One of the most important things any business leader can do for their business longevity, is to establish the principles by which they and their business will operate.
These principles form the foundation on which trust and relationships are built with all of the stakeholders of the business; shareholders, employees, customers, and suppliers.
Berkshire Hathaway is an example of a highly successful business from pretty much all perspectives. They are a solid company with decades of successful and profitable operations.
In 1983, Warren Buffett established 13 principles that defined how Berkshire Hathaway was to operate. He first published these in what he called Berkshire’s “An Owner’s Manual.” These 13 ideologies are still valid today at Berkshire and followed closely in all the business that they conduct.
Many of these are directly applicable to any business. We can all benefit from reviewing them and perhaps implementing them in our own businesses!
Berkshire’s “An Owners Manual”
I have highlighted seven of the thirteen principles below: