Sam Walton’s rules of doing business everyone should read

sam-walton-fox-news-image

The rules of doing business that Sam Walton, the founder of the Wal-Mart chain of shops and the richest man in America from 1985 to 1988, formulated and tested by his own experience. These rules will help you make your business even more successful.

Rule Number 1
Commit to your business. Believe in it more than anybody else.
Rule Number 2
Share your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner.
Rule Number 3
Motivate your partners. Constantly, day by day, think of new and more interesting ways to motivate and challenge your partners.
Rule Number 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.
Rule Number 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 are absolutely free and worth a fortune.
Rule Number 6
Celebrate your success. Find some humor in your failures. Do not take yourself so seriously.
Rule Number 7
Listen to everyone in your company and figure out ways to get them talking. The folks on the front lines are the ones who actually talk to the customer.
Rule Number 8
Exceed your customer’s expectations. Give them what they want – and a little more.
Rule Number 9
Control your expenses better than your competition.
Rule Number 10
Swim upstream. Go the other way. Ignore the conventional wisdom.

 

Best Sam Walton quotes everyone should read

There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.

Most of us don’t invent ideas. We take the best ideas from someone else.

The key to success is to get out into the store and listen to what the associates have to say.

If you want the people in the stores to take care of the customers, you have to make sure you’re taking care of the people in the stores. That’s the most important single ingredient of Wal-Mart’s success.

Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.

Swim upstream. Go the other way. Ignore the conventional wisdom.

If you love your work, you’ll be out there every day trying to do it the best you possibly can, and pretty soon everybody around will catch the passion from you — like a fever.

 

Send this to a friend