10 Golden Rules for Building a Successful Business: Can you imagine what it would be like in your childhood to be a milk seller, a door-to-door newspaper thrower, and a hotel waiter in your life? He could employ millions of people, Can completely change an industry, make it the largest company in the world and become America’s Richest Man himself.
I’m talking about Sam Walton, the founder of Walmart, the world’s largest retail company. Sam Walton (1918-1992) is also called the father of modern retail, following his business model, stores like Big Bazaar, More, and Reliance Fresh have opened in India today. He was the richest man in the United States from 1982 to 1988, and to this day, Walmart remains one of the top 10 companies and trades billions of dollars.
10 Rules for Building a Better Business
- Dedicate yourself to your business
- Divide Profit among all those who work and treat them as partners
- Motivate your partners.
- Communicate everything possible to your partners
- Appreciate what associates do for business
- Celebrate your success.
- Listen to everyone in your company and make sure they talk to each other
- Give your customers more than expected
- Control your expenses better than the competition
- Swim against the current
“Control your expenses better than your competition.” – Sam Walton
Let’s Check Sam Walton’s 10 Rules for Building a Business
So think for yourself, if a person with such great achievements tells you the virtues of doing business, then it will happen. And today on edueasify I am sharing the 10 Rules To Build A Wildly Successful Business mentioned by Sam Walton.
1Dedicate yourself to your business: You need to be more confident in your business than anyone else. If a person has a passion for his work then he will be able to overcome all the flaws inside him. I don’t know if a man is born with passion or if he can develop it.
But all I know is that you need it. If you love your work, 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.
2Divide Profit among all those who work and treat them as partners: In return, the employees will treat you as a partner and then you will be able to do better than you can imagine. If you want, maintain your control over the company but lead as a servant.
Encourage your peers to buy company stocks and give them discounted stocks at retirement. This was probably the most important thing we have ever done.
3Motivate your partners: Money and ownership alone are not enough. Motivate and challenge your partners in new innovative ways every day. Set big goals, and promote competition.
If the atmosphere is fading, switch jobs from one manager to another and encourage them to do better. Don’t make yourself too predictable, let people guess what your next trick will be.
4Communicate 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, no one can stop them. If you hide things from your associates, they will sooner or later understand that you do not consider them partners.
The power of information is, that the benefit you get by empowering your associates is far greater than the loss of knowing the competitor.
5Appreciate what associates do for business: Giving salary and share will give you a kind of loyalty. But everyone wants to hear praise for their work. We often want to hear our praise, and especially when we are proud of our work.
At the right time, there is no substitute for true praise with the right words. Even though it is absolutely free, it is equal to a treasure.
6Celebrate your success: If you fail, find some humor in it. Don’t take yourself too seriously. When you are tension-free, people around you will also feel lighter. Show enthusiasm – always. When all failed, they wore colorful clothes and sang silly songs. And then ask everyone to sing with you.
Don’t dance on Wall Street to celebrate your success. This has been done. Think of something new, all this is more important than we think and full of fun, and it makes the competitor foolish.
also check: 3 Best Ways to Select Type of Business
7Listen to everyone in your company and make sure they talk to each other: Those who sit in front of those who talk to the customer only know what is going on there. So try to find out what they know. Total Quality is just that. In order to push responsibility to the bottom in your organization and to bring new ideas to the fore, it is important that you try to know what your associate wants to say.
8Give your customers more than expected: If you do, they will come back again and again. Give them what they want and then a little more. They need to know that you appreciate them. Acknowledge all your mistakes and do not excuse and apologize. Stand behind whatever you do.
The two most important words I’ve ever written under the Wal-Mart sign to date: “Satisfaction Guaranteed”. They are written like this even today and because of them so much has happened.
9Control your expenses better than the competition: This is where you can find a competitive advantage. For 25 consecutive years – before Wal-Mart became the largest retailer in the country – we are No.1 in the lowest Expense to Sales ratio in the industry, you can make a lot of mistakes and recover if your operations are efficient. Or you can be out of business even though you are very brilliant if you are very inefficient.
10Swim against the current: Go to the other side. Skip Conventional Wisdom. If everyone is doing the same thing then there is a good chance that you can go in the opposite direction and get your niche. But be prepared for the fact that a lot of people will point you in the wrong direction. Are going.
I think I’ve heard more than anything else over the years: a town with a population of less than 50,000 can’t support a discount store for long.
“We take the best ideas from someone else.” – Sam Walton.
Recommended Blog: Top 10 Expenses for Starting a Consultancy Firm
For More such useful content, do join us on our Instagram Page-Edueasify. Get the Latest Information on Business, Finance, Investment, Brand Building Lifestyle, Entertainment, and Billionaire Quotes On Edueasify