Short Answer 
Businesses should start by evaluating traditional production methods to identify areas for improvement, then focus on balancing cost and quality to ensure competitiveness, and finally aim to maximize profit by enhancing operational efficiencies and exploring new markets.
Step 1: Evaluate Traditional Production Methods
Businesses often begin by assessing the traditional methods they have utilized in creating goods and services. If these methods have proven successful and efficient, companies may continue using them while remaining open to new techniques. Being aware of innovative production technologies can facilitate enhancements in efficiency and quality.
Step 2: Focus on Cost and Quality Balancing
Another crucial consideration is finding the right balance between cost and quality of the products or services. Companies must strive to produce high-quality goods without incurring excessive costs so that they remain competitive in the market. This involves analyzing production processes and identifying areas for cost reduction while maintaining standards.
Step 3: Maximize Profit Potential
The ultimate goal for any business is to maximize profit. This entails improving operational efficiencies, reducing waste, and expanding into new markets. Companies often implement strategies that allow them to reach broader audiences while enhancing their profitability through effective production methods and marketing.