Learning how to run your own business can be exhausting, can’t it. Especially for those of us who have lots of life experience but not so much experience of growing a business in this online world. Warren Buffett is famous for being great at business, being incredibly wealthy and giving good advice and he’s no spring chicken either! One of Buffett’s most famous pieces of advice is commonly referred to as the 2-List Strategy. It’s simple, but effective.
Let’s look at how it works.
How many goals do you have right now? If you’re honest, you might be like a lot of small business owners and not have any written down. Alternatively, having 10 big goals isn’t an optimal strategy either as you’re unlikely to be able to complete them. This is where Buffett’s idea fits in.
Follow this process to use Buffet’s 2-List Strategy to prioritise your business and life goals and focus your energy
List the top 25 goals you’d like to accomplish in your lifetime.
Take all the time you need to compile a long list of goals. Make sure that you include a mix of business and personal goals. Also think about goals for the long term and for now. Many of them you’ll know right off the top of your head, but many will require more thought.
- It might take a few days to a week to complete this step. Once you get started, you’ll find that additional ideas pop into your head at random moments. Be sure to capture all the ideas that you come up with.
- Feel free to make the initial list much longer than twenty-five.
- Once you’re sure you’ve got all your goals on a list. I want you to go through and make a mark by the side of 25 goals.
Choose the five most important.
This is a little tougher. Now choose the five most important goals from your list of 25 goals. Again, you might need some time to complete this step.
- Imagine that you only had the opportunity to accomplish five goals. Which would you choose? Personally, I’d advise not to choose 5 massive goals as this can feel overwhelming. It’s best to have a mix of some quick wins and a fewer chunkier goals.
Create two lists.
Put the five most important goals in one list, and the remaining 20 in another list. Keep both of them handy. Both are useful, just not for the same reasons.
The list of your top five goals now becomes your focus.
The list of 20 items might seem important to you, but they are to be avoided at all costs. They are now just a list of appealing distractions that will keep you from accomplishing the most important five. Keep this list available but view the items on this list as potential obstacles to your success at the moment.
Most of us wouldn’t have the time or energy to complete all 25 items, unless the goals are quite small. Spreading yourself too thin is a recipe for disaster. When your attention is scattered, you’ll accomplish little.
Prioritising, and then limiting yourself to just five, ensures that you’re magnifying the effectiveness of your time and energy.
Can you ever do any of those 20 items? Yes, but only after the first five have been accomplished.
After you complete your top five goals, complete the process again.
After completing five important goals, you won’t be the same person. You will have learnt new things. Your priorities and interests will likely be different. Start all over again with a new list of 25 goals.
It’s important to avoid those other 20 items until you’ve achieved success with the primary five. They can be very appealing ways of wasting your time and energy. The most successful people are focused on a small number of goals. Prioritisation and focus are necessary for success.
Warren Buffett has proven that his advice is worth considering. Get clear on your goals and focus. Make a list of your 25 most important goals and prioritise them today. Then, get started making your top five goals.
If you’d like more tips like this then come join my fabulous free Facebook group The Business Confidence Cafe
You’ll be very welcome.