
Warren Buffett and Secrets of Management - 8
An intesting thing about the world's greatest investor is that he has no type of stock quoting service in his office. His outlook is that when you have a long-term outlook on businesses you buy, the day-to-day activity in them is not relevant. In essence he's telling people to turn off the ticker tape.
In applying this to management, it's pretty obvious what this means. Managers especially can get so concerned about how things are going daily, that by time they get home at night they're taking something to calm them down. This shouldn't be something that is part of our lives.
One thing I think we could do to train ourselves to look out longer, is to see what
you want done for the week. Once you can get used to doing that, stretch it out a little further to two weeks; and so on.
The point of that type of exercise is to get you used to not fixating on every little daily detail that's happening around you. Nobody can control life in that way; whether at home or business. It'll drive you and those around you crazy. This usually comes from fear of results and what could go wrong with everything.
Look at the overall picture of what you're trying to accomplish, rather than at every brush stroke. From that perspective you see a picture the company envisions as its purpose steadily filling in with color and taking form and shape.
Obsession with minutia does the exact opposite. It causes you to lose focus on the overall picture, and see only little bits and pieces that you have a hard time putting together. Buffett's medicine? Don't be overly concerned with the short-term.
Other Buffett Resources:
10 Secrets Hidden in Warren Buffett's Wallet
The Warren Buffett You Don't Know
Warren Buffet-Strategic Planning
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