3 Reasons Your Business Can’t Afford Any Product Defects
What is a product defect? Essentially, it's an issue with your product, which means it doesn't function correctly. Initially, this sounds like a terrible thing. How can you sell a product that doesn't work?! Hopefully, you won't intentionally do this, and it's a case of something slipping through the cracks. Right away, you realize this will bring many problems your way. But do you understand why it's such a massive issue? I can underline three key reasons that your business shouldn't have any product defects whatsoever:
Hurts your bottom line
When product defects are identified, they have to be rectified right away. Ultimately, this means going back through the manufacturing process and re-doing everything. It costs a lot of money, meaning you struggle to make any profits. This can all be avoided if you're more careful and savvy with the manufacturing stages. Look at sites like https://stampingsimulation.com/, where digital technology is used to provide visuals of your work. If you use technology like this, you can simulate what your products look like and if they work. It's easier to spot a defect, correcting it during the design phases, rather than after manufacturing it.
Leads to potential lawsuits
A product defect could literally kill your business. You should be aware that caring for your employee's health & safety is vital. However, you also have a responsibility for your customers. Let's say your product has a defect that injures a customer or makes them sick. You are 100% liable for this, and they can sue you. Depending on the severity of the issue, they can claim a lot of money in the lawsuit. Additionally, consider if multiple customers are hurt by the same defect. It could lead to various cases that gradually drain all of your financial resources. Before you know it, your company has to close down and liquidate. This all came from a tiny defect that went unnoticed!
Damages your reputation
It never looks good if your business sends out defective products. Instantly, your reputation takes a huge hit. This is exacerbated by any lawsuits or issues, but you will see a damaged reputation even without this. It tells consumers that you're incapable of creating a product that works. You look lazy - how could you not have spotted this problem? Consumers expect businesses to test everything and cover all bases when manufacturing a new product. To send something out into the world with a defect suggests that you didn't do this. Even if you fix the problem and release a new version of the product, you might not see any sales. People no longer trust your company because of your massive error.
It's crazy how much damage can come from a tiny defect. So, do everything within your power to prevent this from happening! You've already seen one way of doing this; run digital simulations before producing different aspects of your product. You could also make just one or two prototypes to test in the flesh. Testing is so important as you have to figure out if your product works and functions correctly. Don't rush this process as you will likely see more defects.
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The cost of opening up a physical store can be great. If you’re going to do so, we highly recommend keeping these three things in mind. They’re not the most obvious costs to account for, but before your first week of business gets underway, you’ll need to see about them.