Business

Must Know Terms for the Novice Entrepreneur

The 21st century business arena can seem like an intimidating place for a newbie, what with so many terms and acronyms that only really apply to the world of commerce. To assist you to gain a deeper understanding of the business world, here are some common terms that are used today.

  • Start-up – A term used to describe a new business and this tag would stay with the business for the first year.
  • Networking – A word that means forging connections; the more people you know, the larger your network. Of course, networking online is a great way to get your name out there and by joining the right forums and social media groups.
  • Business plan – A comprehensive plan that details every aspect of a business. This is the first step when you have a business idea and providing you have done your homework, your business plan should be self-explanatory.
  • Branding – This is the art of creating a brand name that the consumer can identify with. If you are looking to create a dynamic brand, contact a leading SEO company in Brisbane who has a great track record branding for high level clients.
  • PR – Public relations is a key aspect of every business that handles all external interaction; press releases, website & social media content, reports and announcements, are all prepared and checked by the PR department. The PR department is responsible for the company’s reputation and image.
  • 3PL –Third party logistics is a huge business sector that services many industries, including e-commerce and the retail sector. Click here for tips to create a video marketing plan.
  • Outsourcing – This is the act of contracting third party providers to carry out essential services; just about everything can be outsourced. Using such a system allows a small business to compete with larger companies.
  • SEO – Search engine optimisation is the art of boosting a website’s ranking within specific search terms. This is one of the most popular services offered by a digital marketing agency and every business needs this service if they want the online consumer to find them.
  • ROI – The return on investment is the benefit the business receives from a marketing investment. Of course, the ideal scenario is to make more profit than the cost of the initial advertising, which makes it a profitable activity. 
  • Break even point – This is when a business recoups all of its costs and anything on top of that is regarded as gross profit, which, after expenses are deducted, leaves the net profit.
  • B2B – Business to business means exactly what it says. One business doing business with another. Many companies do not sell to the public, rather they have other companies as their customers and this environment is called B2B.
  • IP – Intellectual property rights protects a person’s creation or work of art, such as a piece of music or a film. If you own the intellectual property rights to something, no one can replicate this without your permission.

If you are planning to launch a business, there is a lot to learn and with careful planning and a lot of hard work, you can enjoy a degree of success.

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