Sam Walton’s Rules for Success

Found this article on Success Magazine’s Facebook page and decided to share it with you. Enjoy!

“Sam Walton, the legendary founder of Wal-Mart, had 10 rules for running a successful business. They are simple and straightforward, but guess what? I would bet the farm that a great many businesses don’t follow them—and they’d be better off if they did. Read these (my comments follow) and see how they might fit into your business plan.

1. Commit to your business. Believe in it more than anyone does. Passion is at the top of the list of the skills you need to excel. When you have passion, you speak with conviction, act with authority and present with zeal. If you don’t have an intense, burning desire for what you are doing, there’s no way you’ll be able to work the long, hard hours it takes to become successful.

2. Share profits with your employees. If you treat them as partners, they will treat you as a partner, and together you will perform beyond your wildest dreams. Employees are the life-blood of any good company. Many companies seem to have fancy incentive programs for the big wheels, but smart companies have bonuses and profit-sharing all the way down the line.

3. Motivate your partners. Money and ownership are not enough. Set high goals, encourage competition and then keep score. Competition makes you better and stronger. You should not only welcome stiff competition, you should actively seek it. You’ll never realize your full potential unless you’re challenged. Similarly, if you don’t set goals to determine where you’re going, how will you know when you get there? You must stay focused on your goals above all else. Truly dedicated individuals won’t let anything interfere with attaining their goals.

4. Communicate everything you possibly can 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. – See more at: http://success.com/article/sam-waltons-rules-for-success#sthash.Ntw9Lyae.dpuf