Quality vs Volume – really?

We are now growing very rapidly. Almost each day, I am receiving a request to do a project from our old customer. They are very happy with us and so we are. However, it is very easy to be over satisfied with all these and let things go along which means taking all the projects and then not being able to deliver on time which has been our strength so far. So, the strategy is to take less projects in bag but then there comes another question as our profit margin for each project is really low, if we do not go for a voluminous growth, we may be lost. I just read through an article which states that in 80s there were many companies that had world class word processors as their products and many of them were better than MS Word. They could not survive because they were not aggressive enough to grow themselves with the demanding market. They were pretty happy with a handful of customers and never looked beyond it and this in turn made them lose their existing customers not because they were not concerned about the quality but their exposure was very limited and restricted within the needs of their handful customers. So, it makes me believe that volume is as important as quality. Hence, we could not abandon our growth strategy and realized that growth and quality needs to go hand in hand. We would need to strike a very subtle balance between these two and if one is neglected another is of no use. This is very tough but then life is all about striking a balance. Hence, the focus is now on quality and build a customer base that appreciates quality rather than the cost. We need to penetrate into the zone where the customers are more demanding than we could imagine and face the challenges. Success will mean more profit in conjunction with growth and failure will keep us where we are now(so less risky). Invite your opinion on this.