Ibis Associates, Inc.

P. O. Box 417 Telephone: (626) 799-0680

So. Pasadena, CA 91031 Facsimile: (626) 799-6939

E-Mail: Ibisassoc@att.net Web site: www.ibisgroup.com

April, 1999

Volume 1 No. 1

Welcome to the first edition of the Ibis Newsletter. We will keep you informed on the hot issues of the day for growing businesses and not for profit organizations. More importantly, we hope to encourage practical improvements to your business.

What is Best Practices?

A best practice is the most effective ways to run a business. It is the means to achieve your performance goals. Many times there is no "best" way to do something. Every organization is different and what works best for others may not be practical for you. Practical is the key word to describe this process. Best practices are a source of creative insight, not merely an answer. Always ask "Does this practice make sense for my company and is it the best solution? How can I find a better way to solve this problem?

How Can I Know What is Best?

We can obtain information to evaluate and determine a combination of best practices for your business. Generally, it is accomplished through a process called benchmarking. The search for best practices is a type of benchmarking. Benchmarking is a way of comparing your operations with other similar companies. Benchmarking is performed continuously and methodically. You may wish to compare your practices to a market leader, a quality leader, an innovative leader or sometimes the perceived general industry leader. They are compared to your business both quantitatively and qualitatively. Quantitative benchmarking uses metrics to compare quantitative performance against world-class targets of cost, quality, and time. Quantitative methods are often used in the finance, and sometimes called common size analysis. Qualitative benchmarking compares your firm's current operating practices (not results) to the practices employed by industry leaders.

Additionally, there are three types of benchmarking: internal, competitive and universal. Each has advantages and disadvantages.

We will discuss the types of benchmarking in our next issue.

Questions for Ibis Associates.

This space is reserved for our subscriber's questions. Do you have any specific issues that you would like us to address? Send us your thoughts.

How Can Ibis Associates Help Your Organization?

Ibis Associates provides management assistance and instruction to emerging businesses and not for profit companies. These services include financial and banking management, risk management, governance and strategic leadership and operational streamlining and guidance. We also provide assistance in information technology, marketing and communication, human resources and organizational change.

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Smile of the day

What the large print giveth, the small print taketh away.

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Small Print

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