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What is the link between quality, speed, and low cost?

Almost every business owner or worker is on a strict regiment, trying to link quality speed and low cost, along with maximum profitability.Maybe you're the business owner and are always trying to get you employees to work a little bit faster, better, and more efficiently.Maybe you're an employee who is sick and tired of hearing your boss hollering about being more efficient.Whatever the case may be, it is important to your business to be able to run quickly, but also put out a product that is of high quality and affordable sot that people will buy it.Let's discuss what the link between these three principles is.

We'll start by defining each word.Quality can mean many things.It can be a specific characteristic of an object.It can mean the essence of an object (the quality of salt is "saltiness").Or it can refer to the achievement or excellence of an object.It is this last definition that is most relevant to our discussion here.If you have a high quality product, it is made or durable material.It lasts a long time.It doesn't break at the drop of a hat.Its quality is something that sets it apart from other companies' products.Whatever type of product or service your business sells you want it to be of a high quality.

Speed is rather obvious, even to laymen.Speed is the rate at which something is moved, changed position or accomplished.As a business owner or worker you want to have a rate of accomplishing things, or in other words, speed.The faster you complete a task, the more you can accomplish.Or the speedier you are the more you are able to sell (leaving you with higher profits).

Low cost is also a fairly easy principle to understand.If something has a low cost it was not expensive to produce.Or if your product has a low cost, it is not expensive for your customers to purchase.Ideally you business would be able to have both a low production cost, and a low purchase cost.If you do, your customers will be more likely to continue to buy your product.And that will leave you with continuing profit, which makes everyone happy.

So what is the link between these three terms?Well, for one thing, consistency.Having consistency in the work place will allow you to retain all three of these terms.You want to strive to produce a quality product, while also maintaining the speed at which you produce it and also a low cost for you and for your customer.The key is to be able to do all three of these in harmony.For example, if you produce a high quality product but are unable to produce it quickly (perhaps because you are spending so much time working on its quality) your business will not be profitable.Or maybe you are focusing so hard on quickly manufacturing a product that its quality suffers and then your company earns the reputation of having a shoddy product.Or maybe you are concentrating on producing a low cost item (for you and for your customer) that both the speed and quality of the product are poor.

However, if you are able to encourage consistency in your business, you will hopefully be able to avoid these pitfalls.Focus on perfecting each point one at a time.Perhaps you encourage your packaging department to work with speed while your production department attempts to improve the quality of the product.And you, as the manager or owner, focus on retaining a low cost for you and for your customers.In so doing you will be able to improve you business and become more profitable.

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