"Boost Quality"
I always underline that increasing quality won't help unless we're working on the right things. Keeping that in mind, we'll talk about quality from the perspective that assumes that is what is happening.
One important aspect of boosting or increasing quality is its value when relating to infrastructure of any field. This is one strategy that General Electric (GE) has worked on for years. The reason it's so important is because it brings a predictable stream of income over a long period of time.
So from that way of looking at it, increasing quality makes a lot of sense, as incrementalism has much more value and relevance here, than in areas where simply improving on existing technology can disrupt your market.
When we build our businesses, we should understand the underlying foundations or infrastructure that our products or services are made for, and focus strongly there as far as quality improvements go.
This isn't saying that we neglect quality in other areas, just that those areas won't be as predictable or profitable over long periods of time, as those things that serve foundational areas of businesses or people.
Jack Welch understood this so well at his reign at General Electric, that he spent much of his time building up and focusing on these types of areas, so the company was ready to launch into long-term growth when he left; and it has.
Quality has different values. The most valuable quality of a product or service over the long haul, are those built to serve the infrastructure of any area of life, as it can afford the type of attention and steady improvement that other areas more faddish or trendy are much more risky to invest a lot of time and capital in.
Those that understand this will have a predictable and steady stream of income over the years, versus those that endlessly follow the next new thing, which is difficult to pour too much quality into, because it may not be there tomorrow. It can be done, but the percentages of success are much less than those products or services serving foundational areas of life.
Other Jack Welch Resources:
Jack Welch's advice to MIT Sloan students
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