Business Best Practices: Definition, Tips, and Notable Examples

Best practices are a set of guidelines, ethics, or ideas that represent the most efficient or prudent course of action in a given business situation. Best practices may be established by authorities, such as regulators, self-regulatory organizations (SROs), or other governing bodies, or they may be internally decreed by a company's management team.

To know more: https://www.investopedia.com/terms/b/best_practices.asp