Best practice refers to techniques or methodologies gained through experience and research that help achieve goals. In software development, best practices contribute to successful product development. Some common business best practices for management include financial planning, benchmarking, strategic planning, and performance monitoring. Benchmarking allows comparing a business to other successful businesses. Standards help apply best practices across an organization. Using best practices can enable isolation and innovation. Best practices for people management include involving employees, communicating, setting targets and tracking achievement, and providing training. Benefits of adopting best practices include increased competitiveness, sales, skills, and reduced costs.