Estimated reading time: 3 minutes, 53 seconds.
TODAY’S IDEA: Warren Buffett’s little-known tool for prioritizing
— From Warren Buffett’s 5-Step Process for Prioritizing True Success (and Why Most People Never Do It) as appears in the Live Your Legend blog post by the late Scott Dinsmore. Today the site is run by Chelsea Dinsmore.
We’ve talked about prioritizing before, yet I’m always on a quest for additional tools and hacks that can I bring into my life and my projects.
Today I came across a great story in the Live Your Legend blog. It’s about Warren Buffet teaching his pilot a 5-step process on how to prioritize, and a great, new, little-known tool that everyone should adopt.
The story goes like this (taken directly from the post):
1. Know what you want – List your top 25. One day, a few years back Warren went up to his pilot (we’ll call him Steve) and jokingly said, “The fact that you’re still working for me, tells me I’m not doing my job. You should be out, going after more of your goals and dreams.” Warren then asked Steve to list the top 25 things he wanted to do in the next few years or even his lifetime.
2. Pick your Top 5. Once Steve completed his list, Warren then asked him to review each item and circle the top five that were most important to him. The ones he wanted more than anything. Steve was hesitant because, to him, they were all massively important. After all, that’s why he wrote them down. But Warren insisted that he could only pick five. So Steve spent some time with his list and after some deliberation, made five circles. “Are you sure these are the absolute highest priority for you?” Warren asked. Steve confidently replied the affirmative.
3. Make your Top 5 Plan. Warren now asked Steve when he planned to get to work on these top 5 and what his approach would be. They spent the next while discussing Steve’s plan. Steve explained “Warren, these are the most important things in my life right now. I’m going to get to work on them right away. I’ll start tomorrow. Actually, no, I’ll start tonight.” Steve went on to explain his plan, who he would enlist to help him, and by when all these items would get done. Warren was starting to get excited. With any luck, he would be out of a pilot within weeks…
4. Marry your priorities. Once the Top 5 planning session was over, Warren then asked, “but what about these other 20 things on your list that you didn’t circle? What is your plan for completing those?” Steve replied confidently, “Well the top five are my primary focus, but the other twenty come in at a close second. They are still important, so I’ll work on those intermittently as I see fit as I’m getting through my top 5. They are not as urgent but I still plan to give them dedicated effort.” To Steve’s surprise, Warren responded sternly, “No. You’ve got it wrong, Steve. Everything you didn’t circle just became your ‘avoid at all cost list’. No matter what, these things get no attention from you until you’ve succeeded with your top 5.”
5. Know your ‘Avoid at all Cost List‘ and stick to it. Warren makes a powerful and somewhat unconventional point here. Most people would suggest ranking their second most important items just below their first. Makes sense at first, but as it turns out, this is the type of behavior that creates some of the most detrimental distractions in making big things happen.
I love the concept of the ‘avoid-at-all-cost’ list and, as of right-this-very-second, I am incorporating it into my life. I think it’s a great idea and another tool for focus, concentration, and success.
By having an ‘avoid-at-all-costs’ list, your mind will not be distracted by the priorities in that list. It’s as if you put them in a vault and forget about them. You can’t get them out until the other ones are done, so you will not spend precious mental energy thinking about those things that are not your immediate focus. Brilliant!
Do you like the concept of the ‘avoid-at-all-costs’ list as much as I do? Let me know in the comments here.
ACTION
TODAY: Set up some time in your calendar to follow Buffet’s 5 steps and create a plan to achieve your goals.
FUTURE: Once you have your plan, focus, focus, and focus on your top 5 priorities. That laser-like aim will enable you to devote all your energy to your top 5 goals and crush them!
Know anybody who could use this 5-step process to prioritize? Please share this post via Email, Facebook or Twitter.