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Business Best Practices
  • September 18, 2023
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6 most important business best practices

A company’s management team must have in place business best practices to enable them to make critical decisions that drive organizational growth. While this is regarded as internal control measures, external authorities may also have standards put in place to ensure business best practices across certain industries. For example, regulators in the Financial market, Food, Drug, and Insurance, to mention but a few will have regulations in place to ensure that Companies in this line of business are in compliance with the set standards of business best practices in that industry. 

 

Investopedia defines business best practice as the set standards, guidelines, and ethics put in action by a business to ensure that they are not caught unawares and put into difficult business situations. On how business best practices work, they noted that a framework guides an organization in its routine activity. Take for example, an organization that is into high-risk production activity, if measures are not put in place to minimize risk or employee injuries, then the business will not be said to be adopting business best practices compared to their competitors. 

Important business best practices – Fabulous 6 

1. Engage your employees:

A high-performing team is the most beneficial to an organization, and studies have shown that employees will not perform well because they lack engagement. A study conducted in the United States reported that about 68% of employees are either disengaged or unengaged. Sonia Thompson revealed the easiest way to increase employee engagement is to educate them on how their work affects the lives of their customers and the community in which your product or service is being enjoyed. 

 

2. Promoting business culture:

Setting values and promoting the same among your employees is one of the business’s best practices. In addition, a clear vision and value assist in recruiting new talents whose career goals align with your company. It helps foster unity where employees of different backgrounds, ages, races, and genders, can maintain a cohesive approach to achieve organizational goals. The University of Saint Mary stated that a company with a diversity of values would fall apart like a shard of ice. 

3. Hold Regular Meetings:

The advantage of regular meetings was echoed by Lencioni in the review of his book ‘The Advantage’ “No action, activity or process is more central to creating a healthy organization than the meeting.” Thus, it is at the meeting that you discuss strategic business plans, what is happening in the industry, and how you can set goals and achieve them. The meetings also help you review previous decisions and whether a past initiative is working or not. 

Small Business Marketing Strategy4. Reward Achievements:

While it is good to admonish your employees once in a while in a very subtle way, it is also essential that for business best practices, you reward them for a job well done. That will create a sense of appreciation in their minds, as stated by Smartbiz, and serves as a sort of motivation for them and to other colleagues that hard work is being appreciated in your organization. 

 

5. Believe in Plan A:

The first doubt you create in your business is to have a Plan B at the onset. Why must you have a plan B? Those who believe in their business always stick to their guts. Stick with Plan A, and give it all they can. While StartupSavant preaches sticking to Plan A as one of the most important business best practices, they advised that you take a calculated and cautious approach in this regard and should only change course when you are absolutely sure it is not working or going to work out no matter how you try. 

 

6. Adopt IT to achieve business best practices: –

Infoentrepreneurs suggest giving your business an advantage over competitors by using IT in communication and passing information across more efficiently. They noted the usefulness of IT in the security of data and why employees must be trained on the importance of Cybersecurity. Since the IT world is continually evolving, you should ensure that your business is innovative enough to accommodate changes as they come day by day. 

Benefit of business best practices

NIbusinessInfo highlighted the benefit of business best practices by stating that: 

  1. It helps to reduce costs and ensure efficient use of resources. 
  2. It helps to ensure competitiveness. 
  3. It increases sales and helps to create a new market for your business. 
  4. It helps to invigorate the skillset of your workforce. 

An organization that has clearly stated business practices and follows them to the letter will continue to thrive. Though business best practices are non-exhaustive, the 6 stated in this article were chosen based on their relevance to all industries.

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