We tell you the 10 keys to achieving success in a company according to Samuel Walton, the creator of one of the largest commercial empires in the world, which today includes not only Wal-Mart stores but also Wal-Mart Supercenters and Sam's Club.
The businessman Samuel Walton, founder of the largest retail chain on the planet Wal-Mart, left us a very valuable legacy in his book “Running a Successful Company: Ten Rules that Worked for Me”, where he clearly explains the 10 reasons that transformed him From JC Penny salesman to creator of a successful chain of retail stores.
The patriarch of one of the most powerful families today grew up in poverty during the Great Depression, then lived through the hardships of service during World War II. Despite the shortcomings he suffered in his youth, the fervent entrepreneur joined forces to achieve each of the goals proposed in his working life.
We bring you the 10 keys to success according to the experience of a man whose net worth, at the time of his death in 1992, reached 25 billion dollars:
1. Commit to your business: You must be the person who believes the most in your company. Walton claimed that he overcame each and every one of his personal mistakes thanks to his fervent passion for his company. If you give the best you can at your job every day, people will start to get that passion for your business.
2. Share your benefits with all your associates and treat them as colleagues: If you treat a partner well, they can work together to exceed business expectations. The leader of the company should be the first to serve and, in this way, encourage their partners to do the same. Encourage them to invest in the company with special promotions, or grant retirement shares.
3. Motivate your partners: Money and equity are not enough. You must constantly think of new and more interesting ways to motivate and challenge your partners. Set high goals, stimulate competition, and keep score. Keep your workers guessing what the company's next step will be, and avoid being too predictable.
4. Communicate everything you can to your partners: The more they know, the more they will understand you. The more they understand you, the more they will love you. Once they care about the company, they will want to get more involved with it. If you distrust your partners, they will know that you don't really consider them partners.
5. Be grateful for everything your partners do for the business: Checks and stocks are one way to build partner loyalty, but it never hurts to remind them that you appreciate what they do for the business. Walton believed that nothing could replace the power of heartfelt words of affection.
6. Celebrate success: If you have fun, the rest of your company will too. Good humor creates a pleasant work environment, preventing it from being affected by competition or contingencies outside the company.
7. Listen to everyone in your company: The people who work with your consumer are the only ones who truly know how your business is doing, so it is essential to give them a voice and vote. Remember that openness encourages responsibility, loyalty, and the flow of good ideas.
8. 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 too, showing them how much you appreciate them. When you make a mistake, do not offer excuses, better apologize. Walton claimed that the two most important words for Wal-Mart are "Satisfaction Guaranteed."
9. Control your expenses better than the competition: This is a great competitive advantage, as it allows you to make many mistakes and still recover without affecting the customer. Efficiency is the key to the economic success of a business.
10. “Swim against the current”: Don't follow conventional wisdom, because if everyone is doing things one way, you are likely to find a niche by doing business in the opposite direction. But be prepared for criticism.
