Sam Walton passed away in 1992 but his legacy lives on. It is estimated that if the Wal-Mart chain was its own economy, it would rank 30th in the world, behind Saudi Arabia. The company’s revenues continue to grow at roughly 10% a year, likely surpassing half a trillion dollars in sales within the next decade. The international division of Wal-Mart is also its fastest-growing division, which indicates that the company is continuing to increase its presence around the world. If Sam Walton were alive today, he would be the richest person in the world, with twice the fortune of Bill Gates. How did a farm boy from Oklahoma accomplish all of this?
He Inspired His Workers: “We’re all working together; that’s the secret,” Walton said of his Wal-Mart team. Known for seeing his workers as ‘associates’ rather than employees, Walton tried to treat his team with respect and trust in order to instill company loyalty. He also introduced profit sharing to help motivate his staff. “Appreciate everything your associates do for the business,” he said. “If people believe in themselves, it’s amazing what they can accomplish.”
He Made His Customers #1: “We let folks know we're interested in them and that they're vital to us,” said Walton. “Because they are.” Superior customer relations became one of the hallmarks of the Wal-Mart culture. The Wal-Mart Rule #1 was: ‘The customer is always right’. The Wal-Mart Rule #2 was: ‘If the customer happens to be wrong, refer back to Rule #1’. In prioritizing his customers, Walton was creating a strong loyalty that would help propel his company to the top.
He Had Passion: Walton didn’t know where his passion for retailing came from, but he didn’t need to. All he knew was that he loved going to work every day and trying to build the best business he could. Despite being underestimated and not taken seriously, and experiencing the failure of his first business, it was Walton’s passion alone that kept him coming back to work.
He Embraced New Technology: Walton was one of the original pioneers of the Information Age. “You can’t just keep doing what works one time, because everything around you is always changing,” said Walton. “To succeed, you have to stay out in front of that change.” By looking for innovative, new technologies to help Wal-Mart grow, Walton was ensuring his company would have significant staying power.
He Had Fun: “I always prided myself on breaking everybody else’s rules, and I always favored the mavericks who challenged my rules,” he said. Walton took a light approach to his business, never too serious to resist change and never unwilling to poke fun at himself. He wanted to ensure that both he and his workers enjoyed coming to work each day. In the long run, he believed this would both improve productivity and distract his competitors from noticing just how serious they were about succeeding.
“I believe in always having goals, and always setting them high,” said Walton. Largely unnoticed by the American press until he was already a success, Walton proved that being underestimated by others was no obstacle to achievement. Today, in what seems to be a world of wall-to-wall Wal-Marts, Walton’s feats are impossible to ignore.
Tearing Down Walls: How Walton Rose To The Top
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