Business A-Z

A

Advertising – A form of marketing communications, advertising is primarily focussed on promoting the services or products of a company or individual.  Whilst advertising goes back to centuries ago, internet marketing has grown dramatically since it’s birth in the 1990s.  Advertising takes the form of virtually any medium from print to cinema ads, and from event tickets to seat backs.

B

Business cards – Dating back to the 1400s when they acted as visiting cards in China, the business card is the most popular tool for self and business promotion. Used most commonly at networking, job fairs, social gatherings and provide you with the opportunity to leave an impact.

C

Crowd Funding – A way of raising finance by asking a large number of people each for a small amount of money in order to help a business prosper.  The internet has made gaining investment, what traditionally involved would mean asking a bank for a loan, possible.

D

Distribution – The movement of goods and services from the source to the consumer (or end user) and the movement of payment in the opposite direction.  One of the four key elements of the original marketing mix, distribution takes place through the means of distribution channels.

E

Editing – It’s not just a newspaper that requires an editor.  Anything where copy is present would benefit from editorial services.  A process that involves correction, condensation, organisation with the view to helping produce legible and grammatically correct text in an easy to read format.

F

Filing taxes – Anyone who received an income not covered by PAYE needs to complete a tax return.  Paper returns need to be in by the end of October and online returns by the end of January.  Failure to do so could lead you to paying a £100 fine plus £10 per day.

G

Guarantor – A guarantor of a limited company are the owners of the companies whereby the companies are limited by guarantee.  Normally these companies are set up by non-profit organisations and their members do not take any of the profit for themselves.

H

Human Resources – A function in organisations designed to maximise the performance in employees through their employer’s strategic objectives including: building teams, building an organisational culture, and helping engagement and development.

I

Interns – Not just about getting a young graduate to work for free.  These days there are rules regarding interns and most must be paid at the minimum wage, in particular if they have set hours, set responsibilities, do valuable work and you’re a private company.

J

Journalism – Gathering, processing and dissemination of news, and information related to news.   Unless you’re a large company you’re highly unlikely to have someone specifically assigned to this.   The journalist will take a press release and if doing their job properly, will go out and research to fill up the “story”.

K

KPIs – Otherwise known as Key Performance Indicators.  This data measures the success of an organisation in relation to their goals and objectives.  These KPIs should be Specific, Measurable, Agreed, Realistic, and have a Time attached to them.

L

LinkedIn – Not only for those seeking employment, LinkedIn is a great resource for developing your business presence and leads.  Establish your brand presence, connect with your audience and engage with them through content.

M

Marketing Mix – Initially thought of as the 4Ps yet with the need to cater for the increasing rise of service marketing, it is now also referred to as the 7Ps:  Price, Place, Promotion, Product and then People, Physical Evidence, and Process.   In the 1990s the 4Ps also became the 4 Cs to take account of the customer: commodity, cost, communication, and channel.

N

New Business Development – One of the fastest ways to grow your business yet potentially also one of the most time consuming.  Before attacking it, remember the purpose is to add value and to build trust whilst ultimately gaining more clients, and repeat business, in the process.

O

Office rental – Maybe not such a good idea when you’re starting out yet when the business gets to a size where it can be justified, renting office space is great for business for so many reasons.  Things to consider including parking, location, costs, appearance, flexibility of contract, whether you’ll be sharing the space or not, the facilities onsite, and whether there are any additional services.

P

Public speaking – The number one phobia above a fear of death and spiders, public speaking is surprisingly of great benefit.  It’s a great way to not only build your profile but a great way to develop leads.  There are many ways to train and practice.

Q

Quality control – A process to ensure that product quality is maintained or even improved and manufacturing errors are reduced or eliminated.  It requires an attitude that strives for perfection.  So benchmarks are created and training is given to ensure product quality is met, whilst testing is done to check for any variations.

R

Research – To better determine whether a product or service will be a success it is critical to understand not just what the competition are doing but what the customers are doing and what they want.  There are two types of research that need undertaking: primary and secondary research.

S

Strategy – You know where you are, you know where you want to be; the strategy is the plan of action designed to get you to your chosen goal.  It’s like a master plan made up of various tactics chosen to bring about a desired future.  A business is likely to have many sub-strategies that all tie in with the overall business strategy.

T

Team building – A team is rather like a jigsaw puzzle and what you would be after if you are seeking effective team building is to ensure those puzzle pieces all fit together correctly.  With a cohesive a team there is more likelihood that the morale of the team is high and ultimately productivity, standards and profit is high.

U

Upsellling – A sales technique whereby a seller encourages the customer to purchase more expensive items, upgrades or add-ons in an attempt to make a profitable business.

V

Vendor – A person or agency that sells goods or services to someone else in the supply chain.   They make up the supply chain (or distribution channel).

 

W

Wesite – It’s hard to think that only a couple of decades ago businesses were sceptical about whether to have a web presence.  Now it’s about who has the strongest brand message, a clear navigation method, and whose site loads fastest.  Websites have developed enormously and form part of the overall digital marketing strategy.

X

 

Y

Year End – The end of a companies trading year.  Traditionally businesses would start their financial year at the same time as the start of the tax year yet a business can start at any time. There are a number of factors to consider when choosing an accounting year.

Z

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