Through my business conversations every day, it is becoming clear that a profound shift is taking place in the global economy. To stay competitive, companies are starting to question the value of paying high salaries for in-house talent.
These days, even those who have “earned it” are no longer getting by on their status, background, reputation or talent alone. Expensive mortgages and car payments be damned, in such a competitive global economy every investment needs to be clearly tied to a return. It isn’t about you anymore and what you feel you deserve; now it’s all about the value you can create through true service to others. The question is: what exactly can you do to generate a 3x or 5x return for the person or company paying you?
This shift is significant for a few reasons. Firstly, loyalty to one employer is a thing of the past because your job is not going to last. To be successful today, you cannot rely on only one source of income. For any kind of stability, you need relationships and systems in place to generate income from multiple sources.
The need for multiple sources of income requires that you scale yourself up. To do this, you’ll need to outsource the supporting work and focus only on the areas where you are uniquely capable. How? Well, what are you uniquely qualified to do which provides the greatest benefit to another person or organization? Focus only on your core competency. Any of the other pieces required for a successful outcome or to scale needs to be outsourced to someone else.
Because we are increasingly interconnected and long-term loyalty is eroding, we need to learn to trust one another by default. Now there is no time for reference checks, long contract processes, and group decision-making. Things are moving so quickly that we need to trust our intuition in business relationships if anything is going to get done. Know what you need, define it precisely as a process that can’t fail, and find someone who is excited to fill that role for the pay you can afford.
At the end of the day, business is about systems not individuals. What is a business but a way to input $1,000 into a process so that $5,000 is returned? That process may include employees, outsourced vendors anywhere in the world, or it may even be automated. This is how every investor and private equity firm thinks, how every business owner thinks, and to be successful you will need to think in the same way. Invent a system that delivers a valuable product or service and sell it.
For any of this to work, you will need customers. This is one of the pieces you should outsource because running a successful sales or marketing campaign on your own is all-consuming and will leave you no time to do what you do best. Let someone else arrange the introductions, you create the relationships with prospects and customers after they do. Be willing to invest in the areas required to scale yourself up and to allow your systems to generate an ROI.
If you can do all this with an attitude of service, patience, acceptance of others, and trust as the default operating mode—then these new challenges will be the opportunity of a lifetime. No more sitting in the office in fear of losing your job. No more 8-5 office work. No limitations on your earnings potential or time. No more faking a role. You can be you, you can be free, and you can prosper without fear.
I’ve lived this way for 10 years and I assure you it is far superior to even the best job. If you find any of this relevant to what you’re going through, I’d be happy to talk even just to share some ideas.