The intangible value which is captured in quality and speed is immense.
It is here where you separate outstanding businesses from mere participants in the market. When these qualities are mastered (that is, value at the highest level can be delivered with speed) it is not long before your business is a market leader and commands a level of customer loyalty which is the envy of your competition.
Quality, without speed, is less desirable but is sustainable because in some cases your clients will take comfort in the fact that quality is delivered every time, no matter how long it takes. This is especially the case if it concerns a major investment or something which has to be right or "correct".
Where things come unstuck is where speed exists but there is no quality or where neither exists (the worst scenario). And I think I can assume that on our journey, in business or otherwise, we have experienced these at some stage in our lives.
Sometimes businesses deliver sub-par performance because their systems and processes are such that low quality deliverables are a fait accompli. It is here where the mantra "we have always done it this way" results in service or products which don't cut the mustard. In today's market, whether you are a producer, a support business or a retailer, the accessibility of other providers both locally and via the web means that those who dwell in the low quality, low speed sector won't last long.
I caught up this week with a client who is rectifying this type of performance, to see how impacts of Covid have resulted in change (and how a change management initiative is progressing). Together, we have set in place solutions to problems which were years in the making but readily corrected and we also implemented some fixes for what are challenges unique to the times we are currently in. A lot of what was required was resetting the strategic direction of the business and communicating that to the team (the way the direction was communicated was very important).
The challenges which required responses were driven by limited strategy and "old school" processes. Now that the business has an up-to-date strategy and structure, its customers (the most important part of the equation) will reap the benefits. They are well on their way to operating in the high quality/high speed sector.
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I have to close this week with a "hat tip" to an undisputed champion of quality and speed delivery – Jolt Coffee House. Being a self-confessed "coffeeholic" I have high expectations and have several "high water marks" for quality and speed because coffee is the acknowledged "fuel" of consultants. Mark and the team have the whole quality and speed equation sorted and have done for many years. In fact, when the speed increases the quality actually moves upwards with it.
As a result, if I am in a hurry (which I regularly am) and need a caffeine "fix" there is only one place that gets consideration. And I note that there is a loyal band of business people who agree with me – perhaps they are taking notes in between sips.
There is value (and profits) in getting this equation right.
* If you would like an assessment of your business' processes to see how effective they are, give Russell a call on 021 244 2421.