mackay051809
On the homepage
Sunday's paper
Out There
View Finder
Access Vikings
Harvey Mackay: Sam Walton's 10 secrets to success
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Harvey Mackay
- A little corporate genealogy can help to fill in the big picture
- Harvey Mackay: Probing questions deserve smart, savvy answers
- Harvey Mackay: Strategies help make innovation an ongoing process, not an event
- Harvey Mackay: To grab your audience, make your pitch personal
- Harvey Mackay: Good things happen to those who can imagine
Sam Walton, founder of Wal-Mart, had 10 rules for running a successful business. They are simple and straightforward. I would bet a great many businesses don't follow them -- but would be better off if they did. Read them, with my comments following, and see how you might use them. Note that even in this tough economy, Wal-Mart is prospering.
Commit to your business.Passion is at the top of the list of skills you need to excel. When you have it, you speak with conviction, act with authority and present with zeal.
Share profits with your employees.If you treat them as partners, together you will perform beyond your wildest dreams. Employees are the lifeblood of any good company. Many companies have incentive programs for the big wheels, but smart companies have bonuses and profit sharing all the way down the line.
Motivate your partners.Set high goals, encourage competition and keep score. Competition makes you better and stronger. You'll never realize your full potential unless you're challenged. You must set goals and stay focused on them above all else.
Communicate to your employees.The more they know, the more they will understand. Information is power, but it must be used to empower your workforce. You will be amazed how a few snippets of information can transform a business into a powerhouse.
Appreciate your associates.In addition to the point on profit-sharing, find ways to let your employees know you value their contributions. Invite customers to share stories of great service and post them for all to see. Catch people doing a good job and let them know you notice. Remember: Your successes result from a group effort.
Celebrate your successes.Maintain a positive tone, even when things don't go as planned. A failure may not be funny at the time, but there's always a lesson to be learned. Often, it's humility.
Listen to everyone in your company.Communication doesn't just mean getting others to do what you want. Listening is a two-way process. You need to be heard, but you also need to hear the other person's ideas, questions and objections. If you talk at people instead of with them, they're not buying in -- they're caving in.
Exceed customers' expectations.There's one thing no business has enough of: customers. Take care of your customers and they'll take care of you by coming back -- and bringing their friends. Disappoint customers and they'll disappear.
Control your expenses.If you aren't already watching pennies, start now.
Swim upstream.If everyone else is doing it one way, there is a good chance you can find your niche by going in the opposite direction.
Mackay's Moral: If a business can survive and thrive in these times, it must be playing by some smart rules.
Harvey Mackay is a Minneapolis businessman and author. Contact him at 612-378-6202 or send e-mail to harvey@mackay.com. His column is distributed by United Feature Syndicate.
Recent Business stories
Arizona lawmakers may have another special session to act on state's budget trouble - May 17, 2009
Arizona lawmakers may have another special session to act on state's budget trouble - Arizona legislators are still struggling to conclude their special session on the state's budget troubles but already are working on ideas for another one that could be held in December to do more to close the $2 billion shortfall. More
- Petters: Lawyers get last words Monday
- Ringing up big changes at Supervalu
- Petters takes the stand, apologizes
- $30 million in capital to fund Entellus expansion
- Auto show impresario accused of fraud
- Xcel execs fly high, at ratepayers' expense
- Consumers are coming back, but Target downplays expectations
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Be the first to comment | Hide reader comments