Devoted to Managers and those that seek to improve their management skills

Look where others aren't looking

One major problem businesses and business leaders have is in the area of the press and media coverage of popular topics that drive viewership or visiting of web sites.

It can be tempting to assume because there's media coverage that the thing being talked about is vital or important from a business and profit viewpoint. In fact, most times the familiar won't be the thing that makes a difference. One rule of thumb to keep in mind is if it's being reported on extensively, somebody is already doing it or in the process of doing it.

Warren Buffett is known to read through reports like others may read pulp fiction.

When reading one time he said: "I found companies like National American Insurance and Western Insurance Securities Company that nobody was paying attention to that were trading for far less than their intrinsic values. Last year we found a steel company on the Korean Stock Exchange that had no analyst coverage, no research, but was the most profitable steel company in the world."

Here's one area where I don't think we can delegate authority or the work in.

What's the secret to finding this type of information? You've got to be willing to go through the material and do the research. The reason so much is reproduced and rehashed in the press is because people are generally lazy in this area. They like to go with the popular stuff so they can easily and quickly tap into material they can use to write a story about.

It's those that are willing to go beyond that into the less traveled information areas that will reap the rewards of finding the occasional gold nugget of information they can use in their businesses.

Even to this day when Buffett continues to find value where nobody else can, analysts and other so-called professionals are always stunned, and in many cases, aren't able to see the value even after the investment by Buffett has been made on behalf of Berkshire Hathaway (BRK-A).

Those that know what they're looking for and are willing to dig till they find it will always be ahead of their competitors, who for the most part aren't willing to take the steps necessary to get the job done.

This is one area where openness of communication isn't an assett in the company, at least until what is being looked at is put into operation.

If you're willing to look deeper and wider than your competitors you'll find those things that will differentiate you from your competitors. Buffett has done it from the time he started Berkshire and is still doing it today.

Other Buffett Resources:

Wisdom of Warren Buffett

Warren Buffett, investor

Warren Buffett: The trouble with being a legend

Warren Buffett: 'I told you so'

Company growth

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