Here's One Thing Buffett, Bezos And Dimon All Agree On

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Three icons speaking at three different forums have relayed one message, a warning to firms that chase profits at the cost of ethics.

Yahoo Finance's Sam Ro highlighted the importance of customers for businesses. The mantra for long-term survival is treat the "customer as king," instead of looking to enrich investors, crush competition or maximize profits.

JPMorgan Chase & Co. JPM CEO Jamie Dimon said in September at the Economic Club of Washington DC that businesses should focus on what works for their clients, not for the executives or the company per se.

Related Link: Warren Buffett's Advice For Younger Generations Investing In The Stock Market

The sentiment was echoed by Amazon.com, Inc. AMZN CEO Jeff Bezos at the Vanity Fair New Establishment Summit held last week. The top brass of the online retail behemoth suggested that the core of the company should be customer-obsession and not competitor-obsession. A hungry customer can draw the company along to reach greater heights, as they force a business to evolve.

"If you want to be pioneering, if you want to be inventive and if you want a culture that's experimental, then you want to be customer-obsessed," Bezos said.

The best of the lot came from Warren Buffett. Wiser by years of experience, Buffett said at the Goldman Sachs' 10,000 Small Businesses event in July that businesses ought not just satisfy their customers, but delight them.

Buffett's logic for his call to delight customers is this – investment in delighting a customer can have a lucrative multiplier effect.

This isn't just a wisecrack but the wisdom that comes through years of experiential learning, and when it is offered in a platter, wouldn't businesses be better off taking it at face value rather than learning it the hard way?

Image credit: Fortune Live Media, Flickr

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Posted In: PsychologyOpinionGeneralJamie DimonJeff BezosWarren Buffett
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