Why Is Quality Important for a Business?
Houston Small Business Consulting
1. - Customer Expectations. - Your customers expect you to deliver quality products. If you do not,
they will quickly look for alternatives. Quality is critical to satisfying your customers and retaining their loyalty so they continue to buy from you in the future. Quality products make an important contribution to long-term revenue and profitability. They also enable you to charge and maintain higher prices.
2. - Reputation. - Quality influences your company’s reputation. The growing importance of social media means that customers and prospects can easily share both favorable opinions and criticism of your product quality on forums, product review sites and social networking sites, such as Facebook and Twitter. A strong reputation for quality can be an important differentiator in markets that are very competitive. Poor quality or a product failure that results in a product recall campaign can create negative publicity and damage your reputation.
3. - Meeting Standards. - Accreditation to a recognized quality standard may be essential for dealing with certain customers or complying with legislation. Public sector companies, for example, may insist that their suppliers achieve accreditation with quality standards. If you sell products in regulated markets, such as health care, food or electrical goods, you must be able to comply with health and safety standards designed to protect consumers. Accredited quality control systems play a crucial role in complying with those standards. Accreditation can also help you win new customers or enter new markets by giving prospects independent confirmation of your company’s ability to supply quality products.
4. - Costs. - Poor quality increases costs. If you do not have an effective quality control system in place, you may incur the cost of analyzing nonconforming goods or services to determine the root causes and retesting products after reworking them. In some cases, you may have to scrap defective products and incur additional production costs to replace them. If defective products reach customers, you will have to pay for returns and replacements and, in serious cases, you could incur legal costs for failure to comply with customer or industry standards.
Source: SmallBusiness
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Houston Small Business Consulting.
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