business (noun, busi-ness, \ ˈbɪznəs \) practice (noun, prac-tice, \ ˈpræktɪs \)
Definition: is a specific method, action, regulation, operation or rule introduced or followed by an organization in order to meet or surpass its business objectives. Additionally, this term can refer to a group of related methods or processes. The introduction of basic business practices is essential for the company’s maintenance of a correct accountability structure. The most popular business practice types include a) developing business plans and strategies, b) defining the boundaries of accountability for each employee, c) determining company-wide and individual performance objectives, d) implementing open-ended communication channels, and e) providing the company’s employees with regular and relevant training.
In a Sentence:
Polarol introduced a new business practice that encouraged all the office employees to take ten-minute breaks each working hour. This regulation was forced on them by the workers’ union who felt that the management oftentimes ignored their health condition.
The launch of the online store resulted in the creation of dozens of new business practices for the sales staff. Not only were they responsible for making calls, but now they also had to watch over the website as well.
Synonyms and related words: business activity, corporate policy, business process improvement, unfair business practices