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Buffett, Bulls-Eyes and Arrows

To managers faced with such deterioration (in results),
a more flexible measurement system often suggests itself:
just shoot the arrow of business performance into a blank canvas
and then carefully draw the bulls-eye around the implanted arrow.
– Warren Buffett

One of the wealthiest people in the world, Warren Buffet’s company
Berkshire Hathaway is one of the largest companies on the Fortune 500,
with annual revenues in excess of $195 Billion.

The above quote is taken from his 1982 annual letter to shareholders.  
In it Buffett derided businesspeople who set targets and then,
confronted with unsatisfactory results, simply change the target.

What those people do, Buffett said, is move the target to suit the results
as opposed to the best business people who hold the target and
force themselves to change their approach.

This is perhaps one of the most challenging things to do in business
and life because it means doing something that most find difficult
– digging deep to think of new ways or changes to hit the target/goal.
(assuming of course that the goal or target is a meaningful one).

The best hold firm on the target and say ‘No, we have to reach it.’

To me that principle holds for business and life.

What is your number 1 target for your business year?

What is your number 1 target for your life this year?

Are you holding, or are you ‘drawing the bullseye around the implanted arrow’ ?
Food for thought.

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