BENEFITS OF QUALITY OVER QUANTITY WHEN EVALUATING A BUSINESS

BENEFITS OF QUALITY OVER QUANTITY WHEN EVALUATING A BUSINESS

You hear some people say I prefer this product to that and why do they say that? I wonder. When people find the quality of your business satisfying at a worthy price you gain more customers and lose less.

HOW DOES THIS AFFECT BUSINESS?

Quantity and quality affects business in every aspect which will be discussed below. Some consumer say and I quote “I prefer things with high quality than that of high quantity with low quality” while others say vice versa.

BENEFITS OF QUALITY OVER QUANTITY WHEN EVALUATING A BUSINESS

When I and my brother were little; we got the opportunity to pick anything we wanted. I saw a very shiny packaged nylon and I chose that not knowing it was actual soap inside it; I will agree with others that I was attracted to shiny things not knowing the content. Most people are attracted to shiny things without knowing the content

To become a successful entrepreneur you must first think about the evaluating prospect. It’s necessary to evaluate your business in order to make it more profitable; it will also help expose you to the real world of business by getting to have to meet needs of people.  No matter what drags you into becoming an entrepreneur you have to take evaluation very seriously.

Evaluation doesn’t just means sitting down and checking things out. It’s more than that; when you evaluate you need adequate capital, sufficient resource and a long term plan. The most important rule is to take quality over quantity which is very necessary.

SEE ALSO: 2 IMPORTANT QUALITIES FOR SUCCESS IN THE BUSINESS WORLD
Quality Over quantity

When you evaluate, you will make investment and you will also need to prioritize the highest quality investment which is most likely to pay off instead of spending money lavishly. Most people invest in low quality applications once they have investment capital and desire to grow.

Here are simple steps to follow in order to become a successful entrepreneur when it comes to choosing quality over quantity:

Hire the right people:  

You have to hire people that will convey your business in a worthy manner. “You are your own business,” this is a common say among people. It matters with how your company is being presented for you to gain consumers interest. Hiring is not a race to get hands on deck; it is the ability to be able to choose qualified and the best personnel of all the applicants. Like they, slow and steady wins the race.

Once you hire the right people and you are ready to move ahead. Don’t be tempted to market things in a large quantity for everyone to know, which brings us to the next step

Don’t market to everyone, choose an audience and impress them:

People are always attracted to market loudly hoping to get everyone’s attention which they will but it doesn’t means more customers for them. This will also make you spend your capital indiscriminately.

It will attract so many followers but this doesn’t also increase the patronage of your business. You start a business by taking each step accordingly so it’s better to target an audience or a group of audience in the same cliché which will allow the consumer’s relevance and quality of your interactions to be high

Advertise in marketing channels that are most likely to pay off:

You will need to focus on a few of the dozen marketing channels to build enough recognition for your business. However, there is need to thoroughly explore each potential marketing channel up-front. If you focus on high quantity of channels you market your business, you won’t see virtually any impact compared to the result you will see by funneling that money to the most effective strategy.

SEE ALSO: TOP 5 TIPS TO BUILD A BUSINESS WORTH MILLIONS OF DOLLARS
Avoid “shiny object syndrome.”

When you have some extra money in your business, every new tool looks like a must-have. Every different possible tactic seems like a worthy resource but persistently dashing after the next exciting thing is what is called “shiny object syndrome,” and with this you are a long way from being successful. You have to consider the impact it will have on your business before chasing after it, which will be an easier way to reserve your funds for better purpose.

Expand with sensibly:

When you start harnessing, capitalizing in new offices, granaries or even new online marketplaces, do so deliberately, investing your money only where it will mostly pay off. Though evaluating sooner may give you more time to grow and make money, you have to remember that this isn’t a race. One high-quality new store location is better than three low-performing ones.

The point is to make the most of every Naira that comes out of your pocket. Your growth may get muffled if you focus more on quantity instead of quality, do your research, invest carefully and this will help balance your business by increasing the speed of its growth.

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