAHUA fixed focal dome network camera for as low as N75,000, cheaper than other marketplaces selling the camera. Therefore, you are saving more when you buy on Rhebuch.

 

2. Multiple Camera Options

 

Rhebuch provides a wide range of options when buying your security surveillance cameras. This is because they vary in type, purpose, and price, making the platform a store for every budget. This aims to change the misconception that these cameras are expensive or ineffective. You can find your preferred security camera with a particular focal dimension and coverage on Rhebuch without buying whatever is available.

 

3. Fast And Free Delivery

 

You are eligible for fast and free delivery when you purchase security surveillance cameras and other systems on Rhebuch. This is to make the logistics of your purchased products seamless through its unique way of proving that the company is highly customer-centric. Therefore, your cameras will be delivered to the platform within 24 hours of purchase.

 

4. Fast Returns

 

Rhebuch allows its customers to return their purchased products if they are no longer interested or unsatisfied. Irrespective of the reason, if it is valid, there is a window for you to return your camera for another. You can complete the return process on the platform within 24 hours.

 

5. Discount Offers

 

You can get the best deals for purchasing security surveillance cameras on Rhebuch. This is always available during special sales seasons, where you will have price slashes for your sales. It can go as high as a 30% discount on the platform. That is why it is important to always keep up with the sales and deals on the platform so as not to miss out.

 

Conclusion

 

You can get quality security cameras in your home or office at the best prices on Rhebuch, as it boasts a large customer base that trusts the platform for security and safety automation needs. So you can buy all your security gadgets on Rhebuch to give you the sense of safety you desire.

 

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BANKING

Financial Analysis: A Comprehensive Study of The Well-Being of A Country 

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11 months ago

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Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.

THE HISTORY ABOUT FINANCIAL ANALYSIS

Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.

MEANING

Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.

FUNDAMENTALS OF FINANCIAL ANALYSIS IN A COUNTRY

  1. Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
  2. Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
  3. Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
  4. Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
  5. Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
  6. Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
  7. Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.

SIGNIFICANCE OF FINANCIAL ANALYSIS IN A COUNTRY

Financial analysis plays a vital role across various sectors, serving the following purposes:

  1. Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
  2. Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
  3. Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
  4. Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.

CONCLUSION

Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.

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