The Wal-Mart Decade - AchieveMax® Top Ten Book Review
The Wal-Mart Decade: How a New Generation of Leaders Turned Sam Walton's Legacy into the World's #1 Company was destined for publication. It was simply a matter of when it would be written and by whom. In fact, I'm amazed that it wasn't published long before this. Wal-Mart is so much more than the smiling faces of the senior citizens who greet you with open arms at the front of the store, it's more than the bouncing Smiley Face continually reducing prices in every aisle, and it's certainly much more than a typical discount store chain headquartered in the small Arkansas town of Bentonville. Wal-Mart is the real thing. It's here to stay. It's a world-class company.
There is much to learn from this corporate giant that recently moved into the #1 spot on the Fortune 500 ahead of GM, Exxon Oil, Ford Motor, and GE. Do you think Wal-Mart simply stumbled into that coveted position? Consider this:
- Wal-Mart has revenues of $246 Billion;
- Wal-Mart has 1 million 300 thousand employees;
- Wal-Mart has mastered logistics and the supply chain;
- Wal-Mart shares its strategic vision with each and every employee;
- Wal-Mart leaders never rest on their laurels;
- Wal-Mart continually find ways to reduce costs while improving the shopping experience for its customers;
- Wal-Mart is the first company ever to head both the Fortune 500 list of American companies and that magazine's list of Most Admired Companies; and
- the Wal-Mart management team has devised and then implemented strategies for rapid but prudent growth.
The greatest strength in the Wal-Mart arsenal is the fact that their CULTURE is everything. It's hard to argue with the reality of Wal-Mart's continued performance.
I think it's important to realize that the author of this book isn't a devoted Wal-Mart fan trying to recruit additional followers for the retail giant. Robert Slater was a reporter for Time Magazine for 21 years. He is the best-selling author of Jack Welch and the GE Way and has also written acclaimed books about IBM and Cisco. He probed deeply into the Wal-Mart organization from top to bottom, from Bentonville to China and beyond. This book offers a fresh and fascinating look at this unique company-as it was and as it has become-with an immediacy and insider's feel unrivaled since Sam Walton's own memoir, Made In America.
Sam Walton set the bar high for his future leaders. He created a unique culture based on three basic beliefs:
Respect for the individual;
Service to the customers; and
Striving for excellence.
Walton was also totally committed to what he characterized as his Ten Rules of Business ... each of which is explained in detail in the book. The author allocates three of 14 chapters to "The Founder and His Legacy." He wisely devotes the remainder of his book to explaining how the new management team devised and then implemented strategies for tremendous growth.
There really have been three quite different periods of Wal-Mart's development from a Ben Franklin franchise (opened in Bentonville as the Walton 5 and 10 in March of 1951) to the global retailing giant it is today. The three periods include the Sam Walton Years until his death in 1992, the David Glass Years (1992-2000), and the Lee Scott Years (2000-Present).
For years, many people asked about Wal-Mart the same question that others asked about Southwest Airlines: "What's going to happen after HE leaves?" With all due respect to both Sam Walton and Herb Kelleher, their respective organizations have done just fine. Perhaps that is the ultimate test of leadership: a heritage which endures after the leader is either gone or much less involved. In this exceptionally informative book, Slater explains how and why such a heritage guides and inspires the entire Wal-Mart organization.
More than 100 business book reviews written by Harry K. Jones are available at www.AchieveMax.com/books/index.htm">http://www.AchieveMax.com/books/.
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www.AchieveMax.com/motivational-speaker-harry.htm">Harry K. Jones is a professional speaker and consultant for AchieveMax®, Inc., a firm specializing in custom-designed keynote presentations, seminars, and consulting services. Harry has made presentations ranging from leadership to employee retention and time management to stress management for a number of industries, including education, financial, government, healthcare, hospitality, and manufacturing. He can be reached at 800-886-2MAX or by visiting www.AchieveMax.com">http://www.AchieveMax.com.
Veteran journalist Cokie Roberts, who joined an upstart NPR in 1978 and left an indelible imprint on the growing network with her coverage of Washington politics before later going to ABC News, has died. She was 75.
Roberts died Tuesday because of complications from breast cancer, according to a family statement.
A bestselling author and Emmy Award winner, Roberts was one of NPR's most recognizable voices and is considered one of a handful of pioneering female journalists — along with Nina Totenberg, Linda Wertheimer and Susan Stamberg — who helped shape the public broadcaster's sound and culture at a time when few women held prominent roles in journalism.
Indie press Galley Beggar has warned of the impact a no-deal Brexit could have on publishing after learning of "crazy" government requirements on distribution and warned it could put smaller publishers out of business.
The Norwich-based independent, which recently scored a Booker Prize nomination with Lucy Ellmann's Ducks, Newburyport, fears smaller publishers could be put out of business over legal uncertainty around Brexit.
Galley Beggar founder Sam Jordison outlined concerns around UK government and Publishers' Association guidance, and in particular government guidance suggesting that publishers will need to state country of origin or International Organization of Standardization (ISO) codes for their inventory. The government published its Yellowhammer contingency plan which details "worst case" scenarios for a no-deal Brexit last week. The document warned of channel crossing delays and disrupted trade across the Irish border...
