Sam Waltons Top 10 tips for building a successful business

Walmart is one of the most recognised companies in the world selling items like clothing, food and just about everything else. It s one of the most famous companies and its founder was a great man named Sam Walton. Sam Walton was a man with ethics and morals and built his business the honest way. He worked hard, honed his experience and treated everyone fairly. He was a man above others and one of the all time greatest business men among the ranks of Henry Ford, Ray Kroc and the like.

Walmarts philosophy was to buy cheap and sell cheap to give customers value for money. He cared about them and made sure he got great savings so he can pass those savings onto customers. He took a loan to buy his first store and soon after bought his second store. Within 3 years, his sales volume grew to $225,000. The first Walmart opened on July 2, 1962 in Rogers, Arkansas. Forbes ranked Sam Walton as the richest person in the United States from 1982 to 1988. At the time of his death in 1992, he had 1,960 Walmart stores, employed 380,000 people and an annual sales of about $50 billion.

1. Commit to your business and believe in it
Believe in it more than anybody else. You have to love your work. If you do you’ll be out there every single day trying to do the best you possibly can to make it a success. If your passionate about it enough you can get others to catch the passion from you – like a fever.

2. Share your profits with all your associates (employees), and treat them as partners
Sam was a humble man and called his employees – associates. If you take care of them, they will treat you as a partner, and together you will all perform beyond your wildest expectations. Working together you can achieve more than working by yourself. They are the ones making your dreams come true.

3. Motivate your partners.
Money and ownership alone aren’t enough. Set high goals, encourage competition, and then keep score. Don’t become too predictable. If things get boring then try something new, have managers switch jobs with one another to stay challenged.

4. Communicate everything you possibly can to your partners.
The more they know, the more they’ll understand. The more they understand, the more they’ll care. Once they care, there’s no stopping them.

5. Appreciate everything your associates do for the business.
Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise.  They’re absolutely free – and worth a fortune. They must be sincere, people can tell if they aren’t.

6. Celebrate your success.

Sam Walton didn’t start off his variety stores wanting to become rich, he had a passion for retail and wanted to keep improving. Money followed.

Don’t take yourself so seriously. Loosen up, and everybody around you will loosen up. Have fun. Show enthusiasm – always. All of this is more important, and more fun, than you think, and it really fools competition.

7. Listen to everyone in your company.
And figure out ways to get them talking. Ask the how things are going. To push responsibility down in your organisation, and to force good ideas to bubble up within it, you must listen to what your associates are trying to tell you. They are on the front lines and know what is happening more that those in the office so always listen to what they have to say.

8. Exceed your customers’ expectations. Always.
Give them what they want — and a little more. Make good on all your mistakes, and don’t make excuses — apologise. Stand behind everything you do. The better you look after a customer the more chance you have of them coming back to you. Look after them all and you can have a reliable customer base providing repeat business.

9. Control your expenses better than your competition.
This is where you can always find the competitive advantage. You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient. Keep track of what you spend and where so you know how much you can allocate to new ideas to keep the business growing.

10. Swim upstream.
Go the other way. Ignore the conventional wisdom. If everybody else is doing it one way, there’s a good chance you can find your niche by going in exactly the opposite direction.

If you have not read Sam Waltons Biography we strongly recommend you do. It is one of the best biographies we have read and it is written in simple words so everybody can read it without having to look up a words most time like some biographies. It flows and is an easy read, it will capture you and you will not be able to put it down – a real page turner. He is an inspiration.

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[image from youtube, corporate.walmart]

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