Many business owners eventually find themselves in a position where they need to spend more money to increase quality and/or ensure safety. On the surface, it seems like an easy decision. If it’s not absolutely necessary, most won’t incur the extra expense.
However, what’s ‘necessary’ isn’t always the same as what’s best for the business and its customers. In many situations, it’s detrimental to only do what’s necessary. Just because you can get away with using cheaper components and materials doesn’t mean that choice is going to support your business.
In many circumstances, it’s critical to spend the extra money on upgraded components, supplies, or materials, even if it’s not a legal requirement.
Here’s why business owners should always consider spending more to ensure safety and quality.
Safety is often connected to quality
Safety and quality often go hand-in-hand, although it depends on the industry. For example, snow plows are made exponentially safer with something as simple as a high-quality quick connector that can withstand harsh weather conditions and the corrosive nature of salt. In this case, safety is compromised by not opting for high-quality components.
In other industries, safety can be increased simply by using better quality components that are less likely to break during regular use. It really depends on the product.
The same applies to workers. Companies that use cheap machines and equipment put their workers at risk just for doing their jobs. Sometimes, not even the best safety equipment will prevent injuries in these situations. The only way to protect employees is to invest in higher quality equipment and not pressure them into cutting corners.
Sometimes minimum recommendations don’t meet regulations
When you’re legally bound by industry regulations, sometimes you’ll have to go above and beyond to ensure total compliance with safety and quality standards. Often, standards will tell you what you need to accomplish, but they won’t dictate how you must meet the requirements. Following the minimum recommendations won’t always get you into compliance, and you’ll need to consult a professional.
For example, sometimes professional organizations publish guidelines intended to help business owners get compliant with certain regulations, but the guidelines themselves are not laws. Many times, laws and regulations vary by state and local jurisdiction, and guidelines – no matter how helpful – can’t be taken at face value.
A perfect example of this is found in data security and privacy laws. In many cases, laws and regulations require data to be protected, but encryption isn’t listed as a specific requirement. However, you can’t actually protect data without end-to-end encryption, so companies that attempt to protect their data through other methods will be found non-compliant if they get hit by a data breach. When data gets stolen from companies that encrypt their data, it can’t be read, so there’s no violation.
Customers have high expectations
One of the most important considerations is what the customer expects from businesses. Today’s customers have some of the highest expectations of all time, and that’s mostly because the internet has raised the bar for swift communication. Another reason is because large corporations, like Amazon, Target, and Walmart, have consistently provided quality items at reasonable prices. They also offer easy returns and don’t force you to pay for return shipping. These retailers may not sell top-of-the-line items, but they’re ideal for the average consumer.
If you sell low-quality, cheap products, you’re going to get a lot of returns, and your customers will expect the return process to be easy and free. If you can’t at least meet the expectations created by major retailers, your customers will stop doing business with you and leave bad reviews online. Your customers are the lifeblood of your business, and they deserve better.
It’s not the high cost that makes something high-quality
There are generally two camps when it comes to spending money to ensure safety and quality. Some look at it as an annoying and unnecessary expense that cuts down profits, while others seem to get lost in paperwork and regulations and think that the highest price tag always means quality. If you want a successful business, you’ll need to be somewhere in the middle: not completely unwilling to spend money, but not so rigid that you’ll follow a protocol over accounting for actual results.
In the end, it’s crucial to prioritize quality and safety for your customers and employees. At times, this will require spending more money than you initially planned, but it’s just the cost of doing business. It’s not that higher-priced equipment and materials are automatically superior. It’s about investing in the longevity of your business by taking care of your employees and selling the high-quality products people expect.
