The CEO Refresher - Sam Walton's 10 Rules for Success
The CEO Refresher - Sam Walton's 10 Rules for Success
Sam Walton's 10 Rules for Success
Rule #1
Commit to your business. Believe in it more than anything else. If you love your work, youâll be out there every day trying to do the best you can, and pretty soon everybody around will catch the passion from you - like a fever.
Rule #2
Share your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations.
Rule #3
Motivate your partners. Money and ownership arenât enough. Set high goals, encourage competition and then keep score. Make bets with outrageous payoffs.
Rule #4
Communicate everything you possibly can to your partners. The more they know, the more theyâll understand. The more they understand, the more theyâll care. Once they care, thereâs no stopping them. Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors.
Rule #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. Theyâre absolutely free and worth a fortune.
Rule #6
Celebrate your success and find humour in your failures. Donât take yourself so seriously. Loosen up and everyone around you will loosen up. Have fun and always show enthusiasm. When all else fails put on a costume and sing a silly song.
Rule #7
Listen to everyone in your company, and figure out ways to get them talking. The folks on the front line - the ones who actually talk to customers - are the only ones who really know whatâs going on out there. Youâd better find out what they know.
Rule #8
Exceed your customerâs expectations. If you do theyâll come back over and over. Give them what they want - and a little more. Let them know you appreciate them. Make good on all your mistakes, and don't make excuses - apologize. Stand behind everything you do. âSatisfaction guaranteedâ will make all the difference.
Rule #9
Control your expenses better than your competition. This is where you can always find the competitive advantage. You can make a lot of mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if youâre too inefficient.
Rule #10
Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, thereâs a good chance you can find your niche by going exactly in the opposite direction.
posted by Anan at 8:33 AM
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