Facing Challenges Head-On
Price is celebrating its 75th anniversary throughout 2024, and our commemoration of this milestone will dedicate special attention to the 13 tenets of the Price Way. Each post in this blog series explores one of these guiding principles, giving our blog readers a closer look at its meaning.
In this post, we’ll be looking at what resilience and grit mean at Price.
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| Price team members Frank Geisler and Ron Mann work the punch press at the Winnipeg plant, 1962 |
Resilience is the capacity to withstand or to recover quickly from difficulties. Succeeding in business is a grind. It means trying something, failing and then trying something different. Launching new products takes design iterations, testing, sales strategies and slugging through tough times before you begin to see a light at the end of the tunnel. At Price, we are committed to listening to our customers and launching new products that meet their needs, and we know that we are going to have to push through the hard times with each launch.
Historically, we demonstrated our capacity to endure difficulties when we entered the US market. We were a privately held, small Canadian firm taking on Goliath. It took years to gain a firm foothold and to develop into the business we are today. Since then, we have ventured into international markets and once again find ourselves a small player in a large market – but we are up for the challenge. We learn lessons along the way, we try, we adjust and we try again.
An excellent example of this is our experience in the Middle East. After years of being in the region, we found that our model no longer worked. We decided to redevelop our strategy, which involved a complete teardown of our presence in the area, and to rebuild for the future. Three years later, we have a sales office and a manufacturing joint venture with a local Emirate family. We are optimistic and energized after having persevered through and are ready for whatever the future holds.
| Watch the video to learn more about the resilience and grit tenet! |
As a business, we have endless examples of resilience and grit, and we credit our leadership team for supporting this mindset and making it possible. But it’s important to recognize that there is also a personal side to this tenet; at their core, members of the Price team are dedicated to serving our customers and caring for the business as if it were their own. We all have our challenges in life, but as a group, we can push through and give it our all so that in the end, we all succeed.
