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40 Examples of Business Benefits

 , December 16, 2021
Business benefits, not be be confused with employee benefits, are things that are good for a business. This includes tangible benefits such as cost reduction and intangible benefits such as a creative corporate culture. The following are common types of business benefit.
Brand Image
Brand Recognition
Business Resilience
Conversion Rate
Corporate Culture
Cost Avoidance
Cost Reduction
Creative Output
Customer Attrition (Reduction)
Customer Engagement
Customer Experience
Customer Relationships
Customer Satisfaction
Diversification of Revenue
Employee Engagement
Employee Retention
Issue / Problem Resolution
Market Penetration
Market Share
Overhead Cost (Reduction)
Process Efficiency
Product Quality
Return on Investment
Revenue Per Employee
Risk Avoidance
Risk Reduction
Sales Volume
Service Quality
Share of Wallet
Social Responsibility
Stakeholder Relationships
Talent / Competencies
Tax Efficiency
Time to Market
Unit Cost Reduction
Work Quality
Work Throughput

Hard Benefits

A hard benefit is a measurable result that is positive for a business. For example, a theme park that improves its website to increase visitor satisfaction with the site from 12% to 78%.

Soft Benefit

A soft benefit is a qualitative result that is perceived but not directly measured in any reliable and precise way. For example, a diversity team in human resources that states that their program increases the creativity of the organization. This may be a realistic argument that resonates, even if it isn't particularly measurable.

Correlation vs Causation

Correlation is when two variables happen to move in the same direction. This often occurs because a third variable is causing both variables to move. It is also common for correlation to be random and meaningless. Correlation is often confused with causation. This is a common error in the calculation of hard benefits. For example, a diversity problem that claims that it increases revenue by pointing to numbers that show that highly profitable firms usually have diversity programs. Such firms may require diversity programs for compliance and reputational reasons such that this argument may confuse correlation with causation.

Business Benefits

This is the complete list of articles we have written about business benefits.
Brand Image
Brand Recognition
Business Benefits
Business Goals
Corporate Culture
Cost Reduction
Employee Retention
Market Penetration
Market Share
Process Efficiency
Product Quality
Revenue Examples
Risk Avoidance
Risk Reduction
Sales Volume
Service Quality
Share Of Wallet
Work Quality
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