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Best Practice
A best practice is a method used by an organization to generate better results than other similar techniques. Best practices can reduce costs and risks and improve responsibilities such as service level agreements, making them the preferred method when carrying out a specific task. SMBs use best practices to achieve particular goals: -A financial company might hold regular face-to-face meetings with co-workers to improve communication and collaboration. Managers consider these meetings a better way to communicate than video conferencing or email. -Retailers might reward employees who meet their monthly sales quotas. Managers use this best practice because it improves company culture and employee satisfaction. -A marketing agency might use Facebook to promote its clients' products and services because it thinks the social media platform reaches the most customers.
What Small and Midsize Businesses Need to Know About Best Practice
An SMB might want to create best practice strategies of its own to reduce costs, use technology more effectively, or improve customer service.
Related terms
- PDM (Product Data Management)
- Project Management
- Gain Sharing
- Small and Midsize Business (SMB)
- Business Process Automation (BPA)
- Human Capital Management (HCM)
- Best Practice
- Business Process Management (BPM)
- Business Impact Analysis (BIA)
- Track And Trace
- Digital Business Transformation
- Bimodal
- Span of Control
- Solution
- Business Process Re-engineering (BPR)
- Enterprise Solutions
- Growth Strategy
- Project Management Office (PMO)
- Business Process Outsourcing (BPO)
- Line Of Business
