Secrets to How the Rich Stay Rich: L'Oreal Heiress Delegates Her Way to Billions

Mindset

What is wealth without a proper Money Mindset?!

I always seek to learn from the people who use a Money Mindset to become more successful in life and business.

As we celebrated International Women’s Day this week, I gave thought to all the powerful women in the world.

Of course my wife was first to come to mind :)

But then I started meditating on all of the BADASS I women making tremendous impacts in their given fields. Some we know and some we are yet to hear of!

A quality I greatly admire in business people is the humility it takes to recognize they can’t do it alone. Take L'Oréal heiress for example...

Francoise Bettencourt Meyers, L'Oréal founder Eugène Schueller's granddaughter, became France's reigning L'Oreal heiress in 2017 after her mother Liliane Bettencourt, then the world's wealthiest woman, died at age 94.

In March 2020, as a global pandemic surged and L’Oreal started to lose revenue; the company quickly shifted to producing hand sanitizer to help French and European health authorities' needs.

It takes a wise business TEAM to maneuver in tough times with such grace and precision.

As an adult, Bettencourt Meyers chose to focus only on making the high-level decisions in her family's companies, acting as a "decider" and allowing others to be the "doers."

Here is a glance of what she achieved with her Money Mindset:

1997 Becomes a director of L'Oreal.

2012 Named chairwoman of family holding company Tethys.

2012 Becomes a member of L'Oreal's strategy and sustainable development committee.

As we see, great leaders know how to delegate efficiently, but it is much more than just handing off a task or two.

No, delegating something is not passing things onto someone else.

Proper delegation is thoughtful and serves a purpose larger than just task management.

We often think it is quicker to do things ourselves (and we will get them done precisely the way we want).

By learning how to properly delegate, we free ourselves to do other tasks that will help us grow as a leader. Think about all the high-level decisions you can make when you aren’t bogged down by the minutia.

Delegation also allows our team to take on more responsibility while finessing and practicing new skills. As such, the act of delegating actually acts as a way of developing those around us.

The first step in delegation is deciding which tasks are best suited to be delegated.

And, no, you don't always choose the tasks you like least!

Some tasks shouldn’t ever be delegated. These include jobs that others can't do and tasks that need your specific skills or are required of your leadership position.

But there are still many things you can delegate!

Good leaders know how to create their A Player Team to know that the ship runs smoothly without hand holding.

Good leaders also know how to say “NO.”

If someone asks you for a commitment or a favor, you may feel that you must say "Yes."

Remember, just because you CAN doesn’t mean you SHOULD!

Think about your own limits, beliefs, and the situation at the moment to know whether it’s best for you to say “no” and delegate.

Delegation is the ultimate act of boundary setting around your value to your own company.

I’m a big proponent of people’s strengths being maximized. This means you too!

If your strength is leadership, start thinking about how administrative duties may be holding you back from leading your company to more rapid success.

As Francoise Bettencourt Meyer did, she delegated with special advisors to help her filter out distractions and focus on high-level decisions to manage her own environment!

She knew to trust her team to execute on big changes- like transforming entire factories into sanitizer facilities - you must also learn to trust your team to execute in ways that utilize their strengths.

A simple way to delegate:

- Hire a virtual assistant to handle pesky admin tasks.

- Hire a project manager to handle the oversight of project completion.

- Hire a personal assistant to help ease the strain of personal needs. Sometimes just having support in our personal lives can lead to incredible freed energy that can used in our professional lives.

I think that this may be Meyers’ strength!

She understands her power and focuses on what she is good at: high-level decisions!

I challenge you to own your life: arrange it the way you like, the way that increases your productivity at work and in life.

Being a decision-maker enables you to control your fate, your assets, your business, and your legacy!  

I’m here to support anyone needing guidance on how to delegate or how to build an A Player Team.

Other ways I can support your development: I’m hosting a money mindset challenge starting on March 23.

You’ll rewrite your story about money and learn how to implement an abundant Money Mindset in practice.