Sam Walton's Rules for Success

Source: Partner Insights

The following includes excerpts, reproduced with permission, from an article by August Aquila. Aquila advises firms to make Sam Walton's 10 rules for success part of their culture in 2012.

1. Commit yourself to your work. Success comes to those who have a passion for what they do. Hire people who commit themselves to their work.
2. Share profits and treat people as partners. If you share some of the wealth with your people and treat them as partners, they will exceed your expectations.
3. Motivate your partners. Money and ownership aren't enough. Motivate workers by setting high goals, encouraging competition and keeping score.
4. Share as much information as possible. Don't be afraid to share information with employees. The more people know, the better they will perform their jobs and serve customers.
5. Thank your people for what they do. No matter where you sit on the organization chart, everyone appreciates a “thank you” or a few words of praise. They go a long way, especially if given in public.
6. Celebrate successes. We tend to celebrate only the big ones, but fail to realize that it's the small ones that keep the momentum going.
7. Listen to everyone in the firm. There is a critical danger point in any firm when the managing partner feels that he knows everything.
8. Exceed customer expectations. If you exceed your customers' expectations they will come back.
9. Control expenses. All successful firms today seek to be low-cost producers without sacrificing the quality of their products or services.
10. Go against the current. Don't follow the pack but look for opportunities that others have missed. Don't be afraid to do things differently.

For the complete article, read “10 Rules for Success in 2012.”

From Partner Insights, Aquila Global Advisors, LLC, December 2011, http://www.aquilaadvisors.com.