Saturday, April 24, 2010

Things to drive business to success

According to the Wall Street Journal, Warren Buffett does a few other things to drive his business to success that are rare in business:

1. He trusts his people to run the organization, delegating (in his words) “almost to the point of abdication.”
2. He treats his managers well so they choose to work rather than play golf (since most of the managers are financially independent).
3. He doesn’t spend his day going from meeting to meeting (he has extremely few), and he spends most of his days thinking and reading.
4. He doesn’t have a computer in his office.
5. He makes multi-million dollar decisions swiftly (if he can’t understand an investment in 10 minutes, he says he won’t understand it in 10 years).
6. He doesn’t require special reports from his managers.
7. He’ll buy a company, create the deal in 20 minutes, and then leave the management in place with word that they probably won’t hear from him more than once a year.
8. His company operates with only 17 people at headquarters.

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