Our Glossary of Business Terms helps you understand the words and phrases that you may encounter and use when you start, run and manage a business. Follow Twitter. Marketing refers to the promotion of a product or service. Businessballs is a free ethical learning and development resource for people and organizations. All businesses need assets to produce products or sell services. Common Entrepreneur Terms, Vocabulary, and Acronyms ••• Getty Images. The term has connotations of entrepreneurship, and the implication is often that the company will grow significantly in size. In the meantime, check out this video on 10 common interview questions and responses, and this one to see a live interview in Spanish. In a dynamic business environment, it is essential that entrepreneurs keep up to date with the latest business terms. The Balance Sheet is one of the two most common financial statements produced by accountants. If you’re learning English in order to better your job prospects, the chances are that at some point you’re going to need to understand and employ a more specialised vocabulary. For example, a “scalable” business model is one that’s easy to replicate in order to expand the business. A favourite of ‘quirky’ creative agencies, the phrase “thinking outside the box” means to think creatively, abandoning all preconceptions. This is a phone call, usually from a sales representative of a company, to a potential customer or client who is not expecting the call and with whom there has been no previous contact, with the aim of trying to sell them something. It’s intended to provide a snapshot of how the company is doing financially, which can then be compared with goals outlined in the business plan. All it means in the office environment is “to make contact”. This section pertains to potentially confusing terms that relate to the balance sheet. “Annual leave” is really a term used by the military, and it’s unclear how it became adopted into the world of civilian business. Business plans are essential for those setting up or developing a business, and will be needed in order to secure funding from banks, the Government or investors. Because start-ups are in their infancy, they have a small number of employees and often no strict hierarchy, making them attractive places to work. It might also outline strengths, weaknesses, opportunities and threats (also known by the abbreviation “SWOT”). Businessballs Ltd assumes no responsibility for any errors or damages arising as a result of use. You’ll know the word “action” from its normal contexts, such as action movies, or simply describing something being done (“taking action”). If you’re “on the same page” as someone, you’re approaching something from the same point of view as them, with the same agreed assumptions in mind. The abbreviation “HR” stands for “Human Resources”, and it’s the part of a company that deals with matters relating to its employees. In reality, most people loathe office jargon, and those who use it lose the respect of those around them. Just as a weather forecast predicts what the weather’s going to be doing, so a business forecast predicts various aspects of a business’s future movement based on its current situation, external factors, new products, plans for marketing and such like. Start-ups are typically thought of as forward-thinking, often with a relaxed atmosphere in unconventional offices. You’d have thought that the word “vertical” is simply the opposite to “horizontal”, but not in a business context. A business plan is, as the name suggests, a document used to outline plans for a business, setting out growth goals for the next three to five years, and identifying information needed to achieve those goals, such as target market, unique selling points, marketing goals, and so on. Companies exist whose sole purpose is to match employers with potential employees; these are known as recruitment agencies. The goal of someone who specialises in HR is to ensure that employees are happy and productive, reducing turnover of employees (that is, reducing the frequency with which employees leave and new ones are hired) and maximising the cost-effectiveness of the company’s investment in its workforce. You should also read… How to Communicate Appropriately in Letters and Emails 14 Key Terms to Enhance Your Understanding of English Literature These are clearly fundamental, and it is right that... ORA students enjoying a lesson outside – Image Copyright Oxford Royale Summer Schools 2014 – All Rights Reserved Here at Oxford Royale Summer Schools, we’re immensely proud of the fact that students come from all over the world to study with us. You might see a phrase like “seek buy-in from employees” in an HR document discussing the implementation of a new set of rules, for example. Disclaimer: Reliance on this material and any related provision is at your sole risk. The use of this material is free for self-development, developing others, research, and organizational improvement. Follow Linkedin. A particular category of business-related vocabulary is known in English as “office jargon”, and it’s a widely derided language all of its own. If someone has a say in the outcome of a piece of work, they are a “stakeholder”. Balance Sheet Terms. He is the co-author of two online business books and is considered a social innovation architect. The company’s tone of voice and design of official communications are part of what gives it this “brand identity”. However, the decisions you make now will set you on a course that can be difficult to change, so it’s important to make the right subject choices at this early stage. You might hear colleagues referring to industry “best practice”, which describes a generally acknowledged ‘best way of doing things’ in order to achieve optimum results. The names OXFORD ROYALE and ROYALE INTERNATIONAL EDUCATION are Why anybody felt that describing it in this way was necessary is anybody’s guess; but the same could be said of any of the examples on this list of office jargon, so you’re best off avoiding these terms if you want to be taken seriously in an office environment. The word “competent” doesn’t even refer to strength – it means the ability to do something to a satisfactory standard. This word is used to refer to anyone who’s involved in a particular project. The aim of this guide is to help you see things more clearly and get a good impression of the possible options, whether you... Oxford Royale Academy is a part of Oxford Programs Limited, a This document defines terminology related to financial statements and disaster business loan applications. In business, we often talk about expanding a department or a business. “Close of play” is a variant, as in “Can you get this over to me by close of play today?”. Welcome to your guide to the definitions of common business terms. Rather than saying “we cater for the logistics industry”, some business types might say “we cater for the logistics vertical”.

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