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s job is to motivate the troops, to instil passion in people and gather them around a compelling vision for the future. To motivate people, you can use a mixture of internal and material mechanisms (such as setting the bar higher; increasing pay when certain standards are met, etc.). One tactic Sam Walton used frequently was to have managers switch roles to keep them developing. This gave people a chance to grow their skills and seize new opportunities. Never let things get stale.4. Be transparent: Sam Walton was a firm believer in the power of communicating openly with his associates and partners. That meant sharing key company financials and strategic insights. Something most businesses don’t do today (including in the retail sector, where store managers themselves often have limited access to such data and are heavily reliant on head office for directions). The rationale for this is to build strong levels of trust between people on the ground, managers, and the company’s leadership. And that trust goes both ways — an extremely valuable asset over time. In Sam Walton’s words: “information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors”.5. Appreciate: the best way to make people feel valued is to constantly reward and appreciate their efforts. People’s contributions and their dedication to your company’s success shouldn't go unnoticied. Both in the good, and the bad times. In Sam Walton’s mind, a bonus or extra paycheck only got you so far in terms of loyalty. For your staff to become true advocates, another kind of reward is needed. The feeling of being valued. Of their work being recognized and appreciated. Appreciation is a deeply human need we all have. As Sam Walton’s says, a few genuine words of praise are “absolutely free — and worth a fortune”.6. Celebrate: when things go well and your company is growing, it is worth reflecting on and celebrating. When a team exceeds their sales targets, or when a new product goes live — more reasons to celebrate. Doing this regularly keeps morale high and keeps people interested in the long term. Equally, when things go south, find something positive out of the situation and lighten up the mood. For Sam Walton, this involved loosening up and not taking himself too seriously — going as far as dancing the hula hoop on Wall Street! The point is this kind of enthusiasm was infectious, and always keeping spirits high helped Sam Walton gather an army of dedicated and loyal associates. A cornerstone of any long-lasting, successful business.<p id="

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8d3f">7. Actively listen: taking feedback from and letting anyone in your company express their opinions freely is important. You don’t need to consider all feedback, but at least give people a chance to contribute more actively to things that matter to them. In particular, front line workers tend to be the closest to what customers think — getting insights from them can lead to innovations and improvements in service, and other areas. Sam Walton was keen on pushing responsibility down the company, and letting good ideas come from the front line. This again created a stronger sense of belonging and engagement from his associates — all the while making the company more attuned to its customers’ needs.8. Exceed: exceeding customer expectations was one of Sam Walton’s obsessions. Everything he decided was made with the end-consumer in mind. From pricing, to product displays and merchanding, everything was geared towards appealing to the customer. “Give them what they want, and a little more” was his mantra. Be clear on your customer promises and always honor them. For Sam Walton, this meant hanging a large sign that read “Satisfaction Guarantee” on the very first Wal-Mart sign (and the many that followed). And standing by that commitment, no matter what.9. Control your expenses: having a hold on cash flow and operating expenses was a key focus for Sam Walton. Spending cautiously, and only when necessary, allowed his companies to be more efficient than competitors. And to invest more in improving their products, lowering prices, or developing better offerings. It also provided additional buffer to recover from costly mistakes later down the road. Even before Wal-Mart became the largest retailer in the US, it had the lowest expense to sales ratio in the entire industry. For 25 years running.10. Go against the current: Sam Walton was always swimming upstream, against what the common sense of the time would have dictated. This could take the form of trying out new customer incentives, store formats or layouts. Going against the norm implies being ready to withstand criticism, without deviating and being knocked off course. So you’ll need to be committed, going back to the first rule…The very concept of the rural discount store, which Wal-Mart was founded on, was largely discounted (no pun intended) at first. Wal-Mart later became the largest company in the world. Whos’ laughing now?How will you apply these rules in your own business? Do you have any top rules yourself you’d like to share? Feel free to comment below!</article></body>

10 Golden Rules From One of the Greatest Entrepreneurs of All Time You Can Start Applying Today

These rules will set your business up for long-term success.

Photo by Glenn Carstens-Peters on Unsplash

Sam Walton was a business behemoth. A wildly successful entrepreneur, he is best known for having founded two retail giants — Wal-Mart and Sam’s Club.

Today, Wal-Mart is the world’s largest company in terms of revenues — worth between 400 and 500 billion dollars.

Beyond the headlines though, Sam Walton was a unique individual who displayed strong values, and never sought any kind of special attention. In fact, he actively ran away from the media and merely focused on what he did best — running his retail businesses, and connecting with people.

His book “Made In America”, written as a memoir tracing back his journey throughout business and life, reveals some incredible insights. You can use the same insights that made Sam Walton so successful in business, and apply them in your own.