... "We're terrified, we are genuinely terrified. There's all kinds of other reasons to object to Brexit but from a practical point of view it's going to completely screw us. The main concern is that this is potentially going to put people out of business. Not even potentially, it is going to put people out of business. Our margins are small so rising costs are already a nightmare – that's only going to get worse. Paper, transport are going to go up – even with a deal that stuff is problematic." ...
Elena Ferrante, the Italian author whose Neapolitan novels became a global phenomenon, is to publish a new book in Italy on 7 November – her first novel in four years.
Bestselling author Jojo Moyes has called on the government and the publishing industry to do more about the UK's "shameful" adult literacy record. In 2018, Moyes, writer of global hits including Me Before You and The Girl You Left Behind, donated three years of funding to charity the Reading Agency for its Quick Reads scheme, saving it from closure when its previous sponsorship ran out.
While she was "proud to be able to help out as a private individual", she is furious at what she calls governmental and industry failure to understand the importance of Quick Reads.
Dorothea Benton Frank, author of 20 novels set in the Charleston area and a beloved figure who for years split her time between Sullivan's Island and the New York City area, died Monday evening after a brief illness. She was 67.
Amazon has broken the worldwide embargo on Margaret Atwood's The Testaments (Nan A. Talese), which isn't supposed to go on sale until next Tuesday, September 10, inadvertently shipping about 800 copies to customers. This has infuriated indies, led to early reviews of the book around the world--revealing basic elements, and caused exclusive excerpts to be published earlier than planned. Altogether, the embargo violation stained the release of one of the biggest books of the fall season, Atwood's long-awaited sequel to The Handmaid's Tale.
In response to the situation, publisher Penguin Random House issued this statement: "A very small number of copies of Margaret Atwood's The Testaments were distributed early due to a retailer error which has now been rectified.... Not naming Amazon and attributing the problem to "a retailer error" irritated many indie booksellers for a number of reasons: some pointed out that if their stores had sold copies of the book early, it would be considered an embargo violation and likely lead to punishments, such as not receiving embargoed books ahead of publication date in the future. Many speculated PRH will not do anything of the sort with Amazon.
In a series of tweets, Raven Book Store, Lawrence, Kan., succinctly outlined the problem:
"It should come as no surprise that a certain huge online retailer is selling this book very close to our cost; if we sold it at their price we'd make $1.73 per copy. We've discussed before how this is unfair, and how we deal with it.
But now, not only is the huge online retailer selling it for a price we can't compete with, but they shipped out copies a week early. This increases the likelihood that someone who got it early uploads a bootleg copy online, cutting into sales for everyone.
It also gave de facto permission to places like the New York Times and NPR to publish spoiler-heavy reviews, which deflates the mysterious buzz about what's in the book. It's likely that less mystery means less vital first-week sales for everyone. I hope we're wrong."
Chanel Miller was known by the pseudonym Emily Doe at the trial of Stanford student Brock Turner, who was sentenced to six months in county jail for the assault. The sentence caused widespread anger given that Turner could have been jailed for up to 14 years for the crime. Many believed Turner had been given a lenient sentence because he was a white athlete from a prominent university, Stanford. Turner repeatedly claimed alcohol was to blame and that the encounter was consensual, while his father called the attack "20 minutes of action".
Miller is now releasing a memoir, Know My Name, which her publisher says will "change the way we think about sexual assault forever". Miller's 7,000-word statement at the trial garnered millions of views around the world when it was published online in 2016. She will also appear on CBS's 60 Minutes later this month and extracts from the interview, including Miller reading the statement, have been released this week.
Hundreds of readers in the US have received early copies of Margaret Atwood's heavily embargoed follow-up to The Handmaid's Tale, The Testaments, after copies were shipped out early by Amazon.
Security around the novel had been as tight as anything mounted for JK Rowling or Dan Brown's blockbuster releases – the judges for the Booker prize, who shortlisted The Testaments for the award on Wednesday, were warned they would be held liable if their watermarked copies leaked. But since Tuesday, readers have been posting images on Twitter of their freshly delivered copies, a week before the novel's official release on 10 September.
And The Guardian have just published an (officially approved) excerpt--see link below:
The shortlist for The Booker Prize, the U.K.'s top prize for fiction, has been announced. The list includes two former winners, Margaret Atwood and Salman Rushdie--even though Atwood's book doesn't publish until next week:
Margaret Atwood (Canada), The Testaments (Vintage, Chatto & Windus)
Lucy Ellmann (U.S./U.K.), Ducks, Newburyport (Galley Beggar Press)
Bernardine Evaristo (U.K.), Girl, Woman, Other (Hamish Hamilton)
Chigozie Obioma (Nigeria) An Orchestra of Minorities (Little Brown)
Salman Rushdie (U.K./India) Quichotte (Jonathan Cape)
Elif Shafak (U.K./Turkey) 10 Minutes 38 Seconds in This Strange World (Viking)
Reese Witherspoon has named Lara Prescott's debut novel The Secrets We Kept as her September book club choice. This thrilling historical fiction, which publishes on September 3, is inspired by the true story of the CIA plot to infiltrate the hearts and minds of Soviet Russia with the greatest love story of the twentieth century: Doctor Zhivago. The Secrets We Kept is also a great hit with the 20 BookBrowse members who reviewed it for our First Impressions program--rating it a stellar 4.7 stars!