David Price On Five Things You Need To Be A Highly Effective Leader During Uncertain & Turbulent Times
Focus on Core Priorities and Values: During turbulent times, leaders should prioritize core priorities and values to guide decision-making and resource allocation. For example, the CEO of a manufacturing company emphasized safety, quality, and customer satisfaction as non-negotiable values, even amidst cost-cutting measures. By staying true to these core priorities and values, the CEO ensured the company’s long-term success and reputation.
As part of our series about the “Five Things You Need To Be A Highly Effective Leader During Turbulent Times”, we had the pleasure of interviewing David Price.
David Price is the CEO and Founder of The Price Group — one of the fastest-growing agencies in the insurance industry. He entered the industry in 2018 with a strong focus on Final Expense Life Insurance. David became the fastest millionaire in the industry depositing over a million dollars in his bank account within 36 months of getting his insurance license and making over 1 million a year in his 4th full year as a licensed agent. He has created a simple and effective system that has enabled many people to achieve multi-six-figure incomes from the comfort of their own homes. David firmly believes that anyone, regardless of their profession or skill level, can obtain a license and create a 6-figure income with hard work. As the owner of the fastest-growing agency in the industry with Senior Life Insurance Company, David has personally mentored some of the most accomplished sales agents in the country. His unwavering commitment to helping others achieve success has earned him a reputation as a leader in the insurance industry.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
Thanks for having me! My journey into entrepreneurship began with inspiration from my successful grandfather. Watching him live a comfortable life through his businesses motivated me to pursue the same path.
I started with a landscaping company, thinking it would be easy to attract customers. But reality hit hard — I ended up working more like an employee than a boss.
Undeterred, I tried the construction industry next. It went better, but dealing with unreliable employees was stressful and limited my freedom.
Then, I discovered the huge potential in the financial sector, worth over $3 trillion. Unlike my previous ventures, success here didn’t rely solely on physical work. It was a no-brainer to jump in and pursue this path to success.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
When I first started in the sales industry, I had a somewhat overconfident mindset, believing that I would be able to close every single person I interacted with. However, I quickly learned that this assumption was far from reality. Rather than assuming that I could close every person, I learned to focus on understanding the needs and preferences of my potential clients. I honed my listening skills and embraced the importance of tailoring my pitch to address their specific concerns.
Furthermore, I learned not to take rejection personally. In sales, rejection is a natural part of the process, and
crucial to learn from it and keep moving forward. Instead of dwelling on failed attempts, I began using them as opportunities for growth and improvement.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?
My Mother has been the cornerstone of my achievements, laying the foundation of success through trust and honesty. Throughout my life, she has been a constant source of guidance and support, encouraging me to be honest with myself and others. Her unwavering honesty with people has left a profound impact on how I approach life and my interactions with others.
My mother’s impact on my character and decision-making extended beyond that pivotal moment. Her consistent honesty with people, whether in her personal relationships or professional endeavors, taught me the value of beingsincere and transparent in all my interactions. These qualities have not only helped me build strong and genuine relationships but also earned me the trust of colleagues, friends, and mentors.
As I reflect on my journey to where I am today, I owe much of my success to my mother's unwavering commitment to trust and honesty. Her guiding influence has not only shaped my approach to life but also serves as a reminder that none of us can achieve success alone. Gratitude fills my heart for having such a remarkable person in my life, and I’m forever thankful for the wisdom and values she imparted, allowing me to thrive on a path built on trust, honesty, and genuine connections with others.
Extensive research suggests that “purpose-driven businesses” are more successful in many areas. When your organization started, what was its vision, what was its purpose?
When our organization began, our vision was to create a positive impact in our community and beyond by helping aspiring leaders earn 6 figure income at the comfort of their home and at the same time helping people in the community secure their future. Our purpose was to train more leaders in the insurance industry, focusing on final expense. From the outset, we aimed to be, driven by a commitment a simple system and innovative culture . As we evolved, our vision and purpose remained central to everything we do, guiding our decisions, actions, and impact. Today, we continue to strive towards our original vision and purpose, adapting to new challenges and opportunities while remaining true to our core values and mission.
Thank you for all that. Let’s now turn to the main focus of our discussion. Can you share with our readers a story from your own experience about how you lead your team during uncertain or difficult times?
During the pandemic, our organization faced the challenge of adapting to a rapidly changing business landscape while ensuring the safety and well-being of our team members. Prior to the pandemic, our agents primarily sold insurance in the field, relying on face-to-face interactions with clients. However, with social distancing measures and safety concerns, it became evident that we needed to shift our strategies to enable our team to continue operating effectively from the comfort of their homes.
To address this challenge, we swiftly implemented a series of initiatives to support our team during this uncertain time. We provided comprehensive training and resources to equip our agents with the skills and tools needed to transition to virtual sales and client interactions. This included training on digital platforms, virtual communication techniques, and remote sales strategies.
