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Wednesday, 30 January 2013

RETAIL - NEW RULES


The other day I blogged about Sam Walton's 10 retail rules:


Commit to your business
Share profits with employees
Motivate your team
Communicate everything possible with your team
Appreciate your team’s efforts
Celebrate success
Listen to everyone in your business
Exceed customers’ expectations
Control costs
Swim upstream…do things differently from competitors

.....and mused that in this day and age - 50 years after they were written - they still have some merit but they are not enough to help struggling retailers.

So here are a few thoughts that might lead to new rules:

Customers have money to spend - how do you get your share?
Employees have ideas and opinions - how do you exploit?
Half-hearted commitment is no commitment at all
Accept the smooth as well as the rough - or get out of business
Beware of stunts and celebrities
Whinging is time wasted
Whinging is a team morale killer
Share the fruits and sheer joy of success
Manage every line of the numbers
Survival of the fittest is the best mantra of all - adapt or die.

What are your "new rules"?

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