Your Monthly Business Best Practice To Do List

 Review your business practices against these 12 best practice business benchmarks to identify gaps that may be holding you back or putting your business at risk.

Do you do these 12 best practice activities in your business every month?

The BIPlan System contains over 200 items covering areas as diverse as brand identity, financial management, management of people and risk, customer relationships and environmental impact. Each of these steps are important in their own right, some take longer to implement than others, but taken as a whole they help a business to become more profitable as well as a good corporate citizen.

In this week’s checklist of the week we pulled out a list of 12 items from the system that best practices businesses do EVERY month

So how does your business measure up?

Watch the video or review the business best practice checklist and find out.

The Best Practice Checklist

  1. Is all your financial and operational data up to date for the month? 
  2. Have you reviewed your progress against your monthly profit goals?
  3. Have you measured and reviewed the effectiveness of your current marketing activities?
  4. Have you compared the ROI of your various marketing activities and adjusted accordingly? 
  5. Have you reviewed performance against operational KPIs for the month?
  6. Have you reviewed your overhead trends against budget for the month?
  7. Have you calculated level of stock and work in progress for the month?
  8. Have you reviewed your environmental impact and waste for the month and considered strategies for improvement?
  9. Have you reviewed your progress against your business strategic plan?
  10. Have you reviewed your progress against your business improvement plan? 
  11. Have you prepared your cashflow forecasts for next month?
  12. Have you created your business action plan for the coming month based on the outcomes of your reviews? 

What are Best Practice Benchmarks?

Also known as generic or process benchmarks.

As the names suggests Best Practice Benchmarking involves identification of best practices across generic functions, processes or operations, identifying the most effective operating practices from other businesses that perform similar functions.

Best Practice Benchmarking is effective across the full range of generic business operations: branding, marketing, sales, operations, financial management, technology, human resources, risk mitigation and strategic planning.

The Better Business for Good Company BIPlan System® is an example of Best Practice Benchmarking.  Developed by a team of small business specialists the BIPlan System enables every small business to benchmark their business against  over 200 individual benchmarks covering areas as diverse as brand identity, financial management, management of people and risk, customer relationships and environmental impact. Each item is important in their own right, some take longer to implement than others, but taken as a whole they help a business to become more profitable as well as a good corporate citizen.  

Other types of business benchmarking include performance, functional, operational, industry and competitive. Learn more about how the different forms of benchmarking can help your business.

Want to make your business more profitable, scalable and saleable?

Measure, manage and improve your business against more best practice checklists like this.

Developed by small business specialists, the BIPlan System is the most credible tool a small business can use to measure, manage and improve their business practices against best practice standards.

 

  1. Assess how your business performs against dozens of best practice checklists. Taking the Assessment alone will be a valuable, eye-opening experience.
  2. Compare your answers to best practice standards developed, tested and proven by Australian small business specialists
  3. Create a customized improvement plan for your business with our free best practice guides and the support of our business advisors and specialists to help you implement