The 10 Keys To Running A Successful Business According To Sam Walton
Running a business can seem to be daunting at first, especially if you’re just starting out with your entrepreneurial journey.
Sure, there are challenges you have to go through as you move forward, but you shouldn’t feel overwhelmed if you have the determination to succeed.
And what better way to motivate yourself to dream big than with the business lessons from the founder of Wal-Mart himself—Sam Walton.
He was an entrepreneur, visionary, and leader. And he was able to take his company to a greater height that has made his retail store into an icon and among the most recognizable brand around the world/
And aside from these traits, he also concentrated on helping the community and others to succeed.
So what are the secrets to his success?
If you’re a startup and want to know the keys to running a successful business, then you have come to the right place!
In today’s article, I will be talking about Sam Walton’s business principles and how they can help you grow your business.
So without any further delays, let’s get right into it…
Photo credits: succeedfeed.com
The 10 keys to running a successful business
First and foremost is that you need to cultivate passion and confidence in what you are doing.
And the reason why this is important is that once you start believing in yourself and what you do, you start to build up commitment to the craft.
And having such an attitude to your work will greatly influence your thought processes, demeanor, and how you interact with your surroundings.
When you are fully committed to the task at hand, you tend to work harder and be determined to look for solutions whenever you are in a problematic situation.
You are more resilient and never consider quitting as an option.
Whenever your company reaches a milestone and exceeds corporate goals in regards to profits, then it’s only appropriate to share your profits with your associates.
By doing this, you treat them as partners instead of just employees. As a result, you improve their morale and loyalty.
In addition, you also motivate your employees to work harder when you give them unexpected bonuses.
Progression is the goal of businesses. And to help your company become successful, it is important that you know how to motivate your associates.
And part of this process includes setting high goals, encouraging healthy competition within the organization, and acknowledging individual accomplishments.
How you motivate your employees is crucial to your company’s success—it improves their level of commitment and drives them to work harder.
Also, you have to take note that employees that are unmotivated tend to be less productive, which would lead to lower output and fall short of their goals.
Be open to your associate.
Some business owners may back off with this concept, but you have to understand that the more information you relay to them, the more they’ll understand—and the more that they understand the condition of the business, the more likely that they show care to the company.
Being able to communicate effectively promotes efficiency that leads to a higher productivity rate.
Lastly, resolving workplace-related issues can boost your employees’ morale because it builds trust, confidence, and respect with one another.
Never fail to give appreciation to your employees when it’s due.
But don’t make it look like a responsibility. Provide a sincere and genuine appreciation to your employees.
Showing appreciation for your employees’ accomplishments and contribution to the growth of the company is very powerful. Such a gesture lets them know their value and where they stand in your organization.
In regards to your company reaching a milestone, aside from incentives and giving them appreciation, you may also want to celebrate with them and let them know that that company cares.
Not only that you touch their lives in some way, but it may also inspire them to remain loyal to the company and work even harder the next time around.
In addition, celebrating gives them the opportunity to bond with one another and strengthen their relationships.
7. Learn to listen
Listening is an important aspect to consider if you are aiming to build a strong relationship with your employees or customers.
They are a crucial skill to have in helping your business grow.
For one thing, it allows each one of your employees to be heard through pitching them ideas, so to speak.
You may want to organize a regular pitch day to encourage your associates to come with suggestions and recommendations that can help the company with its operations.
Also, listening to your customers is equally important because it gives you a clear idea of what needs to improve.
8. Exceed expectations
I believe that among the 10 keys to running a successful business laid by Sam Walton, customer satisfaction is probably the most important.
Always aim to exceed customer expectations whenever you have the opportunity.
Not only that you satisfy their needs, but you make them feel that they matter as well.
And one of the best ways we can know what our customers want is by taking into account their reviews and comments.
Just as mentioned in the previous section, listening is an important skill to have because it opens your mind to specific points that your company may have been missing that hinder your business from progressing.
9. Manage your expenses
You shouldn’t be afraid of making expenses that you believe could potentially help your company grow. After all, the risk is an inherent part of making business, right?
You can make mistakes, and it’s almost inevitable. But remember that how you react is much more important than your situation.
Yes, you have failed, but it doesn’t your defeated. Steve Jobs, Bill Gates, and Elon Musk didn’t reach the pinnacle of their successes without any tribulations and failures.
They had the courage to stand up and move forward, and they became the successes we know of today.
10. Swim upstream
You will experience a lot of obstacles as you swim upstream. You may not know when it’s going to occur, but it’s going to happen nonetheless.
You may turn to social media or YouTube for inspiration or motivation, and you’ll hear varying advice from different.
And I’m sure that there would be people that are going to take your goals negatively.
Never mind conventional knowledge or what other people’s comments are. What they think of your situation is only a perception and based on their personal biases.
It doesn’t necessarily hold any weight unless you allow them to affect you.
No matter how strong the current is, always aim to swim upstream.
I hope today’s topic about the 10 keys to running a successful business, according to Sam Walton, has enlightened you on how you can manage your company as well.
You can visit our site for additional resources if you’re looking for more information about dropshipping.
Or, if you are in need of help with your dropshipping business, then you can book a FREE 45-minute mentorship session with me, and I’d be more than happy to help you.
As of today, my program has helped many struggling dropshippers turn their businesses around that created their own success stories in the process.
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I believe we’ve covered sufficient grounds here!
Thank you for the time!
And I do hope to see you on the following topics!
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