Right now I’m reading a book titled, “Seeking Wisdom – from Darwin to Munger” by Peter Bevelin. At the end of the book, the author includes several excerpts from Buffett and Munger. If you haven’t heard of Charlie Munger, he is Buffett’s partner in Berkshire Hathaway and one smart dude.
In one of these excerpts, I found the following quote from Buffett:
“If you take the CEOs of America’s largest corporations, they do not know what their circle of competence is. That’s one of the reasons they make so many dumb acquisitions. They rise to the top of the business because they’re great salesman, great production people or whatever. All of a sudden, they’re running a multi-billion dollar business and their job is to allocate capital and buy businesses. They’ve never bought a business in their life. They don’t know what it’s all about.”
I’ve bolded the most important part of Buffett’s comment. Buffett believes that the job of a CEO of a major company is to allocate capital and to buy other businesses. How does this apply to us? Well, we are all the CEOs of our own businesses. And we might conclude that our job is the following:
To allocate our time and our resources to generate the highest return for our business.
We may not have a lot of capital to allocate like the CEOs of these large companies, but we certainly can do a better job of allocating our time and our resources. What are you spending your time on? Is it the most valuable opportunity for your business or not? Are you focused on the short-term or the long-term?
Your time is your single most important asset and what you do with it dictates the income you’ll receive next week, next month and next year.
Sadly, most agents don’t “see” this and don’t view their main job as a time allocator. This is so important, I’ve made myself a new business card:
Let’s face it, we can’t control the real estate market, home prices, interest rates, lending guidelines or the economy. But we can control our time. We can use our time with lazer-like focus on the BEST long-term opportunities for our businesses.
Believe it or not, the idea for this article came from the last report I sent to my Master Marketer Club members. In last Friday’s report, I revealed what I believe is the single best use of your time. And I shared how I’ve made this one task THE priority in my businesses. You can test-drive the Master Marketer Club membership risk-free for four weeks by clicking here.