Warren Buffett, at 94 years old, is the CEO of one of the most successful businesses of modern times, Berkshire Hathaway. Because of his age, he is frequently asked about his successor. Buffett, who has stated he won’t step down until the right time, shared this about his unnamed replacement last year:

“My successor will need one other particular strength: the ability to fight off the ABCs of business decay, which are arrogance, bureaucracy, and complacency. When these corporate cancers metastasize, even the strongest of companies can falter.”

Buffett’s ABCs resonate with me:

Remarkable performance is a combination of several factors: talent, teamwork, hard work, favorable market conditions, and a bit of luck. Arrogant leaders and teams make the mistake of believing their success is solely due to their own abilities.

Confidence is admirable, but it should be balanced with humility, reminding us that we are never as good as the best results we achieve nor as bad as our worst. With this mindset, we can avoid falling into the trap of arrogance.

Bureaucracy can also plague a growing company. Conversations are replaced by emails and forms. While growth can bring success, we must resist the bureaucracies that rob us of prompt decisions, agile action, and the urgency needed to progress. We must stay human and responsive.

Complacency is another trap. It’s often said that sports teams struggle to repeat as champions. Egos inflate, and the hard work that brought the team to the top gets lost in the adulation that success brings.

A new year or season calls for a deep inventory of each person and team. We must be reminded of what true success looks like and what it takes to achieve it.

Complacency says, “We’re the best; there’s nothing more for us to do to win.” True champions know that’s not the case. To achieve better days, fresh, purposeful efforts are necessary.

Let’s fight the ABCs and make this year our best yet.

-Howe Q. Wallace Jr