Retired Home Depot executive Jim Inglis still bleeds orange.
Inglis, an award-winning, international retailing guru, shared principles from his new book with students and faculty from the on Thursday. Home Depot鈥檚 leadership believed in the company so much that if you cut off their arms, they would 鈥渂leed orange,鈥� the signature color, which inspired the name of the book. Inglis鈥� talk focused on building a strong company culture that leads to financial success.
Dr. Lane Cohee, associate dean of the Rinker School of Business and an associate professor of management, wrote an endorsement for the book. Inglis gave five copies to students who asked questions after the presentation. Inglis, who grew up in Compton, in Los Angeles, from a 19-year-old hardware store employee to vice president of the world鈥檚 largest home improvement retailer. After 60 years in the industry, he still exudes loyalty to Home Depot, which leads the market and is competitive in online sales, Inglis said.
When Home Depot began, it was considered a 鈥渕ajor disruptor鈥� in the home improvement industry, akin to Amazon.com, Inglis said. It put 32 regional companies out of business. The secrets to success were a decentralized organizational structure and associates who were empowered to take care of the customer, Inglis said.
The company鈥檚 top leadership operated with principles of servant leadership and celebrated its employees by sharing their success stories, said Inglis, who also serves on the advisory board of Palm Beach Atlantic鈥檚 Center for Biblical Leadership.
鈥淪ervant leadership creates a great culture that creates great people,鈥� he said.
Those 鈥済reat people鈥� help maximize profits by building customer loyalty, Inglis said. Customers need to experience on a consistent basis what a brand promises to deliver. The phrase 鈥渆veryday low price鈥� has no meaning anymore because it鈥檚 been so overused that it鈥檚 become a clich茅, he said. The right price is determined by a customer鈥檚 perception.
Maintaining low prices demands low production costs 鈥� which means sourcing the best products worldwide without facing hefty tariffs, Inglis said.
鈥淔ree trade is the best way that we can raise the standard of living in the world,鈥� he said.
Some companies invest in advertising to bring in foot traffic, and that鈥檚 a mistake, Inglis said. The goal of advertising is 鈥渃hanging the customer鈥檚 mind forever.鈥�
A company culture creates performance and drives the customer experience that defines a brand, Inglis said, emphasizing the importance of the customer experience, openness to change, and hiring, training and retaining the best employees.
Inglis encouraged students to stay true to business principles and biblical principles to live a purposeful life. They will face pressure to abandon both, he said.
鈥淭he truth is defined by biblical principles,鈥� Inglis said. 鈥淚f you鈥檙e not true to your principles, you can get really lost.鈥�
