Why it’s good practice to embrace the economics of enough
About three years ago I reached the ‘economics of enough’ – a phrase I first heard from David Bussau, the founder of Opportunity International Australia.
I’ve always made giving part of my adult life, aiming to donate about 10 percent of my income to charities, but I wanted to go beyond that. I had enough money and I didn’t want to keep on earning ‘just a little bit more’ to chase the end of the rainbow.
So I stopped and, with the help of a business coach and discerning friends, I created a framework to be intentional in my giving.
I started by going through a discernment process called a ‘clearness committee’ – originally established by the Quakers. After this process I decided that I wanted my giving focus to be for charities that aimed to improve the lives of women and children, particularly those escaping violence and sexual slavery.
The next step was indirectly fueled by a chat around a campfire amid the COVID-19 pandemic. Up until that point, I only had one company, EEO Specialists. We deliver in-person workplace behavior compliance training (think mandatory sexual harassment training but using theater, humor and real-life stories).
But since the pandemic had caused a temporary halt to the delivery of this training, I decided to set up another company called Online Compliance Training. The idea was to adapt the content, stories, cases and my learnings over the past 12 years into an online training format.
To be honest, I had no idea how to do this or if anyone would buy it. But I’m fortunate to have a right-hand person who always says yes to my ideas, so off she went to learn how to create online content while I started writing it.
Purpose-driven profits
I worked off a lean startup model to create a minimum viable product that cost us our time and the fee to use content creation platform Rise Articulate. I decided from the outset that I would donate 40 percent of the online course sales to charities.
This proved to be a brilliant idea because it’s a whole lot easier to give away 40 percent of nothing than 40 percent of US$650,000.
From the outset I had a clear idea of who I was giving to and how much I was to give away. I set up a separate bank account so that when sales started to come in, I could transfer 40 percent immediately to this account.
I didn’t want the option of thinking that money was mine to spend, so putting it in a separate bank account was one way to avoid this.
Over the years I’ve become an optimist with a can-do attitude, and this has held me in good stead in setting up two companies from scratch.
Then I had to work hard to sell an online course on sexual harassment with no idea whether anyone would even buy it. Over the years I’ve become an optimist with a can-do attitude, and this has held me in good stead in setting up two companies from scratch.
So I started talking to my clients, showing them the course over Zoom and asking for their feedback.
Then an organization bought it and asked us if we had one on bullying as well. We didn’t, but I said we did, and with that I created our second course and then our third, fourth and fifth. We were on a roll.
Online Compliance Training is now in its third year of operation and we’ve sold more than 65,000 courses. And since January 2022, between the two companies, we’ve donated over US$300,000 to charities.
An empowering journey
Our philanthropy is well structured with three tiers of giving. We also go beyond donating funds – we also volunteer our time. My team participates in community charity events regularly. Last year I joined the Trek for Opportunity, trekking the Himalayan ranges to raise much-needed funds for Opportunity International Australia.
We also go beyond donating funds – we also volunteering our time.
In addition, we recently introduced ‘Ignition Sponsorships’ to help small charities bring their innovative ideas to life. It was very well received and nine amazing organizations have used these funds to support vulnerable woman and children in Australia.
Looking back, the ‘economics of enough’ set me, my companies and my team on an empowering journey – not just for vulnerable women and children, but also for each of us personally.
Nothing gives me more satisfaction than seeing how my team has embraced this philosophy so wholeheartedly. Not to mention the ripple effect our donations have created around the world.
Which brings me back to my business ethos – "The better I do, the more I can give away" – which I hope inspires more CEOs to do the same. Because the gift really is in the giving back.