A Quote by W. Edwards Deming
No one can measure the loss of business that may arise from a defective item that goes out to a customer.
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Too often we measure everything and understand nothing. The three most important things you need to measure in a business are customer satisfaction, employee satisfaction, and cash flow. If you’re growing customer satisfaction, your global market share is sure to grow, too. Employee satisfaction gets you productivity, quality, pride, and creativity. And cash flow is the pulse—the key vital sign of a company.
Foremost is the principle that the purpose of consumer research is to understand the customer's needs and wishes, and thus design product and service that will provide better living for him in the future. A second principle is that no one can guess the future loss of business from a dissatisfied customer.
When you can show concern about what matters to your customer, that's Business to Customer Loyalty, and you can bet on it, you've just acquired a customer for life.
Business is all about the customer: what the customer wants and what they get. Generally, every customer wants a product or service that solves their problem, worth their money, and is delivered with amazing customer service.
Your typical business just measures the metrics that have to do with the profitability of the business one way or another. But you can have metrics that measure employee happiness and the morale. You can also do direct customer surveys; you can track it over time. You can do supplier satisfaction scores as well.
Demonstrate to your customer the difference between price and cost. The price is what it takes to purchase the item. The cost is the amount the customer eventually pays. They are not the same.
What people in business think they know about the customer and market is likely to be more wrong than right...the customer rarely buys what the business thinks it sells him.
We ought to start running the government like a private-sector business. I have that ability as CEO of our companies. I have line item vetoes, and if I didn't, we'd probably be out of business by now.
Companies are starting to measure how effective their customer service is and trying to understand what they can do to improve the customer service process.
Without doubt, there are lots of ways to measure the pulse of a business. But if you have employee engagement, customer satisfaction, and cash flow right, you can be sure your company is healthy and on the way to winning.
A mind unwilling to believe or even undesirous to be instructed, our weightiest evidence must ever fail to impress. It will insist on taking that evidence in bits and rejecting item by item. As all the facts come singly, anyone who dismisses them one by one is destroying the condition under which the conviction of a new truth could ever arise in the mind.
(Waste = Loss): The first rule of business is to survive and the guiding principle of business economics is not the maximisation of profit, it is the avoidance of loss
When something needs to be ironed I put it in the ironing basket. If a year goes by and the item is still in the basket I throw the item away. This is a good system since eventually I end up only with clothes that don’t need ironing.
There are many kinds of loss embedded in a loss - the loss of the person, and the loss of the self you got to be with that person. And the seeming loss of the past, which now feels forever out of reach.
It's easy for me to see how a business proposition is going to play out, or who our next-generation competitors are, from taking this data point from this customer and another data point from another customer... and jump to Z.
Only institutions that go about the old-fashioned business of taking in deposits from customer A and lending them out to customer B should be called banks. The rest should call themselves what they are. 'Parlors' would be appropriate, or 'dens' - words more suitable to venerable betting pursuits.
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