Oxford dictionaries defines best practice as “…professional procedures that are accepted or prescribed as being correct or most effective.”
To go further, best practice is a way to share knowledge from around those within a business since individuals come from a variety of backgrounds and education. Finding what works for a business is often trial and error as a function of the size, type, style, culture and personalities within. What works may also change over time.
Best practice also advocates that is not always the leaders or senior management who have the answer, but juniors, new starters and middle-management who could have a unique insight or way of working that represents the best way to get something done.
The end result of best practice is that a particular way of doing something is adopted across the business and recognised as being the most effective method. This then manifests into improved performance: improved morale, greater efficiency, cost savings, profit increases and/or growth. Prior to this, best practice needs to be shared. Prior to that, best practice has to be possible to share.
Best practice can be either unstructured (supply-push) or structured (demand-pull). The former enables staff to propose ways that work that could be adopted universally maybe by a suggestions-box or monthly email campaign. The latter identifies prevailing problems, issues and weaknesses whereby staff are asked to suggest ways to address and solve such things.