Within any business venture, you’ll eventually come across the need to balance between the variables of quality and quantity. And the decision that you make will affect all future decisions you make. It is one of the top branches at the top of the business tree. And making that choice isn’t always going to be easy, though it should always be logical and focused.
If you’re at that juncture, it’s time to consider what the quality standard is, if the blue ocean strategy can work for you, where your natural placement puts you, if you can scale your product at your desired point, and what kind of long-term thinking is going to be involved, even when you’re at the point where you’re still making short-term decisions.
The Quality Standard
Knowing quality standards within your industry is the beginning of your mental journey. Do you want to aim for the top, the middle, or the bottom? Do you have the resources to make the best product in your industry, or perform at the top tier of functionality for the service you provide? If you don’t have the resources, or you can’t compete, then that will immediately indicate that your success is going to come from elsewhere.
Blue Ocean Strategy
Focusing on blue ocean strategy techniques can help your place yourself along the quality versus quantity spectrum. This strategy requires you to analyze the big players in your industry, and then find out how you can essentially be the opposite of them in certain regards in order to find a market niche. It’s a fascinating journey into practical business theory, and well worth studying.
Where Is Your Natural Placement?
You do have to be a little careful when it comes to forcing your hand as well, when it comes to your brand and your products. You can just decide that you’re the best – you have to create that reality as well. You can just think that you make the greatest number of a certain product – once again, you have to make it happen in physical reality.
Can You Scale?
Success comes to many companies when they have a plan to scale. Once you choose quality or quantity, can you continue to scale in that direction? Can you make more if orders come in? Can you maintain that high quality once more people are interested in your service?
Always Think In the Long-Term
Ultimately, the quality and quantity equation has to work over an extended period of time. Whatever you decide, you have to create an infrastructure that will allow you to maintain your market presence for the foreseeable future. This takes planning and passion, as well as a great business sense, which is why competition is so fierce when it comes to highly profitable ventures.
Originally posted on December 19, 2016 @ 10:05 pm
