The Law of the Price Tag

The Team Approaches Its Potential When It Pays the Price

For a team to reach its potential, it goes without saying that it needs ability and resources. But it also needs to pay the price. This means that the team must be willing to put aside any complacency. It needs to pounce on opportunity and embrace originality. For businesses in Minneapolis or elsewhere, understanding the Law of The Price Tag puts them at a great advantage. This comprehension can be built up through our coaching and training. Read ahead to see how well you know the Law of the Price Tag.

In order for a team to reach its potential, it must grasp the Law of the Price Tag. The team must understand how it works. Here are four principles to help you learn this law.

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  • The Price Must Be Paid by All Team Members

“Great achievement is usually born of great sacrifice, and is never the result of selfishness,” said Napoleon Hill. People who have been on winning teams recognize that everyone on the team sacrificed something for the win.

  • The Price Must Be Paid Continuously

Many people falsely think that if they achieve a certain goal, they can stop developing. This error may occur no matter what the situation: receiving a diploma, being promoted, winning an honor, or reaching a monetary target.

But successful leaders don’t think like that. They understand they must keep growing to reach their capability and to lead their organization to its highest capability. “Football is a great deal like life in that it teaches that work, sacrifice, perseverance, competitive drive, selflessness and respect for authority is the price that each and every one of us must pay to achieve any goal that is worthwhile,” remarked Vince Lombardi, professional football coach. When one goal is achieved, another goal rises and the price must be paid again. If you want to reach your highest possibility, you must be ready to pay the price always.

  • The Price Goes Up If the Team Wants to Advance, Transform Itself, or Sustain a Gain

Consecutive wins in sports are difficult to achieve. It’s rare for companies to remain at the top of Forbes magazine’s lists for years. The cost is high to become a winner. But holding the winning spot has an even higher price. The more advanced you are, the more you have to pay to better yourself. For example, world-class sprinters better their times by hundredths of a second, not seconds.

A person moves nearer to his capacity when he’s willing to pay in some form to progress there. For instance, if you desire to switch careers, you must acquire more training or work experience, or both. If you desire to run a race faster, you must prepare with smarter and tougher training. If you desire to improve the amount of income from your investments, you must deposit more funds or take larger risks. This truth pertains to teams, too. For a team to advance, transform itself or sustain a gain, it must pay a higher price.

  • The Price Remains High or Goes Higher

Most teams that give up don’t quit at the beginning of a project, they abandon it part way through. People don’t start out with the intention of failing. What happens is that they sometimes erroneously think that success will cost less the further along they go. But that’s not how it works.

When we’re talking about The Law of the Price Tag, there are two parts to consider: understanding the price of success and being willing to pay the price for success. On a winning team, each team member must have the will to succeed. Each team member must decide for themselves whether the target is worth the price that must be paid. But first, each person needs to understand the price they’ll be expected to pay for the team’s success.

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The team leader should, to the best of their knowledge, explain what the team needs to pay to succeed. Here are the basics of what teammates can expect to give to be part of a winning team: 

Sacrifice

Sacrifice is essential to success. Author Thuy Yau points out eight things successful people know they need to sacrifice: time, stability, personal life, sleep, health, quiet times, sanity, and immediate desires. At the time you take a position on a team, you might be perceptive enough to know what parts of your lifestyle you’ll have to give up. Nevertheless, you need to know that however much you give up, at some time along the way to success you’ll have to give more. That’s how winning teams work.

Personal Development

When each member of the team strives for their capability, then the team will be nearing its capability. “Investing in yourself is the best investment you will ever make. It will not only improve your life, it will improve the lives of all those around you,” observes Robin Sharma, Canadian writer. Improving yourself improves the team.

Unselfishness

Individuals instinctively care about themselves over other people. Always on their minds is the question, “How can this benefit me?” However, if a team is to arrive at its capability, its members must place the team’s interests in front of their own. A number of team members will see how teamwork increases the chances of success; they’ll understand that if they contribute more, they’ll get more. For other team members, seeing how teamwork benefits them is harder. This can be particularly true for high achievers. But as Orison Swett Marden, founder of SUCCESS magazine remarked, “We must give more in order to get more. It is the generous giving of ourselves that produces the generous harvest.” If you give generously of yourself to the team, you will reap generous benefits.

To be sure, there are other things people give up to be on a team. Maybe you can detail some things you’ve given up to be a teammate. It’s a balance between independence and interdependence. The return on being part of a team come with a price. To become better requires giving.

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Being a Better Team Member

As a person interested in leadership (you are reading this post) you most likely have aspirations. Write down some of your ambitions for the next year. Next, prioritize those goals. Maybe you realize where this is going. In order to reach the most important of your goals, it is very likely that you will have to give up the lesser goals.

This exercise compares to what it is like being on a team. Some of your goals you will have to put down to contribute to the goals of the team. If this is too difficult to do, it’s best to part ways, for the good of the team.

Being a Better Team Leader

If you are the leader on your team, one of your jobs is to assure your teammates that team goals are worth paying the price for. The more gifted the team members, the tougher it may be to assure them that the good of the team is more important than their individual goals.

Start by demonstrating sacrifice. Exhibit to the team that you are:

  • Inclined to sacrifice monetarily for the sake of the team.

  • Able to grow personally for the team.

  • Keen to be encouraging to others for the good of the team.

  • Ready to make hard choices for the team.

Only when you have enthusiastically shown that you are sacrificing for the team, can you expect other team members to do the equivalent. Then when you see areas where  team members need to pay the price, tell them why they should do it and show them how they should do it. They recognize what they’ve given up in front of their teammates.

The ideas in this blog post were taken from John Maxwell’s book, The 17 Indisputable Laws of Teamwork.

Stephen Crawford