In this episode, Eleanor Beaton explains the benefits of decentralizing your business and how to do it successfully, why entrepreneurs need to focus on improving their leadership abilities, and the importance of understanding that you are not your business!
Eleanor Beaton is the founder and CEO of SafiMedia, an education and coaching company for women entrepreneurs. Eleanor has been recognized nationally and globally for her work as a women’s leadership expert, business coach, and writer. Foundational to the work that Eleanor does is her belief that small, women-owned businesses have the power to bridge the gap between economic growth and sustainability.
What is business decentralization?
The term “business decentralization” refers to the distribution of decision-making authority and responsibility across different levels and individuals within an organization.
What are the benefits of business decentralization?
Business decentralization has a number of benefits. First of all, it promotes agility and adaptability by allowing for faster decision-making. It helps organizations to respond quickly to market changes and opportunities.
Moreover, decentralization gives employees a sense of ownership and participation. Employees are encouraged to take responsibility and share their unique viewpoints, which leads to higher motivation and productivity.
It also improves problem-solving capacities by leveraging the diverse experience and insights of many teams and individuals. The collaborative approach in business decentralization produces more complete and effective solutions.
Improved customer service is another benefit of decentralization since it allows frontline personnel to respond to client requirements more quickly. It increases customer satisfaction and develop deeper relationships.
Finally, decentralization improves business resilience by reducing reliance on a single point of failure and allowing operations to continue smoothly even under difficult situations.
Episode highlights:
- If you want to grow your business, there will come a time when you will need to learn to let go of total control. At this point, you will need to decentralize and focus on the areas where you can have the greatest impact. To decentralize successfully, you must ensure that you have equipped a team of people to replace you. (04:20)
- Despite what it might feel like sometimes, you are not your business! When you become too entwined with your organization, you leave no room for your team members to bring their own sense of genius to the table. (12:18)
- “Economic growth has been linked to a lack of sustainability, and we believe that small (women-owned) businesses are a powerful microcosm to prove that you can have both.” Your small business is making a more significant impact than you think; don’t give up on your dreams! (19:58)
- As an entrepreneur, you need to be both a visionary and a good leader. Research has shown that only one in 10 managers are well-equipped for their positions. Learn how to be a more effective manager, and you will see a major difference in your business. (22:52)
- Don’t ignore any parts of yourself. The person that you are today is an amalgamation of all the people that you have been along your journey to get here. When you accept yourself wholly as you are, you will enhance your ability to be a great leader. (32:26)
- Don’t create limits for yourself. Set goals that are open and inviting, and you’ll be able to achieve so much more. (42:41)
Eleanor’s best advice for entrepreneurs:
“Who we are [as entrepreneurs] is very much embedded with the business itself, and when that is fused so tightly, there’s no room for others to truly bring these gifts independently.” (12:30)
