Friday, August 31, 2012

The Wisdom of Sam Walton

The Wisdom of Sam Walton

Sam Walton built a culture of leaders he was rewarded with the largest company in the world. Sam had amazing abilities to cast and realize a vision because he was the real deal and he kept score. He changed the rules of big box retailing causing competitors to play by his new rules. Like him, like Wal-Mart or not, one thing is true, Sam will go down in history as one of the greatest business minds of the 21st century. We all benefitted from his business model by paying less for the things we consume. Sam Walton and Bill Gates’ businesses were, and continue to be, great forces to fight inflation in the last decade, not just in America but globally.

Here are Sam’s 10 Powerful Rules. Imagine if businesses lived by his rules like he did.

1) Commit to your business. Believe in it more than anybody else. Sheer passion will win every day.

2) Share your profits with your associates and treat them as partners. Behave as a servant leader.

3) Motivate your partners. Be creative in new ways to motivate and challenge your partners. Set high goals and encourage competition and then keep score. Make bets with outrageous pay offs.

4) Communicate everything you possibly can with your partners. The more they know the more they will understand. The more they will understand the more they will care.

5) Appreciate everything your associates do for the business. We all like to hear it often, and especially when we have done something we’re really proud of.

6) Celebrate your success. Show enthusiasm always. Find humor in your failures.

7) Listen to everyone in your company. Get the people talking.

8) Exceed your customers’ expectations and they will pay you back in loyalty.

9) Control your expenses better than your competition.

10) Swim against the current. Ignore conventional wisdom. Understanding the rules is easy the tough part is implementing them.

Be blessed, and then be a blessing to others
Carlos Fontana, President of Phalanx

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