Quantity or Quality? You decide
In the business world, do you think that quality or quantity matters more? Granted, the much-touted conventional wisdom that guides entrepreneurs is to always aspire to produce quality over quantity. Indeed, that is an arguably strong and pragmatic mantra to work and abide by throughout the day-to-day operations of any entity. As a matter of fact, there are some who would rightfully opine that there is a direct correlation between the quality of a business's products and/or services ultimately influencing the quantity of its patrons.
Nevertheless, it is my respectful view that sometimes, quantity might actually prevail in comparison to quality. For ease of further reference, here are three (3) concise examples to demonstrate where this might be applicable:
1. Generating greater traffic for your business: If for example, you have 100 persons viewing your online business accounts, or conversely, 100 people enter your establishment, and out of that number, 10 individuals make a direct store purchase or generate sales for your online entity, your conversion rate is 10 percent. Indeed, if the numbers of persons making a purchase or generating sales for your business are higher, then, the quantity of your corresponding rate will also be higher. On the other hand, if you have say, six of those ten individuals opting to return a product or ask for a refund, then the quantity of your conversion rate will be significantly reduced.
2. Generating greater product efficiency for your business: Think about large food franchises, such as KFC, Pizza Hut, McDonald's, et cetera, that produce a huge volume of meals and menu options en masse every day, or companies that produce snacks such as cakes and potato chips on a larger scale. Now, compare them to a roadside burger or barbeque vendor, or a community bakery who would produce far less meals and other eating options, and moreso, is unlikely to produce them at the rate of these larger entities. Therefore, when these bigger enterprises make (and also sell) more of their product/s in larger numbers than the smaller enterprise, it can be reasonably argued that they would have fewer overhead costs than the smaller entity, and also make fewer errors in terms of quantity consistency.
3. Generating greater cash flow for your business: Finally, there is the undeniable fact that larger businesses tend to produce a greater cash flow, almost by default, due to the rate at which their products are produced, and also sold, when compared to many, if not most smaller entities. When cash flow is coming in faster and also more consistently, it becomes relatively easier to generate revenue and therefore register sale turnovers and profits at a faster rate than those business entities where the cash flow progress is either slow or stunted, and ultimately calculating revenue and/or profit becomes a more acute challenge.
In essence, while quality is the traditional template to gauge successful business growth and development, there are some cases where quantity eclipses quality.
Keywords: LinkedIn Local Caribbean, quality, quantity, conventional, business