Sam Walton was the founder of Wal mart , A multinational corporation of US-based retailers, which operates discount chain stores and warehouse clubs.
It currently has more than two million employees and profits of more than 20000 million dollars a year. It has 8,500 stores in 15 countries, with 55 different names.
In 1945, after going through the army, he opened a small shop in Newport, Arkansas, with the help of his savings and those of his father-in-law.
From that moment he began to implant the principles in which he believed; Low prices, good service, many products and keep the store open longer than the competition.
Inspired by the incipient success of this dollar store, and driven to offer even greater offers and prices to its customers, at age 44 Sam opened the first Walmart store in 1962 in Rogers, Arkansas.
Thirty years later, Walmart already had 1,900 stores, more than 430,000 employees, sales per billion and earnings per billion, making it the largest hypermarket in the world.
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What were the keys to Sam Walton's success?
- Commitment: he said that it is necessary to trust your own business more than anyone else. And he showed it, since in his day no one believed that he could succeed in the way he did. If you do not have passion for what you do, you will not be able to work the hours it takes to achieve what you want.
- Sharing Profits with Employees: Every person with experience in a company is aware that employees are their most important part. Walton knew that if he managed to compromise them, his success would be closer.
- Appreciate what the"associates"do: Sam called his associates, trying to convey that both worked to get the company forward and that both benefited from working well. He always emphasized the need to appreciate good work.
- Comment: Without a doubt, one of Walton's secrets was that he observed in his supermarkets the behavior of customers and adapted the organization of stores to improve the shopping experience.
- Going counter-current: although this does not always work, Walton was convinced that one of the keys to his success was to do what no one was doing. In your case, establish low prices, with very little profit margin.
- Controlling losses: in fact, the company's main philosophy is to make its customers save by buying at their supermarkets.
- Excellent customer service: for Sam, the customer was the boss and if he was able to exceed his expectations, he would buy back from his supermarkets.
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 spending his money somewhere else.
"High expectations are the key to everything.
- Outstanding leaders go out of their way to build self-esteem for their staff. If people believe in themselves, it's amazing what they can get.
-The way managers handle partners is exactly how partners will treat customers.
-Celebrate your success. Find some humor in your failures.
-To succeed in this world you have to change all the time.
"Individuals do not win, teams do.
-Exceeds 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'll be out there every day giving the best you can, 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 competitive advantage.
-A person looking for glory does not get much.
-Promote yourself with your business. Believe in 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 in a 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 should 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 fate. I do not know. But I know for sure: I loved commerce at least from the beginning.
"Nothing against the current." Go the other way. Ignore conventional wisdom.
"We all work together." Thats the secret.
-Gives ordinary 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.
-Comparte 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've 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 associates have to say.
"Most of us do not invent ideas. We take ideas from someone else.
-Concierge on something customers want and then give it to them.