“Were you lying when you said you cared about your employees?” In a powerful talk to the crowd at SXSW, Dan Price of Gravity Payments spoke in detail about whether or not money defines success. Price made headlines recently when he cut his million-dollar paycheck and set a $70,000 minimum wage at Gravity Payments. His speech helped bring clarity to the age-old question “Does Money Define Success,” and it offered up some tips on how entrepreneurs can apply his methods.
Discover What You're Really Good At - Then Do It
Dan Price started his career in a rock band with a few friends. At the age of 17, before he could even drive a car, Dan had figured out that he wasn’t the band’s best musician, but he was their best businessman. He handled the pecuniary duties of the band and was scrupulous in striking beneficial deals for the band as they toured. Dan quickly figured out that his passion wasn’t music - instead, it was business. This gave him a foundation on which to grow and explore his passion, making money a derivative and secondary priority.
Find Customers You Care About - And Care About Them
Price’s first client was a small business customer who was overpaying for his processing. With a single phone call, Price reduced his processing rate. After this experience, Price became hooked. He started his business as a consulting service to help companies reduce their processing costs. Dan was so passionate about his customers that he even gave them his personal phone number.
Understand What Your Employees Need Versus Want
There’s a huge difference between what an employee wants and what an employee needs. An employee may want the nicest car money can buy; of course, they don’t need it. When employees approached Dan and told them that they weren’t being paid enough, he was initially confused. He was paying them at market rate, but they still didn’t have enough time to spend with their families. Something as seemingly minor as a $200 rent increase could derail some of his employees.
Business Isn't Just about Money: It's about Making an Impact
Price has found purpose in helping his employees live comfortably. The outside impression of the firm is positive and Price has also overseen its internal growth. It may be a while before Price can determine whether his system works, but for now, Price is sticking with it.