Add the olive oil to a large soup pot and place it over medium-high heat for two minutes. Add the onion. Cook for 5 minutes, stirring occasionally.
Add the ground beef to the pot. Break it apart with a wooden spoon to help it crumble. Cook for 6-7 minutes, until the beef is browned, stirring occassionally.
Add the chili spices - chili powder, cumin, sugar, garlic powder, salt, pepper, and cayenne - and tomato paste. Stir until well combined.
Add the broth, diced tomatoes (with their juice), and tomato sauce. Stir well.
Divide between two pots and add the drained beans to one of the pots.
Going forward, the instructions apply to both pots. Bring the liquid to a low boil. Then, reduce the heat (low to medium-low) to gently simmer the chili, uncovered, for 20-25 minutes, stirring occasionally.
Remove the pots from heat. Let the chili rest for 5-10 minutes before serving.