There is a saying in the advertising world that you can have anything you want; you just can't have it fast, good and cheap. 

You can however, have any two of these three components for any project. You just have to decide what is most important for the desired result.

• You can have fast and good but it will not be cheap. 
• You can have good and cheap but it will not be fast. 
• Or, you can have fast and cheap but it may not be good. 

The fast, good and cheap rule can be applied to any type of product or service business. And, it applies equally to vendors who are selling products and services and to consumers who buy products and services.

As a vendor, it is imperative to follow the rule or you can put your business at risk, financially. Every time a vendor compromises the rule, there are financial repercussions.  They do not get paid enough for the time and expertise spent on the project to meet all three criteria. Either time or money is lost and must be written off.

The best way to incorporate this concept into your business is to first, educate your clients as to what they should expect regarding price, timing and quality. Explain why the fast, good and cheap rule always applies to projects. Then let, your customer decide what is most important to them. Do they want the product fast and good, good and cheap or cheap and fast. The customer must make the final decision. Creating the appropriate expectations first, avoids costly misunderstandings later.

As a consumer, if you understand the rule, you will have more realistic expectations about the services you buy. And, you can make a more informed buying decision by first choosing the two components which are most important for achieving the results you want.

It is helpful to have a tool to visually explain this concept. First, draw a triangle on a sheet of paper, write one word at each point of the triangle:  good at the top point; cheap at the bottom left point and fast at the bottom right point. Then, when discussing or considering a project, circle the two criteria that must be met. Agreement must be reached between the vendor and the client before the project begins to avoid problems later.

I have a laminated 8½ by 11 inch sheet paper with this triangle on it that I use for explaining the rule to potential clients and when I am buying services. Because it is visual, clients instantly understand the rule and they rarely have questions regarding price, quality and timing when a project is complete.