In this era of competitive business, growth is equally necessary along with quality. Every business considers how to create a high-quality product and offers customer service to maintain its current clients. In order to maximise profit, many well-known companies produce low quality products. On the other hand, by focusing on the products' quality, many companies do not plan about spreading their business growth.
Business growth targets new customers, diversification, product development, etc. However, this is not that easy. During this growth stage, companies can lose their current customers. Top managers and board of directors need to make decisions based on their capacity and performance. They should not go for instant profit. Rather, they should approach challenges to make growth in business. First, what they need is to focus on what the organisation actually wants to achieve. Second, they should select customer segmentation. After that, they should focus on the customers' need or necessary. Finally, they can select the strategy of their business growth. Organisations have to notice that, if the expenses are higher than the revenue generated, the product quality can go down. This is where a successful business strikes balance between growth and quality.
Maria Islam Sonali,
Student of North South University, Dhaka,
maria.sonali@northsouth.edu