Samuel Walton was an American businessman and entrepreneur. He was a true legend who left behind his legacy which is now known as Walmart. His story is very ordinary it was his passion and core values of life that drove him towards success.
He single-handedly built Wal-Mart into the biggest retailer in the world, transforming the way everyone shopped and making himself one of the world’s richest men in the process. At the time of his death in 1992, he had 1960 Wal-Mart stores, employed 380,000 people and clocked annual sales of about $50 billion.
Sam Walton didn’t invent retailing, but he revolutionized the retail market by his innovative discounting ideas. His strategy was simple, less profit and mass selling. He merely changed the philosophy of retail business.
We bring the 5 lessons from Sam Walton which will help you to build a successful business
1Take care of your people
Sam Walton always believed that if you want a successful business, your people must feel that you are working for them- not that they are working for you. He took extremely good care of his employees and treated them as associates of the business. He wanted them to grow and enjoy Wal-mart’s success.
If you want to improve your business try this method, value every single employee or team member in your organization, it will help toward your personal success as well. But do it only because you genuinely care. Make them part of the organization by allowing them to share the organization’s success, be it of stock options or other forms of rewards.
2Follow your passion, money will eventually follow
Sam Walton did various odd jobs before he opened his first Wal-mart store. He worked as a management trainee and also serviced military during 2nd World war. It was finally his passion for craft which let him resign from military service and move on to do what gave him happiness.
If you follow the money, you’ll be running from one business opportunity to another. But Sam Walton had one focus: retail and so you should also have one focus and passion. When you follow your passion, you’ll be successful in whatever you do and money will eventually follow.
3Control your expenses better than your competition
Be efficient in your service and operation. This is where you can always find the competitive advantage. Sam Walton always believed in customer service as the best service. “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.”
You can be brilliant and still go out of business if you’re too inefficient. Or you can make a lot of mistakes and still recover if you run an efficient operation.
4Communicate everything- Share it
High expectations are the key to everything. Communication should always be two-way. Communicate everything you possibly can to your partners. The more they know, the more they’ll understand the business. The more they understand, the more they’ll care.
Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors.
It’s psychological every human on earth wants to feel special. All of us like to be told how much somebody appreciates what we do for them. We like to hear it often, and especially when we have done something we’re really proud of.
Appreciate everything your associates do for the business. “The way management treats associates is exactly how the associates will treat the customers”. Nothing else can quite substitute for a few words of praise. They’re absolutely free and worth a fortune.