I ran across that phrase recently and the story goes that someone walked into a marketing company and saw a sign that read Cheap, Fast, or Great. Underneath those words it read Pick Two. This encompasses so much about how a business is run. If you want something cheap and fast, then chances are that it won't be great. If you want something fast and great, then it probably won't be cheap. As a company and a buyer, you have to decide what's most important.
What does this look like:
- Decide what's most important and build that into the culture of the organization
- While many things are possible, not all things are sustainable
- Every company has to adapt, so research, test, and analyze. At the end of the day, if it doesn't work, then move on.
What to remember: The business must know what mentality it plans to operate with in order to be successful. As the saying goes, "if you fail to plan, then you plan to fail".