The Japanese have a term for this: “Kaizen”, which means: “the highest quality is the lowest cost”. From a manufacturing perspective, the rationale is that the highest-quality producer will earn the best reputation. So long as prices are broadly similar, so the theory goes, consumers will always prefer to buy their goods. It therefore follows that higher sales volumes will in turn deliver economies of scale and therefore higher profits per unit.  Toyota is one of the leading businesses that has adopted this philosophy and it is drilled into all of its employees, day in, day out, to great success.

But this doesn’t just apply to manufacturers. For any business to succeed, it needs to examine how every function is performed and look to build in quality from the ground up. Here are my top five pointers to get your started:

1. Always put your customer first

Although it’s a phrase that is frequently bandied, this really is worth considering. How can you set out not just to meet but to exceed your customers’ expectations, time and time again? Consider every department and take the time to really scrutinise your business from your customer’s point of view. The results will be surprising.

2. Constantly ask "How can we do things better?"

Just like Toyota, you should instill this philosophy in the minds of every single member of staff and actively encourage and reward them for giving constructive feedback. It’s those who are on the frontline of your business who are best placed to spot improvements from which the entire business could benefit.

3. Quality = Consistency

From a customer’s point of view, there is nothing more frustrating than having a great experience on one occasion and a less impressive one the next. And the only way to ensure a great experience every single time is to establish robust systems and processes for your team to follow. Think about MacDonalds. Whether you’re a fan of a Big Mac or not, the fact that their burgers taste the same everywhere is testament to the power of good systems.

4. Invest in your team

To deliver a quality product or service, you need to have the best people working to deliver it. That does not mean employing the most expensive people but it does mean taking the time to find the right people (both in terms of their technical aptitude and whether their personality is the right fit with your business) and once you’ve hired them make sure you give them the right amount of training and resources to enable them to do their job effectively. It’s also important to make them feel valued. The way they feel about your brand will directly influence the customer experience.

5. Think long-term success not short term profits

I’ve come across countless examples of operational cuts or investment decisions made with a view to increasing short-term profitability, often to the detriment of either the customer experience or the longer-term financial success of the firm. Avoid this trap at all costs.

Within 18 months of telling the public that his products were ‘total crap’, Gerald Ratner had resigned as chief executive of the Ratner group. Renamed, the business eventually survived. But it was a very costly lesson in the price of being careless with your most priceless asset: your reputation.