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061: Sam Walton’s 10 Rules for Building a Business

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The perfect ending to a wonderful book. Sam Walton shares his 10 Rules for Building a Business. How do you stack up?

Rule 1: COMMIT to your business. Believe in it more than anybody else.

Rule 2: SHARE your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner.

Rule 3: MOTIVATE your partners. Money and ownership alone aren’t enough.

Rule 4: COMMUNICATE everything you possibly can to your partners. The more they know, the more they’ll understand. The more they understand, the more they’ll care.

Rule 5: APPRECIATE everything your associates do for the business.

Rule 6: CELEBRATE your successes. Find some humor in your failures. Don’t take yourself so seriously.

Rule 7: LISTEN to everyone in your company. And figure out ways to get them talking.

Rule 8: EXCEED your customers’ expectations. If you do, they’ll come back over and over. Give them what they want – and a little more.

Rule 9: CONTROL your expenses better than your competition.

Rule 10: SWIM upstream. Go the other way. Ignore the conventional wisdom.

In today’s episode, go through his 10 rules and share some insights of my own. Enjoy!

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059: Sam Walton’s Lessons to Get More Out of Your Team

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Sam Walton was a master of growth and getting extraordinary results from his employees, or associates, as he liked to call them. He boiled it down to 3 basic principles which we talk about in the show today:

1 Keep Your Ear to the Ground

“A computer is not – and will never be – a substitute for getting out in your stores and learning what’s going on. In other words, a computer can tell you down to the dime what you’ve sold. But it can never tell you how much you could have sold.”

2 Push Responsibility – And Authority – Down

“The bigger we get as a company, the more important it becomes for us to shift responsibility and authority toward the front lines, toward that department manager who’s stocking the shelves and talking to the customer.”

3 Force Ideas to Bubble Up

“We’re always looking for new ways to encourage our associates out in the stores to push their ideas up through the system. We do a lot of this at Saturday morning meetings. We’ll invite associates who have thought up something that’s really worked well for their store – a particular item or a particular display – to come share those ideas with us.”

Great lessons. I don’t know about you, but I am going to begin to implement these ideas to a higher level immediately.

Enjoy the episode!

photo credit: www.amazon.com

058: Sam Walton, Customer Service and Communication in a Billion Dollar Business

photo credit: www.amazon.com

photo credit: www.amazon.com

Wal-Mart is the largest company in the world by revenue. They have over 2 million employees and generate over $450 billion a year in revenue (Wikipedia).

It was all started by one man just over 50 years ago – Sam Walton. In this autobiography written in the final years of his life while he was battling sickness, he opened up amazing details about his life and that of Wal-Mart.

In this episode, I discuss from the book:

  • Sam Walton’s perspective on communication
  • Structured vs Unstructured communication
  • 3 Types of Structured Communication
  • Sam Walton’s view on customer service and what he implemented that skyrocketed their sales
  • 5 things to create an extraordinary customer experience

Take a listen and let me know what you think. Enjoy!

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051: Management Lessons from a Business Legend

GROVE BARRETT

photo credit: www.seatletimes.com

One of the greatest business leaders in history is Andrew Grove, Co-Founder and CEO of Intel. His leadership helped to create one of the most influential companies in the world.

In his book, High Output Management, he talks about what it takes to manage and run an incredible business. It is a true gift to get to explore the mind and learn from one of the greats in business.

In this episode, I discuss the 2 things you must do to get results from you and your team. You do not want to miss this!

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032: The Cost of Expectations

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Hope for the best but prepare for the worst.

Whether you are looking to build the next Apple company or running your household, you are bound to run into things that act as major road blocks to your life.

The more expectations we have the greater our potential for unhappiness.

We have 2 choices:

1 Say “Forget it. This is too hard. I am just going to be miserable.”

2 Be mortal and realize that things are going to get tough and we must prepare. If we want to prepare, we need to practice the art of releasing expectations and embracing everything that happens in our life as a gift.

Not sure how to do this?

