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 risk means at Price.
| Price's Ultrasuite at Overlake Medical Center in Bellevue, WA |
We are comfortable with the uncomfortable. Strategically balancing risk and uncertainty with opportunity and success is a necessary component of progress in any organization, and we never hesitate to undertake a new initiative if it means we can serve our customers better than before.
Essential to our brand of risk-taking is having an optimistic mindset. Our team is equipped with the technical foundation and problem-solving skills needed to master new competencies and enter new market segments. This works for us because our optimism is checked by our prudence – we jump when it makes sense to do so, and we always look before we leap.
An illustrative example of a risk we took was our launching the Ultrasuite in 2018. This revolutionary product for hospital operating rooms combines a laminar air diffuser array with LED lighting embedded into the system. This dramatically saves installed ceiling space and reduces installation time. We challenged ourselves to invent this product knowing that it represented a huge benefit for our customers. The catch was that we had no prior knowledge of LEDs and lighting systems.
We embraced this risk knowing that the reward of a successful execution would be a dramatic improvement in the construction and operation of operating rooms. The result of three years of development and more than $1 million invested was the launch of our patented Ultrasuite, which is now installed in operating rooms across North America and has confirmed Price as an expert in lighting systems.
| Watch the video to learn more about the risk tenet! |
Successes like this are possible because of Price’s supportive culture. Our leaders form a safety net beneath their team members, bracing them through any setbacks that come from new, ambitious projects. We do our best to nurture and protect our risk-takers because the greatest lessons come from facing adversity, getting knocked down and having the courage and support to get up again.