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The problem with winning work based solely on price means you are:
The underlying problem with this pricing strategy is that it does not build exceptional companies. In a recent blog “Pathways to Drive Exceptional Performance,” we cited a study in Harvard Business Review done by Michael Raynor and Mamtaz Ahmed from Deloitte who tackled the question: “How do we know what makes a company exceptional?” In their research, they studied25,000 companies who traded on the U.S. stock exchange between and measured the Return On Assets (ROA) that reflected stable and consistent performance. The exceptional companies held these two rules:
A. Better before cheaper – Companies who succeeded competed on their uniqueness before their price.
B. Revenue before cost- These companies prioritized their efforts on gaining revenue before reducing their cost.
Coming Next…Part6 of game changing series “Top7 Signs Your Company Needs to Change:” All the business development falls on a few. Ask yourself, who brings in the work? If your star in developing the business or landing the work were to leave, would your company fall apart? How is knowledge being transferred? What kind of accountability is present? What balance is there between operations vs. execution? How effectively are goals communicated and executed between senior leadership, the sales and marketing team, and operations?
Links to the rest of this game changing series “Top7 Signs That Your Company Needs to Change”
“Employee Retention: Why Good Employees Leave”
“Increasing Profitability: You Have Plenty of Work, But Profit is Low”
“You Find Yourself Very Alone: Growing Your Business Partner Network for Impact and Value”
Quality is an investment tool.
You need to spend the right amount on quality to have the best results.
You could be overspending on quality while other companies are spending less and gining the same results. your product will cost more than your competitors and that will affect your profit margin.
or you may be underspending and that would affect the quaity of your product, your brand and your customer satisfaction. you'll be lossing business