Can you imagine what you can become in your childhood as a milk seller, a newspaper fan, and a waiter in a hotel in your life? He can hire millions of people, Can change an industry completely, it can become the world’s largest company and can become America’s, Richest Man. I’m talking about Sam Walton, the founder of the world’s largest retail company, Walmart. Sam Walton (1918-1992) is also called the father of modern retail, following the business model of these, stores like Big Bazaar, More, Reliance Fresh have also opened in India. He was America’s richest man from 1982 to 1988 and even today, Walmart always stays in the top 10 companies and trades billions of dollars.
So, if you think that if a person with such great achievements tells you the virtues of doing business, then you will have power. I am sharing 10 rules mentioned by them:
1. Be Dedicated:
You should be more confident in your business than any other person. If a person has a passion for his work, then he will overcome all the imperfections within him. I do not know if a man is born with passion or he can develop it. But I know enough that you need it. If you love your work, then you will want to do it every day in the best possible way, and soon those who work with you will catch it like a fever.
2. Distribute profit to employees 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 think. If you want, keep your control over the company, but lead as a servant. Encourage your colleagues to buy the company’s stocks and give them discounted stocks at the time of retirement. Probably this was the most important thing that we have done to date.
3. Motivate your employees & partners:
Just money and ownership is not enough. Motivate and challenge your partners in new innovative ways every day. Set big goals, encourage competition. If the atmosphere is fading then switch one manager’s job from another and encourage them to do better. Don’t make yourself too predictable, let people guess what your next trick will be.
4. Communicate everything possible to your partners:
By doing this, they will understand the business better, and the more they understand, the more they will care. And when they start caring, nothing can stop them. If you hide things from your associates, they will understand later that you do not consider them as partners. Information is power, the benefit you get by empowering your associates is more than the loss that the competitor gets from knowing about it.
5. Praise what associates do:
By giving salary and share, you will get a kind of loyalty. But everyone wants to hear praises of their work. We often want to hear our praise, and especially when we are feeling proud of some of our work. At the right time, there is no substitute for true praise by the right words. Despite being free, it is equal to a treasure.
6. Celebrate your success:
If you fail, then find some humor in it. Do not take yourself too seriously. When you are tension free, the people with you will also feel lighter. Show enthusiasm – always. When everything failed, she sang a silly song wearing colorful clothes. And then ask everyone to sing with you. Do not dance on Wall Street to celebrate your success. It has been done. Think of something new, all this is more important than we think and also full of fun, and this makes even the competitor fool.
7. Listen to everyone in your company:
Those who sit in front – those who talk to the customer – only know what is going on there. So try to know what they know. Total quality is just that. To push responsibility to the bottom in your organization and to bring new ideas in front, it is important that you try to know what your associate wants to say.
8. Give more than expected to your customers:
If you do this, 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 — ask for forgiveness. Stand behind everything you do. To date, the two most important words I wrote earlier under the WalMart sign: “Satisfaction Guaranteed”. They are written like this even today and because of them, so much could be done.
9. Control your expenses better than the competition:
This is where you can get a competitive advantage. For 25 consecutive years – before WalMart became the country’s largest retailer – we have been No.1 in the lowest Expense to Sales ratio in this industry, you can overcome many mistakes even if your operations are efficient. Or you can be out of business despite being very brilliant if you are very inefficient.
10. Swim opposite the stream:
Go to the other side. Skip Conventional Wisdom. If everyone is doing the work in the same way, then there is a very high chance that you can find your niche by going in the opposite direction, but be prepared that a lot of people will indicate to you that you are in the wrong direction. Are going I think I have heard more than anything else in all these years that: A town with less than 50,000 population cannot support a discount store for much longer.