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He Asked His Team How to Avoid Layoffs. Their Response Thrilled Him. Before making a tough decision that impacts your team's future, Gravity Payments CEO Dan Price has a simple suggestion: Ask them for advice. It worked for him.

By Stephanie Schomer

This story appears in the December 2020 issue of Entrepreneur. Subscribe »

Luke Rutan
Dan Price, CEO of Gravity Payments

The year 2020 was rocky. Millions of people were laid off or furloughed. The pain may continue into the near-term future — but even once our lives stabilize, this won't be the only time an economy stumbles. Companies will again face this choice: Eliminate a great team that'll be difficult to rebuild, or somehow absorb massive financial losses.

Dan Price says there's a third way, and he proved it out this year. The solution, he says, is to act as a team. "Your team is so much smarter than you," Price says. "Mine is. Give power to your people, be honest and democratic. They will find solutions that you can't see."

Related: 7 Ways Teams Can Problem Solve Better Than Individuals