As Sir Isaac Newton once wrote:

“If I have seen further, it is by standing on the shoulders of giants.”

These insights are available to you now, in the form of 10 Golden Rules.

Here they are.

1.Commit: as a business owner, you must believe in your idea more than anyone else on the planet. Be ready to stand by it, to defend it and pursue it come what may. You’ll need a ton of passion and fire in the belly, to stick it out in the long run. That strong commitment and passion will help you get through the many challenges you are bound to encounter on the way. Once you commit, there is no turning back!

2. Share your success: in Sam Walton’s world, this meant implementing profit-sharing schemes so all his employees became “partners” of the company. In his time, this was a ground-breaking practice. The point is, you need to find ways to bring people with you on the journey. And one great way to do this is to share the results of your common success. As the business growths, so do your people. They are your most important asset, after all.

3. Galvanize: every great entrepreneur is a leader. And a leader’s job is to motivate the troops, to instil passion in people and gather them around a compelling vision for the future. To motivate people, you can use a mixture of internal and material mechanisms (such as setting the bar higher; increasing pay when certain standards are met, etc.). One tactic Sam Walton used frequently was to have managers switch roles to keep them developing. This gave people a chance to grow their skills and seize new opportunities. Never let things get stale.

4. Be transparent: Sam Walton was a firm believer in the power of communicating openly with his associates and partners. That meant sharing key company financials and strategic insights. Something most businesses don’t do today (including in the retail sector, where store managers themselves often have limited access to such data and are heavily reliant on head office for directions). The rationale for this is to build strong levels of trust between people on the ground, managers, and the company’s leadership. And that trust goes both ways — an extremely valuable asset over time. In Sam Walton’s words: “information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors”.

5. Appreciate: the best way to make people feel valued is to constantly reward and appreciate their efforts. People’s contributions and their dedication to your company’s success shouldn't go unnoticied. Both in the good, and the bad times. In Sam Walton’s mind, a bonus or extra paycheck only got you so far in terms of loyalty. For your staff to become true advocates, another kind of reward is needed. The feeling of being valued. Of their work being recognized and appreciated. Appreciation is a deeply human need we all have. As Sam Walton’s says, a few genuine words of praise are “absolutely free — and worth a fortune”.

6. Celebrate: when things go well and your company is growing, it is worth reflecting on and celebrating. When a team exceeds their sales targets, or when a new product goes live — more reasons to celebrate. Doing this regularly keeps morale high and keeps people interested in the long term. Equally, when things go south, find something positive out of the situation and lighten up the mood. For Sam Walton, this involved loosening up and not taking himself too seriously — going as far as dancing the hula hoop on Wall Street! The point is this kind of enthusiasm was infectious, and always keeping spirits high helped Sam Walton gather an army of dedicated and loyal associates. A cornerstone of any long-lasting, successful business.

7. Actively listen: taking feedback from and letting anyone in your company express their opinions freely is important. You don’t need to consider all feedback, but at least give people a chance to contribute more actively to things that matter to them. In particular, front line workers tend to be the closest to what customers think — getting insights from them can lead to innovations and improvements in service, and other areas. Sam Walton was keen on pushing responsibility down the company, and letting good ideas come from the front line. This again created a stronger sense of belonging and engagement from his associates — all the while making the company more attuned to its customers’ needs.

8. Exceed: exceeding customer expectations was one of Sam Walton’s obsessions. Everything he decided was made with the end-consumer in mind. From pricing, to product displays and merchanding, everything was geared towards appealing to the customer. “Give them what they want, and a little more” was his mantra. Be clear on your customer promises and always honor them. For Sam Walton, this meant hanging a large sign that read “Satisfaction Guarantee” on the very first Wal-Mart sign (and the many that followed). And standing by that commitment, no matter what.

9. Control your expenses: having a hold on cash flow and operating expenses was a key focus for Sam Walton. Spending cautiously, and only when necessary, allowed his companies to be more efficient than competitors. And to invest more in improving their products, lowering prices, or developing better offerings. It also provided additional buffer to recover from costly mistakes later down the road. Even before Wal-Mart became the largest retailer in the US, it had the lowest expense to sales ratio in the entire industry. For 25 years running.

10. Go against the current: Sam Walton was always swimming upstream, against what the common sense of the time would have dictated. This could take the form of trying out new customer incentives, store formats or layouts. Going against the norm implies being ready to withstand criticism, without deviating and being knocked off course. So you’ll need to be committed, going back to the first rule…The very concept of the rural discount store, which Wal-Mart was founded on, was largely discounted (no pun intended) at first. Wal-Mart later became the largest company in the world. Whos’ laughing now?

How will you apply these rules in your own business? Do you have any top rules yourself you’d like to share? Feel free to comment below!