He Was Mad… Then We Doubled the Business
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Summary
- I learned that it's crucial to evaluate if a product is underpriced and make logical cases for raising prices, as this can significantly improve business economics.
- When facing opposition, like resistance to change from a CEO, it's important to stay calm and explain your reasoning, as it can help others come around to new ideas.
- I found that sometimes resistance comes from personal aversions, like an aversion to authority. Addressing these feelings openly can lead to understanding and collaboration.
- By identifying issues like aversions and confronting them constructively, decisions can be made that benefit the business, such as deciding to raise prices.
- I saw firsthand how decisive actions, like a price increase, can lead to business growth—such as doubling revenue in this case.
- I believe that every experience is a potential learning opportunity, not just from admired figures but from anyone. This openness to learning can significantly accelerate personal and professional growth.
Video
How To Take Action
I would suggest implementing a regular practice of evaluating whether your product or service might be underpriced. This can start with simple research on competitors' pricing and customer feedback. Creating a logical case for a price increase, based on this data, helps in making informed decisions that could improve your business's bottom line.
A good way to handle opposition or resistance, whether in a team or partnership, is by maintaining your calm and explaining your reasoning clearly. When you face resistance, try to understand if it stems from emotional responses, such as an aversion to authority. By addressing these feelings openly, you can foster collaboration and reach decisions that benefit everyone.
If you're met with hesitations, like delaying a needed change, set clear, actionable deadlines and hold yourself and your team accountable. Sometimes decisiveness, like setting a specific date for raising prices, can lead to unexpected growth, as seen with doubled revenue.
Additionally, keep an open mind to learning from all experiences and interactions, not just from those you admire. This mindset of finding lessons in every situation can accelerate your personal and professional growth significantly. It's cost-effective and time-efficient, as you're learning directly from your daily environment and interactions.
