He Wouldn’t Listen…

Summary

• When we acquire a company, assessing the pricing of the product is crucial. We found the product was underpriced and saw the opportunity to improve the business by raising prices.
• Presenting a well-thought-out plan with clear economics can help in gaining acceptance for price changes, even if there's initial resistance.
• Sometimes leaders might resist changes just because it wasn't their idea. Recognizing this can help in addressing their concerns and moving forward.
• Be prepared for delays when implementing changes. Stay persistent, continue discussions, and help others see the broader impact of these decisions.
• Success came through open communication and understanding the root of resistance, which allowed us to eventually double the business.
• Learn from everyone and every situation. Growth can happen faster if you're open to learning from all experiences, not just from those you admire.

Video

How To Take Action

I would suggest starting with a review of your pricing. Look at your products or services and think about whether they might be underpriced. If they are, consider increasing the prices, but be ready with a strong, clear plan explaining why the change is needed and what benefits it will bring.

A good way to handle any resistance to changes is to communicate openly. Share your thinking with your team or anyone who might be affected. Understand that sometimes people resist change just because it wasn't their idea. By involving them in discussions and letting them express their concerns, you might find common ground.

Be patient and persistent. Sometimes, implementing changes takes longer than expected. If delays happen, keep the conversation going and remind everyone of the positive impact the changes can make.

A high-value strategy I'd recommend is to learn from everyone around you. Growth can happen much faster if you’re open to learning from all sorts of experiences and not just from people you look up to. Every interaction can teach you something valuable.

Finally, remember to set a clear timeline for implementing changes. This helps keep everyone accountable and ensures that the necessary steps are taken without unnecessary delays.