- What were the keys to Sam Walton's success?
- Commitment
- Share earnings with employees
- Appreciate what "associates" do
- Observation
- Go against the tide
- Control losses
- Excellent client service
- His phrases
Sam Walton was the founder of Wal Mart, a multinational corporation of American-based retailers, which operates chains of discount department stores and warehouse clubs.
It currently has more than two million employees and benefits of more than $ 20 billion a year. It has 8,500 stores in 15 countries, under 55 different names. In 1945, after going through the army, he opened a small store in Newport, Arkansas, with the help of his savings and those of his father-in-law.
From that moment he began to implement the principles in which he believed; low prices, good service, lots of products and keeping the store open longer than the competition.
Inspired by the fledgling success of this dollar store, and driven to offer even greater deals and prices to his customers, at age 44 Sam opened the first Walmart store in 1962 in Rogers, Arkansas.
Thirty years later, Walmart already had 1,900 superstores, more than 430,000 employees, sales of $ 55 billion and profits of $ 2 billion, thus becoming the largest hypermarket in the world.
What were the keys to Sam Walton's success?
Commitment
He himself said that you need to trust your own business more than anyone else. And he proved it this way, since in his time nobody believed that you could be successful the way you did. If you don't have passion for what you do, you won't be able to work the hours it takes to achieve what you want.
Share earnings with employees
Any person with experience in a company is aware that employees are its most important part. Walton knew that if he could commit them, his success would be closer.
Appreciate what "associates" do
Sam called his associates, trying to convey that they both worked to get the company going and that they both benefited from working well. He always stressed the need to appreciate good work.
Observation
Without doubt, one of Walton's secrets was that he observed customer behavior in his supermarkets and adapted the organization of the stores to improve the shopping experience.
Go against the tide
While this doesn't always work, Walton was convinced that one of the keys to his success was doing what no one else was doing. In your case, set low prices, with very little profit margin.
Control losses
In fact, the main philosophy of the company is to make its customers save by shopping in its supermarkets.
Excellent client service
For Sam, the customer was the boss and if his expectations were exceeded, he would buy from his supermarkets again.
His phrases
-There's only one boss. The client. And he can fire anyone in the company, from the president to the last employee, simply by spending his money elsewhere.
-High expectations are the key to everything.
-Outstanding leaders go out of their way to build their staff's self-esteem. If people believe in themselves, it is amazing what they can achieve.
-The way managers treat associates is exactly how associates will treat customers.
-Celebrate your success. Find some humor in your failures.
-To be successful in this world you have to change all the time.
-Individuals do not win, teams do.
-Exceed the expectations of your customers. If you do, they will come back again and again. Give them what they want and a little more.
-We all work together; thats the secret.
-If you love your job, you will be out there every day giving your best, and soon everyone around you will catch your passion, like a fever.
-Control your expenses better than the competition. That's where you can always find the competitive advantage.
-A person seeking glory does not get much.
-Commit to your business. Believe in her more than anyone else.
-If we work together, we will lower the cost of living for everyone. We will give the world the opportunity to know what it is to save and live better.
-You can learn from everyone.
-If everyone is doing it one way, there is a good chance that you can find your niche by going in the opposite direction.
-If you want a successful business, your people must feel that you are working for them, not that they are working for you.
-Maybe he was born to be a merchant, maybe it was destiny. I do not know. But I know one thing for sure: I loved trading at least from the beginning.
-Nothing against the current. Go the other way. Ignore conventional wisdom.
-We all work together. Thats the secret.
-Gives common people the opportunity to buy the same things as rich people.
-Keep everyone wondering what your own trick will be.
-The capital is not scarce, the vision is.
-We all benefit from being corrected, if we are corrected in a positive way.
-Each Wal-Mart store must reflect the values of its customers and support the vision they have for their community.
-Share your benefits with all your associates and treat them as partners. In turn, they will treat you as a partner, and together you will go beyond your expectations.
-I have always been driven by resisting the system, by innovating, by taking things beyond where they have been.
-The key to success is to leave the store and listen to what the associates have to say.
-Most of us don't invent ideas. We take ideas from someone else.
-Focus on something that customers want and then deliver it.