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» posted 1390 days ago @ 10:34 PM
One of the first analogies that I heard about business has stuck with me until this very day. It is the notion of a triangle, or 'tripled-edged' sword when dealing with cost, time, and quality. Below is an article from Young Go Getter's Clayton McIlrath which explains it best:
Many of you will be familiar with this business triangle, and you may use different words, but for simplicity (and design) I’ve simplified this paradigm. This is often called the balance act in the business world, and when people refer to the balance act, they’re often referring the struggle to balance between Quality, Cost, and Efficiency. We’re going to look at the Balanced Triangle and identify what it takes to keep your business balanced and running smoothly.
If money isn’t an object, then quality and efficiency are easy for a business. You can pull an any amount of resources needed to get the job done with this triangle. The problem is that high costs are usually only justified in the consulting industry (lawyers, doctors, advertising, etc) because the consumers looking for these services have been brought up by society to know that you get what you pay for, which can be really practically worthless if a consumer “cheaps out” in any of these services.
Be sure to read the rest of this great article after the break!
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