Perfect. That’s what the show is about today.

Enjoy!

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029: Your Most Important Asset

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There is no greater asset than relationships.

There is no greater capital than your social capital.

Isaac Newton famously once said, “If I have seen further than others, it is by standing upon the shoulders of giants.”

Another one of my favorite quotes is by Zig Ziglar: “You can have everything in life you want, if you just help other people get what they want.”

In order to maintain healthy relationships you must make a list of the most important people in your life, connect with them, and always look for ways to contribute to their lives.

We can all be selfish at times but it is important to recognize that and get back to serving others. The greatest way I have found to reduce stress, anxiety, and frustration when things just don’t seem to be going well in my life is to lose myself in service to others.

Enjoy!

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024: Building an “A” Team

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There is nothing more powerful in your life than your team.

As Jim Rohn and many others have said, “You are the average of the 5 people you spend the most time with.”

This includes your friends, family, and in regards to your business, your team.

The big question is “How do you hire the right people?”

The short answer is you have create a standard for your business and you have to ask the right questions. You must be crystal clear on what and who you are looking for and ask the right questions to bring out what you are looking for in the potential staff member.

And always remember, fire fast and hire slow.

Enjoy!

Matt, Eric, Ana, and Me at her beautiful home in San Sebastian, Spain

What I learned from a grand mal seizure…

It was a beautiful Sunday morning and we were just driving back from a powerful leadership development weekend in the picturesque Blue Ridge Mountains in northern Georgia. The three of us in the car were reeling after 2 days of growth and transformation. I was the co-founder of a leadership development organization and one of our projects was bringing a group of 30 people to a larger luxurious cabin in the mountains for a weekend of personal development. It was a perfect weekend and everything went off without a hitch; until that point.

As we were driving down the road with myself in the driver’s seat, my good friend Ana in the passenger seat, and our friend Matt in the backseat, I looked over at Ana and knew something was wrong. Her eyes rolled into the back of her head, she started shaking, and every muscle in her body contracted. I knew at that moment, Ana was having a seizure. I was astonished at how calm I was in the moment. I would’ve expected myself to freak out but I calmly told Matt that Ana was having a seizure and to please support her head and make sure she didn’t bite her tongue. Matt swiftly moved in to support her as I pulled the car over to the nearest gas station. We sat there calmly supporting her for what felt like an hour but was mostly likely just a few minutes until she finally came out of it.

I learned a lot from that experience.

Matt, Eric, Ana, and Me at her beautiful home in San Sebastian, Spain

Matt, Eric, Ana, and Me at her beautiful home in San Sebastian, Spain

I learned from Ana that we all possess a strength that we may not think we have. The fear that Ana must have felt all those years battling seizures and knowing that the next one could strike at any time must have been terrifying. Her seizures could literally hit her at any time and in any moment. Nothing was immune to it. It could have hit her in the middle of an exam, walking through the grocery store, or taking a shower. The strength and commitment that one must possess to overcome a challenge like that is extraordinary.

Ana taught me that when we have a challenge that seems insurmountable, we can all dig a bit deeper and persevere even when there doesn’t seem to be a light at the end of the tunnel.

Ana taught me to be present and live in the moment. If she lived in anything but the moment, the fear of when a seizure would come would be an unbearable mental hurdle, but living in the moment is the only antidote for the mental virus that is worry.

Ana taught me about self-acceptance and love of thyself. She is extraordinary at seeing the perfection in the imperfections. She embraced her challenge as a gift to transform herself and transform the lives of those around her.

Ana taught me that our greatest opportunity is living in service to others. Every time I speak to her she is most passionate about using her lessons, life experiences, and unique challenges to elevate the people in her life.

We all want to know when we are going through a challenge that there is meaning behind the pain; meaning behind the suffering. Meaning can come from two places: from the individual experiencing the pain and the individual observing the pain. I think we both created an extraordinary meaning from that day. At least I know I did.

All the best,

Dr. Matt Westheimer