December 2008 | Vol. #8

For everything there is a season

One of the great things about a slow economy is the opportunity to solidify core aspects of business while improving components that we were too busy to enhance during more robust times.

It is also a time to look for lessons from people who have sensibly achieved sustained success, when so many around them have failed. In the spirit of learning from others, let’s get to the content of the newsletter…

Simple Riches

Warren Buffett, one of the richest Americans, reminds us that much of success is a simple matter:

Less is often the answer – Mr. Buffett continues to live in the central Dundee neighborhood of Omaha in a home he bought in 1958 for $31,500.
Start early, grow consistently - At 13 years old, Buffett filed his first income tax return, deducting his bicycle as a work expense for $35. In his freshman year of high school, Buffett and a friend spent $25 to purchase a used pinball machine, which they placed in a barber shop. Within months, they owned three machines in different locations.
Persist in Adversity – Success does not wipe out challenge. Despite the death of his wife in 2004 and business scandals of colleagues, Warren Buffett dethroned Bill Gates as the wealthiest person in the world in 2008.
You can’t take it with you – Warren Buffett continues to amass wealth but has joined with Bill Gates to aggressively give back through the Gates foundation.

In a time when so many have lost so much, it warrants reflection on those that have achieved and maintained great success. How have you resisted the temptation to live beyond your means, maintained your consistency and persistence in adversity, and focused on giving to those less fortunate?
As a new year awaits, may it be a time to reflect on the most important things in your business and personal life. Thank you for being a part of a transformational year for all of us at The Michelli Experience.

Resources

The Podcast
The 3 to 5 minute weekly podcast The Starbucks Experience is available streaming online or available for download at:

http://www.josephmichelli.com/publications.podcasts.html

The Book
My newest book The New Gold Standard can be purchased by clicking on the link below:

The New Gold Standard: 5 Leadership Principles
for Creating A Legendary Customer Experience – Courtesy of The Ritz-Carlton Hotel Company