Summit Shows How Wal-Mart Won (Jeff Hankins Commentary)

Don Soderquist alone was worth the admission price for the first Arkansas Executive Summit, which was presented recently by the University of Arkansas at Little Rock and Arkansas Business Publishing Group.

rIt was easy to see how the retired chief operating officer of Wal-Mart Stores Inc. was part of the team that built what is now the world’s largest company.

rThe theme of the Summit was “Vision to Value,” and Soderquist — along with other panelists throughout the day — spoke from the heart and gave us plenty of positive thoughts to take back to our organizations.

rMy favorites from Soderquist:

r• Wal-Mart founder Sam Walton always focused on, “What is the competition doing better than we are?”

r• The formula for success requires vision and values, which forms the culture of a business. You also must have opportunity, a product or service, a strategy and resources. But ultimately once you have all that, you must execute and get the job done.

r• The Wal-Mart team “made the impossible possible by building the largest company in the world in Bentonville, Arkansas.” rSoderquist repeated what Walton and former CEO David Glass have said as well: Wal-Mart wouldn’t be what it is today if it had been based in Dallas, Chicago or New York.

r• You must be willing to change everything except beliefs.

r• What do employees want most from their leaders? Vision, integrity and communication.

r• “Changing an organization’s culture is hardest to do, and maintaining a culture is almost as hard.”

r• Walton’s vision was not to be the largest company, most profitable company or the wealthiest man in the world. It was simply to provide a good retail shopping experience and service in rural communities. Everything else followed.

rCharles Morgan, Acxiom Corp.’s company leader and another keynote speaker, noted that clients expect more value every year, and a company must prove its value to clients regularly.

rIt’s no accident that Acxiom receives recognition as a top place to work, he said, because “associate value” was part of the firm’s vision from its earliest days. That culture lends itself to an emphasis on leadership, teamwork and continuous improvement.

r* * *

rI had the chance to visit Harp Elementary School, the newest jewel in the Springdale School District.

rIt struck me that when we’re looking for model schools and public/private partnerships in Arkansas, Harp Elementary is one to consider.

rLand and financial contributions by Gerald and Vickie Harp, whose Harps supermarket chain blankets Northwest Arkansas, helped the district upgrade the school — from computers in every room to playground equipment to a top-notch library.

rStudents at Harp Elementary participate in a national stock market competition and actually made money with their imaginary investments during the past year. Two students in the gifted and talented program showed off their useful invention ideas: a head lice detector in the form of a hat and a device that catches staples when they are pulled from the wall.

r* * *

rThe Christian Chronicle, a newspaper circulated among Church of Christ members nationwide, has a story in its April edition showing that church-affiliated colleges in Tennessee are willing to accept scholarship funds from a proposed lottery program.rThe Tennessee Independent College and University Association wants to make sure its students are eligible for lottery scholarships. Of 35 members, 29 have ties to Christian groups.

rHere’s how they seem to justify it: Financial benefits from lottery proceeds are no different than benefits derived from “sin” taxes on liquor and cigarettes.

rArkansas wants to take the perceived high road by refusing to consider a lottery to fund higher education. Meanwhile, other states throughout the South — Florida, Georgia, North Carolina and perhaps Tennessee — are raising their college attendance rates through aggressive scholarship programs funded by lotteries. When will we wake up?