3 Warren Buffet Secrets for Small Business Owners

To be a small business owner is to wear many hats and you’ve got to be on your best game to run a successful small business. Since so many fail within the first 18 months of opening, I thought I’d share some tips from Warren Buffet on how to be successful. I’m sure we could all use these, not just small business owners.

1. Put Yourself First

Don’t be selfish, but take care of yourself first. If you have slept well, eaten well, have good relationships, and are in control of your finances, then you can focus your energy on making smart, effective decisions in your business. If you are suffering in health, wealth, or relationships then you won’t be in your right mind to make important decisions regarding your business and future success. Take care of yourself, don’t depend on anyone else to do that for you. You are your own best friend.

2. Have a Business Doing Something You Enjoy

I’m sure you’ve heard the phrase, “Do something you love, the money will follow” by Marsha Sinetar. You need a profession/career/job that inspires you, something you can be passionate about. You need something that you will keep working when the going gets tough and it will at some point, guaranteed. If you don’t care about your work or worse, hate your work, what will motivate you to do a good job even when you’re tired? Nothing, that’s what. Do what you can to find work you love; it will be well worth your sanity and your pocketbook.

3. Guard Your Time Wisely

There are only 24 hours in a day and we all get the same 24 hours. Don’t let ineffective people waste your time. Don’t spend time on useless tasks that don’t produce results or move you toward your goals. Be protective on how you spend your time as the owner of your business. Don’t waste it being the bookkeeper as well as everything else (unless, of course, your business is accounting). Hire professionals to handle their area of expertise while you focus on yours.

 

One way to handle your time is to create systems for repetitive tasks. These can be simple or complex but if you’re doing something over and over with each new clients or sale, find a way to create a system to handle that task the same way each time. This creates consistency within your business allowing you to be more effective. You may need to test several methods before creating the most efficient and effective method for your task, but it will save you time in the end.

 

Would you like some more information about creating systems for your business? In my Business Success Blueprint, I review several different ways to systematize your process of getting new clients, customers, or patients; retaining clients, customers, or patients; and reselling to past clients, customers, or patients.

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