Quality and Business Profits
These two terms seem appear to have some disconnects in the corporate world of today. What businesses must understand is that these two terms have a relationship. Today customers want products and services that meet their quality standards and expectations along with serving their needs. Quality is important in today’s economy now more than ever. The economic downturn has placed the principle of quality to the top of consumers list.
Quality is an important principle that should be embraced by businesses with open arms. As individuals the quality of the work we perform says something not only about the company or organization for which we work but us as individuals. Those who work must put themselves in the place of the customers of their organization or company and what they would expect if they were buying their product or service.
It is true that profits are needed to keep businesses operating and keeping the quantity of their workers making their products or providing their services. The principles of quality have an impact on the balance sheet of companies and organizations. Lack of quality products and service will be reflected in returned products and unsatisfied customers. Unsatisfied customers will result in lower sales and in effect lower profits. The other side is where the level of quality is high and customer satisfaction is high. These two scenarios usually result in higher sales and higher profits. This is what companies and organizations want to see.
Understanding the relationship between quality and business profits is something that corporate America must achieve. This is not to say that there are no businesses or organizations that understand the relationship but for those who do not they can see their bottom line impacted. When the bottom line of companies and organizations are impacted by the lack of quality and unsatisfied customers the security of the company or organization and those who work for them are affected.
The principles of not only quality but integrity affect how customers feel about the businesses or organizations with which they do business. Customers today want it all from companies. They want a quality product or service and they want to be treated fairly. Keeping customers happy is all part of what businesses must strive to achieve. Keeping customers happy will occur by not only meeting their needs but exceeding their expectations. This can only be achieved by providing quality products or services and treating them fairly and with respect. It is a fact that when customers are happy they tell their friends and family and this can result in increased customers and increased profit.
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