The Wal-Mart Way
The inside Story of the Success of the World’s Largest Company
Number of pages: 210
Publisher: Nelson Business
BBB Library: Corporate Success, Operations Management
ISBN: 9780785261193
Editorial Review
The Wal-Mart story is full of simple, but important truths. It's a story that has mystified some, frustrated others, and been admired by many. It's a story about principled, focused leadership that has been able to effectively and consistently balance values and the bottom line in a way that has seldom occurred. It's a story about the power of a free-enterprise system and how that system is the engine that drives democracy. It's a story about trust, the basis of all successful relationships. It's a story about a special man, a special group of people, and a special organization. It's a story that has positive applications for millions of people and organizations.
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Wisdom to Share
By selling products for less, the firm makes less profit per product, but is able to sell more products and keep inventories low.
A vision is much more than a statement on a piece of paper that is posted on the bulletin board or highlighted in the annual report. It is, in essence, your reason for being.
A vision must be the passion of the leader. A leader must be driven by his or her strong desire to make it become a reality.
Treating everyone with respect and dignity means everyone. Start with your associates. Don't call them "employees"; they are associates in the true sense of the word, because there's no doubt that your people make the difference in your success.
All employees need to know that they are doing something important and significant. They want to know that they are contributing to something bigger than themselves, that they have a place in a winning team, and that their efforts are meaningful.
You can serve people without satisfying them, but it's impossible to satisfy them without serving them. Satisfaction is the goal.
You must find a way to remain close to your associates and customers, making sure that you're available and not living in an ivory tower.
If you want to be an effective leader, you need to cultivate one-on-one feedback from trusted individuals throughout your organization, touching all the different levels.
Technology is only a tool and is not as important as people, but it's a powerful resource that is available to every business, regardless of size, and can have a major impact on a company's sales, profitability, and overall success.
Wal-Mart's secret to success is well-known: by selling products for less, the firm makes less profit per product, but is able to sell more products and keep inventories low.
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