Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Sunday evenings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.
As a business consultant it is common place for me to hear the phrase “Best Practice” whether it comes in the form of a question from a client, or words from my own mouth. A best practice is a method or technique that has consistently shown results superior to those achieved by other means, and that is used as a benchmark. At a high level who would not want to do what is considered “Best”? If it works for one successful organization they why wouldn’t it work for yours? You have to look at best practices with a critical eye and ask yourself, “Will this work for my target market?”
Learn what the “Best Practice” is and then apply it to your organizations desired results, strategy and yes, budget. Below are some things to consider when looking at a “Best Practice”
• Best Practice is sometimes expensive requiring more software or resource cost.
• Just because your competition does things well in an area does not mean they are aiming for the same desired results as your organization
• Innovating new ideas or ways to do business could give you a competitive advantage
• What seems like best practice from the outside is really a mess when dealing with it from the inside, you know, “The grass is always greener on the other side of the fence.”
• There is often not a “Best Practice” but “Best Practices” or in other words, do not concentrate on the best way, just stay away from the bad ways of doing business.
As you can see, “Best Practice” is one small part of the equation although it is an important part. Consider and use “Best Practice” methodology where you can and if it makes sense for your company.