Warren Buffett, legendary billionaire investor, reportedly picks pennies off the ground and audibly declares, “One step closer to my next billion.” His frugality is almost as legendary as his investing insight and discipline. But, is that simple gesture honestly the foundation of his enormous wealth?
Picking coins off the ground reinforces his discipline, but his ability to analyze market dynamics and financial opportunities is much more impactful. Buffett may also pick up dimes off the sidewalk, but the dollars from investing in businesses that he deeply understands and the power of compounding truly makes the difference. It is better than having a money tree.
For more modest business professionals, simply focusing on performing activities that yield the greatest returns is a great place to start. Don’t ignore the details that reinforce discipline. Nevertheless, extend the greatest effort to activities that directly impact achieving stated goals. For example, successful sales professionals should promptly respond to all inquiries. That habit reinforces discipline to be available for every chance to sell more. Still, proactive sales efforts toward targeted prospects take priority. Like reaping what you have sown, obeying planned sales efforts yield results that were strategically prepared to produce at a future time. Picking dollars off that tree simply validates that the plan worked.
More evidence that discipline and planning bear fruit includes building your team for success. A team is not simply employees reporting to you. Your team is any individual or group of individuals who contribute to your success. Consider securing warm prospects, then your networking group is your team. Need timely intelligence, fellow bloggers are your team. Available fruit on the tree does not get there by itself and it definitely will not pick itself. Maximizing opportunities results from leveraging additional relationships with a personal stake in your success.
Networking group members want you to add value to their other contacts because it enhances your colleague’s status for being well connected. Fellow bloggers want feedback that boasts about their insightful advice delivering tangible results. The savvy professional benefits from multiple relationships by purposefully sharing credit and feeding egos. Most importantly, winning business professionals reward their team in the specific currency that each member values. Cash works. But, social currency and reputational accolades monetizes equally well, upon conditioning the team to value those items, too.
Ultimately, successful business growth is a long-term exercise of planning, discipline and execution. Dimes on the sidewalk represents discipline and symbolic wins. But dollars on the tree represent the value that you invested and the rewards you received. Never, ever confuse the two. Demonstrate discipline. Utilize resources that are available through relationships and knowledge. Deploy well-planned strategies and success characteristics that directly generate business results. Now, go shake the money tree!
By Glenn W Hunter
Managing Director of Mo Patton Sports, LLC