By a sustainable business, I mean one that can actually operate without your active participation.
Warren Buffet is one such person that has managed to create numerous successful businesses that continue to thrive decades after exiting active management.
I decided to find out what he does differently.
While he employs a lot more than what I may possibly capture in this post, three of his techniques stood out the most for me.
Take a look below.
#1. He Relies on the numbers
Number don’t lie.
But perhaps more importantly, correct numbers don’t lie, and billionaire Buffet seems to be sharing my sentiments.
Instead of hearing every story there is to be told, Buffet prefers using the numbers to make informed business decisions. This means that accurate accounting and financial data is one of the key ingredients for success in the business world.
Numbers allow you to make better decisions more consistently as they will rarely lead you to use emotions in making key decisions.
#2. He is Methodical
To attain the level of success that most people crave, you’ll need to avoid being impulsive in making business decisions. On numerous instances, Buffet has been quoted alluding to the fact that before he makes any major business decision, whether it relates to expansion, downsizing, or anything else, he does his research quite thoroughly.
He reads, explores similar past scenarios prior to making his choices. In other words, it is important for you to apply methods that have worked for other people in the past when in a similar situation. This way, you are likely to get it right 90% of the times.
#3. He understands that success takes time
Well, this is a controversial one.
There’s a school of thought that sees patience in business as a way of playing it safe or small.
Depending on how you look at it, true business success is not easy to come by. And you’ll hardly ever hear that someone succeeded after a few months of running a legitimate business.
Buffet confesses to spending the best years of his young life working his way to being the success he is today.
There is no elevator to business success, the only way up is through taking the stairs. And as you would imagine, stairs take you longer to get where you wish to go compared to elevators.
Which is your favorite secret to running a successful business? Mine has to do with the numbers, what about you?