We developed innovative systems and technologies to facilitate virtual sales processes and client consultations. This involved leveraging video conferencing platforms, online document signing tools, and virtual customer relationship management (CRM) systems to streamline operations and maintain productivity.
We prioritized communication and support for our team members, ensuring that they felt connected, informed, and supported throughout the transition. We held regular virtual meetings, check-ins, and training sessions to provide guidance, address concerns, and foster a sense of community and collaboration despite physical distancing.
Through these efforts, we successfully navigated the challenges presented by the pandemic and emerged stronger as a team. Despite the uncertain and difficult times, our organization remained resilient and adaptive, demonstrating our commitment to supporting our team members and serving our clients effectively in the face of adversity.
Did you ever consider giving up? Where did you get the motivation to continue through your challenges? What sustains your drive?
Yes, there were moments when the challenges felt overwhelming, and giving up crossed my mind. However, what kept me motivated to continue was a combination of factors. Firstly, I felt a strong sense of responsibility towards my team and clients. I understood that their well-being and success depended on my leadership and perseverance. Secondly, I reminded myself of the purpose and vision that inspired me to start this journey in the first place. Reconnecting with our organization’s mission and the positive impact we aimed to achieve reignited my determination to push through the challenges. Additionally, the support and encouragement of my team, colleagues, friends, and family played a significant role in sustaining my drive. Their belief in our shared goals and their unwavering support provided me with the strength and motivation to persevere, even during the toughest times. Ultimately, it was the combination of these factors — a sense of responsibility, a connection to our purpose, and the support of those around me — that fueled my drive and kept me moving forward despite the obstacles.
I’m an author and I believe that books have the power to change lives. Do you have a book in your life that impacted you and inspired you to be an effective leader? Can you share a story?
Certainly! A book that significantly impacted my leadership approach is “Atomic Habits” by James Clear. It teaches about the power of small habits and how they can lead to significant results over time. This book helped me understand the importance of continuous improvement and how to build positive habits within myself and my team. By applying its principles, I’ve been able to foster a culture of growth and development, leading to greater effectiveness as a leader and success for my organization.
What would you say is the most critical role of a leader during challenging times?
During challenging times, the most critical role of a leader is to provide direction, stability, and support to their team. This involves clear communication to keep everyone informed and aligned, making decisive decisions even in uncertainty, offering emotional support to address anxieties, being adaptable to changing circumstances, and leading by example with resilience and positivity. By fulfilling these roles, leaders help their team navigate through difficulties, maintain morale, and work towards overcoming challenges together.
When the future seems so uncertain, what is the best way to boost morale? What can a leader do to inspire, motivate and engage their team?
In times of uncertainty, boosting morale is vital for a team’s well-being and productivity. Simple actions can make a big difference: clear communication keeps everyone informed and reduces anxiety. Recognizing and appreciating team members’ efforts fosters motivation and a sense of value. Providing support and assistance shows empathy and strengthens bonds. Setting achievable goals gives focus and a sense of accomplishment. Encouraging collaboration enhances morale and a sense of belonging. Leading by example with resilience and optimism inspires confidence and perseverance. Offering growth opportunities demonstrates trust and fosters loyalty. Promoting work-life balance helps prevent burnout and maintains motivation. By prioritizing these approaches, leaders can effectively inspire, motivate, and engage their team, even amidst uncertainty.
What is the best way to communicate difficult news to one’s team and customers?
When communicating difficult news to one’s team and customers, simplicity and empathy are key. Start by preparing your message thoughtfully, ensuring you have all necessary information. Be transparent, using clear and straightforward language to convey the news. Choose an appropriate time and setting for the conversation, allowing ample opportunity for questions and discussion. Show empathy by acknowledging the impact of the news on your audience. Provide context and explanation to help them understand the reasons behind the difficult news. Offer support and resources to assist them through the challenges. Encourage questions and feedback, and follow up to address any remaining concerns. By communicating with empathy and clarity, you can help your team and customers navigate difficult situations with understanding and support.
How can a leader make plans when the future is so unpredictable?
In uncertain times, leaders can still make plans effectively by adopting simple yet impactful strategies. Firstly, they can develop multiple scenarios based on potential outcomes, allowing for flexibility and preparedness. Secondly, anchoring plans around core principles and values provides stability and guidance amidst uncertainty. Thirdly, emphasizing agility and adaptability in planning processes enables quick adjustments as circumstances change. Continuous monitoring, learning, and risk management help mitigate unexpected challenges. Collaboration with stakeholders ensures diverse perspectives and informed decision-making. Focusing on short-term goals and fostering resilience within the organization further enhances adaptability. By embracing these straightforward approaches, leaders can navigate unpredictability with confidence and ensure their organizations remain agile and resilient.
