Can you imagine what a milk seller, door-to-door newspaper thrower, and hotel waiter can become in life? He can hire millions of people, completely change an industry, make the biggest company in the world, and become America's Richest Man himself. I am talking about Sam Walton, who founded the world's largest retail company, Walmart. Sam Walton (1918–1992) is also known as the father of modern retail. Today, following his business model, stores like Big Bazaar, More, Reliance Fresh have also opened in India. From 1982 to 1988, he was the richest man in the United States. Walmart has always been in the top 10 and has created a multi-billion dollar business. So well, think only yourself; if a person with such great achievements tells you the qualities of doing business, then there will be power in the matter. And today I am sharing 10 rules told by him:
Rule 1: Be devoted to your business:
You should trust your company more than anyone else. If a human being has a passion for his work, he will overcome all his flaws. I don't know whether a man is born with passion or he can develop it. But I know so much that you need it. If you love your work, you will want to do it every day in the best possible way, and soon those working with you will catch it like a fever.
Rule 2: Distribute 'Profit' among all those who do all the work and treat them like a partner:
In return, employees will also treat you as a partner, and then you will be able to do better than you can imagine. If you want, maintain your control over the company, but lead it as a servant. Please encourage your friends to buy the company's stocks and give them discounted stocks at the time of retirement. Perhaps, whatever we did till today, this was the most important thing.
Rule 3: Motivate your partners:
Only money and ownership are not enough. Motivate and challenge your partners with new innovative ways every day. Set big goals, promote competition. If the atmosphere is fading, switch one manager's job to another and encourage them to do better. Don't make yourself very predictable; let people guess what will be your next trick.
Rule 4: Communicate everything possible to your partners:
By doing this, they will understand the business better and care more the more they understand. And when they start caring, then no one can stop them. If you hide things from your associates, then sooner or later, they will understand that you do not consider them as a partner. Information is power; by empowering your associates, your benefit is much more than the damage caused by competitors.
Rule 5: Appreciate what your associates do for business:
By giving salary and share you will get one kind of loyalty. But everyone wants to hear the praises of their work. We often want to hear our praises, and especially when we are feeling proud of our work. At the right time, by the right words, there is no substitute for true praise. Even though it is free, it is equal to a treasure.
Rule 6: Celebrate your success:
If you fail, then find some humor in it. Don't take yourself too seriously. When you are tension-free, the surrounding people will also feel lighter. Show enthusiasm – always. When all fail, wear colorful clothes and sing silly songs. And then tell everyone to sing along with you. Don't dance on Wall Street to celebrate your success. It's done. Think something new; all this is more important than we think and is also full of fun, making the competitor foolish.
Rule 7: Listen to everyone in your company and find such a way that they talk to each other:
Those who sit in front talk to the customer; only they know what is going on there. Therefore, try to know that what they know. Total Quality is just that. In your organization, it is important to responsibly push to the bottom and bring new ideas to the fore, that you try to know what your associates want to say.
Rule 8: Provide your customers with services beyond expectations:
If you do this, then they will come back again and again. Give them what they want and then a little more than that. They should know that you appreciate them. Accept all your mistakes and don't give excuses. Whatever you do, stand behind it. Till today, the two most important words that I wrote earlier below the Walmart sign are: “Satisfaction Guaranteed.” They are written in the same way even today, and because of them, everything has happened.
Rule 9: Control your expenses better than the competition:
This is where you can find your competitive advantage. For 25 years in a row, before Walmart became the country's largest retailer, we have been No.1 with the lowest Expense to Sales ratio in the industry. You can recover again even after making many mistakes if your operations are efficient. Or you may be out of business even if you are very brilliant if you are very inefficient.
Rule 10: Swim against the current
Go to the other side. Leave the Conventional Wisdom. If everyone works in the same way, you will likely find your niche in the opposite direction. But be ready for this thing that many people will indicate that you are going in the wrong direction. I think that in all these years, I have heard more than anything else that a town with a population of less than 50,000 cannot support a discount store for a long time.
Note: I prepared this article from various sources on the Internet. These are mainly excerpts from the book "Sam Walton: Made in America." I suggest you read this book to learn more about how to do business.
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