The biggest assumption most people make about Fortune 500 companies is that they want to make the most money.
Fortune 500s are focused on sharing the most money.
They strive to hire the best people and do the best job, so that they can give higher earnings per share at the end of the year and hand out higher annual bonuses to their employees.
Wealth sharing is key to successful businesses, and that includes sharing the workload, as well. I’ve grown my business from the ground up and it’s thanks to sharing the wealth. I have a team that supports me, and I hire other professionals for areas outside of our expertise. I would never have made it this far without them.
When you share the workload, you’re able to do what you do best for longer without being as stressed out or overwhelmed. You’re also able to empower other people and you can all learn from each other – which gives everyone more knowledge.
People often go into business wanting to DIY their way to everything, trying to cut costs as much as possible by hiring cheap, or keeping things solo. But the point of entrepreneurship is creating an ecosystem, building a whole world and community around your vision within which money flows steadily in and out. Look at it like this: my team helps me to serve my clients, the clients pay me, I pay my team, and it all comes full circle.
In order to be successful it’s vital to share the workload AND empower your employees. Otherwise it will be a long and lonely road to the top.
Below are seven ways you can take action TODAY to help you start sharing the wealth and elevating your business!
1) VERBALIZE YOUR VISION
People love to be connected to businesses that have a strong vision because they feel like they’re part of something big and exciting. This is why businesses like Disney thrive after a century or more: they know how to share their vision, their message, their purpose with people of all walks of life. And that relationship will then be passed down for generations as kids who love it grow up and share it with their own kids.
Imagine your business after its 100th sale. What happens then? What do you want to achieve in the long run? What do you want your business to do for you, and for the world? Put that into words.
You started your business for a reason. You want to create a change, and you have a passion for something that acts as the engine that drives it. Once you define these critical pieces, you can begin to see your bigger picture. Otherwise, you’ll always feel like you’re a hamster on a wheel—constantly running and getting nowhere.
Having a vision and being able to verbalize that, especially to yourself, is the key to sustainability. You’re less likely to burn out. You’re less inclined to prove your worth. And you’re more centered and confident of what you’re building.
2) COMMUNICATE YOUR MISSION
What are your values and how do you express them? That change you want to make? Talk about it. The passion that drives you? Share it. Often, and in a variety of ways (analogies, rants, insights) and places (social media, podcasts, the grocery store). By all means, repeat the same message 50 times in 50 different ways if needed.
Most people forget that everyone is busy and living in their own little bubble. They tend to not really register or fully integrate many of the things they read or hear. So if you want a warm audience, explicitly communicate what you’re about.
You never know where your next favorite client is going to come from, but the truth of the matter is this: you will never find your people if you don’t let them find YOU… and you do that by being visible in a way that creates lasting impressions and ensures you’ll be remembered.
3) SET YOUR MILESTONES
How do you eat an elephant? One bite at a time.
If you have a big dream, then certainly your vision is also big. The way to fully materialize that vision comes down to all the pieces that make up the big picture. Otherwise you’ll feel overwhelmed by the grandeur and immensity of what it is you want to achieve.
To avoid setting yourself up for failure from the get-go –
Break your vision down into bite size steps. What would you consider “halfway” to your vision? What is halfway to that? And half again? Break this all the way down until you know what the very next step is that you need to take in order to head in the right direction.
Once you set these milestones, you’ll find it easier to stay on task and stay on track, confident that you’re not wasting time and energy on “side quests” that do not support your ultimate goal. And speaking of goals…
4) HAVE CLEAR GOALS
Make sure that you set goals in all areas that matter to you. This includes everything from sales and social media followers to personal growth and free time, etc. And BE CLEAR. Only then can you create concrete steps to make it happen.
For example, don’t just say, “I want to make more money.” State specifically, “I want to increase my monthly income by $30k by the end of this quarter.”
And instead of longing for “more time to myself,” try “I want to work no more than 20 hours a week and have three days to kick back and read that stack of books that’s been waiting so patiently for me.”
By being clear and specific with your goals, the sense of overwhelm is reduced and things become more doable and achievable for you.
5) GROW YOUR BUSINESS WHILE KEEPING YOUR DOORS OPEN TODAY
When most people start a business, they’re thinking of all the resources and opportunities they will have when their company reaches its next milestone. It’s great to think about the future. You want to plan your branding, your logo, your website, and imagine all the gorgeous aspects of your success that you’ll enjoy.
But that daydreaming doesn’t help you keep your business in business right now. You’ve got bills to pay today, which means you need ways for people to pay you today. It’s important to focus on what you can do to make the sales that keep you moving forward.
So reach out and make the offer… even before your website is finished or your program material is complete. There are plenty of options: pre-sales, early-bird specials, or sneak peek behind-the-scenes access. You know you’ve got what it takes, so there’s no need to hesitate or second-guess yourself. Don’t just talk big. SHOW UP big.
6) RUN THE BUSINESS INDEPENDENT OF THE FOUNDER
I can’t emphasize this one enough: Automate and delegate!! In order to avoid burnout, you have to admit that you can’t do it all.
If you can afford to, hire yourself an assistant… or better yet, a whole team to support you. As previously mentioned, I myself have my visuals mastermind, my words wizard, my tech genius, and my lifesaver who keeps us all organized, plus an intern or two and the occasional consultant. When I caught Covid and was down for the count for far longer than I wanted to be—longer than I’d ever been before—the fact that my team was still working behind the scenes played a big part in keeping my business running smoothly.
And if that’s out of your budget right now? That’s okay! You can leverage automation to do things for you like scheduling posts and emails, so that you don’t have to be “on” all the time. Let things run on their own in a way that allows you to take a break (and make money in your sleep).
7) MAKE YOUR NUMBERS WORK FOR YOU
Understand where your money is going out, how your money is coming in, and which numbers matter the most for you. What does your overhead look like? What are your expenses and write-offs? Are there hidden or unnecessary fees anywhere? Do you have a clear-cut budget to work with?
A word of warning, however –
Don’t invest too much on something you’re not ready for. It’s not smart to lease a storefront or get yourself a 5-figure coach on a “leap of faith.” You’ve got to calculate your willingness to take a loss and consider what your sunk cost could be. In other words, be honest with yourself about your financial wiggle room.
Business is about translating value into numbers. If you can’t price your services well, if you can’t value your time well, and if you can’t compensate a team member well… your business will not have a solid foundation.
REMEMBERING WHAT IT’S ALL ABOUT
Once you have nailed down these seven crucial steps, you’ll be on the path to a business that will thrive in such a way that you—just like those Fortune 500 companies—can share the wealth. After all, there’s no such thing as a “solopreneur.” This journey is about community as much as it’s about money…
and when we all lift each other up, that’s really when we all succeed.