Why Quality Management Is Vital for Even the Smallest of Businesses
Quality management – you’ve heard it from your boss, your competitors and every other stakeholder in your business. When you have a small business, every bit of quality management counts to help your business prosper.
One of the more common quality standards is the ISO 9001, but you might have a different standard depending on your business industry. Here’s why quality management is important for every business, big or small:
Meeting Industry Standards
Every industry has a different benchmark that they need to follow, and some have stricter regulations than other industries. For example, if your business is centred around medical products, you can expect a stricter regulation.
Your products need to meet certain health and safety standards so that your customers are protected. With quality management, you are assuring your customers that your products are meeting the benchmark quality at the very least, even if your company may not be well-known.
Meet Customer Expectations
When your customers purchase from you, they have a certain unspoken expectation of your product’s quality.
If you do not meet their expectations or do not meet the industrial standards, you can expect your customers to turn on their heels and purchase from your competitors or other bigger brands instead.
If you manage to meet the quality management standards and more, you are actively contributing to the long-term profitability of your company. Good quality products can help you to build better credibility among your business partners, customers and competitors.
When you have a small business, the data that you have is a lot easier to manage. You can collect basic information like your customers’ email addresses and contact numbers while you are serving them and integrate this data into customer relationship management (CRM) software.
You might not have much use for the data in the beginning, but as your business grows, this valuable data can help you expand your business through future remarketing strategies.
Poor quality products lead to poor sales and poor return on investment. With a quality management system in place, you can properly analyse which products are more successful and invest some of your costs into improving them.
Research aside, proper quality management ensures that there are fewer product returns or refunds, saving you costs associated with these transactions. In a larger scale, you can also avoid any legal fees for your failure to comply with industry standards.
Your reputation sells your products for you when you are a small business. Most businesses now have their own social media pages for customer engagement.
A single bad review from a dissatisfied customer can damage your reputation severely, enough that you will need some time to rebuild the reputation lost due to negative publicity.
When you have a good quality management system in place, you have high-quality products to sell to your customers, and along with it you will also have good reputation management.
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