Consider the moats around your business

Everyone loves to quote Warren Buffett.

Want to sound like a brilliant investor?  There’s a Buffett quote for that.

Want to sound like a grounded, brilliant manager?

There’s a Buffett quote for that.

Want to ram home your point?

Just add the phrase “as Warren Buffet likes to say…”

It all gets a bit silly sometimes but there is one Buffett idea I constantly like to think about in relation to my business and that’s the idea of building moats around your company.

Those “moats” are basically competitive barriers. Good companies have very wide moats – they have products, services or intellectual property that sets them apart from the competition and they cannot be easily replicated by the competition.

Think of your business. What sets you apart?

Is it your service levels, your technology, your IP? Now think about how easily those things could be copied or at least matched.

You might find your moat is like a giant river or a tiny stream. If it’s the latter you need to think hard about how you can grow in your sector.

Get it done – today!