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:
Last week I wrote about the importance of setting up your Advisors Network and I listed a number of my Advisors Council members that have really helped me over my career. This weeks post will list some of the books or references from these icons that I have leveraged over the years. In many cases I have multiple books from each of these authors but I will limit the list to the one source from that individual that made the biggest difference in my professional development.
We have all heard a lot about networking over the years and how it is important for each of us to get out into the marketplace and build our network. Although I agree that building this personal network is important, it is what you do with the network you create that will determine your future success.
The focus of this post is not on leveraging your network for business or sales but rather working with your network to set up what I call an Advisors Network. No one knows everything that is needed to be successful in life and business in every circumstance. We all need help in many areas over the course of our lifetime. This is where the Advisors Network comes in. It allows you to leverage the expertise of many people when you need this specific expertise. Each of these people brings something to the table that you may not have as a strength or as a skill.