What Warren Buffett said… by Karl Bryan
I remember reading people desperately want two things…
- To be Rich
- To be Good Looking
I own a mirror so it was easy to work out the first one wasn’t happening… At a young age, I decided to study wealth at the highest of levels. One of the many mentors I’ve followed is the one and only ‘Oracle of Omaha.’
“Tell me who your heroes are and I’ll tell you who you’ll turn out to be.”
Warren Buffett isn’t known as a “business consultant” nor a “coach” but I’d beg to differ.
He’s the highest paid business consultant on the planet! He invests time and money with businesses that he believes he can improve or add value to.
At the age of 50 he was big news within in his own sphere of influence… but outside that circle, no one had really heard of him. Today at the ripe age of 87 he’s like a rock star signing autographs and posing for photos from one side of the planet to the other. What other industry (other than owning a sports franchise) can you go from relative obscurity to rock star signing autographs between 50 and age 87?!?
A career as a successful business consultant and coach is one to be celebrated, congratulations if you’re taking the journey with us and you too can be signing autographs one day, posing for photos like a bigwig, if you keep with it and add incredible value to those within your sphere of influence.
Back to Buffett. He knows a thing or two about consulting a successful business… so here are the best tips I’ve learned from the one and only.
1. Invest in yourself first
“The most important investment you can make is in yourself.”
Investing in your own personal growth is the best activity you can undertake towards “success”, end of story. Effectively, anything that improves your own talent level.
Whether it’s getting more or a higher level of education… attending effective training… improving on a skill that you already have … or learning a new one like investing or growing a business.
Way too many people look to invest in others and or their programs before backing themselves with their own money.
Along these same lines is the, “pay yourself first” concept. Everyone hears about it but very seldom do people act on it. Each month pay yourself approximately 10% of your wage that will go towards your future financial goals (and risk) automatically.
“Don’t save what is left after spending; spend what is left after saving.”
2. Value Investing.
Buffett tells you that the secret has been out for 50 years, which is value investing. Yet he has witnessed no trend toward value investing over the past 35 years.
Value investing is an investment strategy where you select stocks that trade for less than their intrinsic value. Value investors, therefore, look for stocks (companies to buy into) that they believe the market has undervalued. An excellent investment is about understanding the opportunity the business represents (its value) rather than solely focusing on its stock price and whether it is high or low.
The equivalent of this in the coaching space is seeking out (actually doing some homework and not getting paid for it) quality businesses (and industries) that you feel are not maximizing their potential. A business with high earnings and low profitability is a great client to coach and take a contingency agreement on.
A great example of this is to watch the show “The Profit” with Marcum Lemonis. He does not take on just any business… he does his homework and picks carefully.
“Price is what you pay. Value is what you get.”
3. Build strong business relationships.
Real success is impossible without building strong relationships. And, frankly, not really worth it. Buffett sees people jump from one strong relationship to an unknown one for the potential of an extra few percentage points… why would you risk irritation, aggravation or worse, for ‘potentially’ higher returns?
Face value is often without value.
People will ask a question when they really want something else, entirely, answered. A person will ask ‘should I invest in this stock’ when in actuality they are seeking a solution on how to make more money in the next 12 months because they need it. A colleague might ask what you thought of his / her idea on the last conference call… when really they’re curious about their diminished role in the company.
Behind many of your best relationships will often be your ability to see the larger question that goes unasked. Great relationship builders care about the people they’re dealing with and often seek the “real question” and add incredible value to that person’s situation and life.
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction”
OK, the others need a little fine tuning so I’ll come back tomorrow with the rest of the magic I’ve learned from WB. There will be seven in total and one of them will be “seizing great opportunities.”
Speak to you tomorrow.
Thanks for tuning in,
Karl Bryan gets clients for Business Coaches...period. He is the editor of The Six Figure Coach Magazine and Chairman of Leader Publishing Worldwide, home of the largest private community of Business Coaches (24 countries and counting) in the world.
His goal is straight forward… to help serious coaches/consultants get more clients and to start using the internet effectively.
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