Is there a “number one principle” that can help guide a company through the ups and downs of turbulent times?
The number one principle to guide a company through turbulent times is resilience. Resilience means the ability to adapt, bounce back from setbacks, and thrive despite challenges. By fostering resilience within the organization, leaders equip their teams to navigate uncertainty, overcome obstacles, and emerge stronger. Resilience encourages flexibility, innovation, and perseverance, helping the company withstand ups and downs more effectively. It also boosts morale and motivation among employees, fostering a sense of unity and purpose during tough times. Overall, resilience is a simple yet powerful principle that can guide companies through turbulent times with confidence and strength.
Can you share 3 or 4 of the most common mistakes you have seen other businesses make during difficult times? What should one keep in mind to avoid that?
During challenging times, businesses often make common mistakes that can hinder their ability to weather the storm effectively. One such mistake is ignoring customer needs, which can lead to decreased satisfaction and loyalty. To avoid this, it’s essential to stay connected with customers, listen to their feedback, and adapt products or services accordingly. Another mistake is cutting costs without strategic planning, which may harm long-term sustainability. Prioritizing areas for cost reduction and seeking alternative strategies can mitigate this risk. Additionally, businesses sometimes fail to communicate effectively with employees, resulting in uncertainty and decreased morale. Maintaining transparent and regular communication, along with engaging employees in decision-making processes, is crucial to address this issue. Finally, neglecting innovation and adaptation can lead to stagnation and loss of competitiveness. Encouraging a culture of innovation and staying attuned to market trends can help businesses stay agile and responsive during challenging times. By avoiding these mistakes and adopting proactive strategies, businesses can enhance their resilience and navigate difficult times more effectively.
Based on your experience and success, what are the five most important things a business leader should do to lead effectively during uncertain and turbulent times?
Communicate Transparently and Frequently: Transparent and frequent communication is crucial during uncertain times to keep employees informed, aligned, and motivated. For example, during the COVID-19 pandemic, a CEO of a retail company held regular virtual town hall meetings to update employees on the company’s financial situation, safety protocols, and future plans. By communicating openly about challenges and opportunities, the CEO fostered trust and unity among employees.
Demonstrate Empathy and Support: Leaders should demonstrate empathy and provide support to employees who may be facing personal or professional challenges. For instance, a leader at a technology company offered flexible work arrangements and mental health resources to help employees cope with the stress of remote work and uncertainty. By prioritizing employee well-being, the leader strengthened morale and resilience within the team.
Stay Agile and Adaptive: In uncertain times, leaders must be agile and willing to adapt their strategies and plans quickly. For example, the CEO of a hospitality company pivoted their business model to focus on offering virtual experiences and online classes when travel restrictions were imposed due to the pandemic. By embracing innovation and flexibility, the company was able to generate new revenue streams and survive the downturn.
Lead by Example: Leaders should lead by example, demonstrating resilience, optimism, and a commitment to the organization’s mission and values. For instance, during the economic recession, the founder of a startup company remained optimistic and focused on finding creative solutions to financial challenges. By maintaining a positive attitude and perseverance, the founder inspired confidence and determination among employees.
Focus on Core Priorities and Values: During turbulent times, leaders should prioritize core priorities and values to guide decision-making and resource allocation. For example, the CEO of a manufacturing company emphasized safety, quality, and customer satisfaction as non-negotiable values, even amidst cost-cutting measures. By staying true to these core priorities and values, the CEO ensured the company’s long-term success and reputation.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
One of my favorite life lessons is from Steve Jobs: “The only way to do great work is to love what you do.” This quote reminds me of the importance of passion in our work. When we truly love what we do, we’re more motivated, creative, and resilient. It’s a reminder to prioritize finding work that aligns with our interests and values, leading to greater fulfillment and success in life.
How can our readers further follow your work?
Stay connected with my insurance content and gain valuable insights by following me on various social media platforms. I understand the importance of staying informed and engaged in the ever-evolving world of insurance. That’s why I maintain an active presence on TikTok, Facebook, Instagram, Twitter, YouTube, and even host a podcast dedicated to insurance-related topics.
On TikTok, I share bite-sized motivational videos and other insurance related content.
Facebook, Instagram, and Twitter are where I provide regular updates, share insurance news, and engage in discussions with my followers.
YouTube serves as a hub for my in-depth video content, where I dive into various insurance topics in more detail. You can find comprehensive guides, tutorials, and interviews with industry experts, offering a wealth of knowledge.
And if you prefer to listen on the go, my insurance-focused podcast is the perfect choice.
Thank you so much for sharing these important insights. We wish you continued success and good health!
David Price On Five Things You Need To Be A Highly Effective Leader During Uncertain & Turbulent… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.