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Business Acronyms
ACH - Automated Clearing House
BAIL Team - Banker; Accountant; Insurance Agent & Lawyer
B2B - Business-To-Business
B2C - Business-To-Consumer
B2G - Business-To-Government
BS - Balance Sheet
CMS - Content Management System
COB - Close of Business
CPL - Cost Per Lead
CRM - Customer Relationship Management
CTR - Click Through Rate
DBA - Doing Business As (Sole Proprietorship)
DSBS- Dynamic Small Business Search
DUNS # - Data Universal Numbering System (Dun & Bradstreet, needed for SAM.gov registration)
EDLF - Economic Development Loan Fund
EIDL - Economic Injury Disaster Loan Program (SBA)
EIN: Federal Employee Identification (AKA "Taxpayer ID", IRS)
GOEO - Governor's Office of Economic Opportunity
GS10KSB - Goldman Sachs 10,000 Small Businesses Program
KPI - Key Performance Indicators
LLC - Limited Liability Company
NAICS - North American Industry Classification System (US Census)
NAWBO - National Association of Women Business Owners (SL Chapter)
NSBW - National Small Business Week (SBA)
OBE - Opportunity Business Entity (SL County CO-OP)
OSBR - One Stop Business Registration (State of Utah)
OWBO - Office of Women's Business Ownership (SBA)
P&L - Profit & Loss Statement
POC - Point of Contact
PPC - Pay Per Click
PPP - Paycheck Protection Program (SBA)
R&D - Research and Development
ROI - Return on Investment
SBA - U.S. Small Business Administration
SBDC - Small Business Development Center
SBIR - Small Business Innovation Research Program
SCORE - SCORE (formerly Service Corps of Retired Executives)
SEO - Search Engine Optimization
SLCC - Salt Lake Community College
SME - Subject Matter Expert
SWOT - Strengths Weaknesses, Opportunities & Threats
UMLF - Utah Microloan Fund
WBCUtah - Women's Business Center of Utah
WeROC - Women Entrepreneurs Realizing Opportunities for Capital
WTC Utah- World Trade Center Utah
USP - Unique Selling Proposition
ROI: Return on investment (ROI) refers to all the benefits, monetary or otherwise, received from an investment.
Incentivize: Provide an incentive (a motivation) for using a product or service.
Monetize: Make money from a product or activity.
Deliverable: A product or service developed by a business.
Margin: Profit from a product or service after all expenses have been covered. Often referred to as a percentage.
Accounts Payable: A record of the money you owe to the people and businesses that helped you create your product or service.
Accounts Receivable: A record of the money that other people and businesses owe to you.
Capital: Capital often refers to money, but it can also be used to refer to everything your business owns and uses to function (e.g., equipment, vehicles, buildings, land, etc.).
Fixed Costs: Costs you must pay whether your business is doing well or not. Expenses such as utilities, rent, and employee salaries are considered fixed costs.
Variable Costs: Variable costs are expenses that fluctuate based on your volume of business. They include: Shipping, Commissions, Supplies and Hourly wages.
Gross: Gross refers to the total amount or quantity BEFORE expenses or deductions.
Net: Net refers to the amount or quantity AFTER deductions or expenses.
Benchmarking: The process by which you measure various aspects of your systems (e.g., speed, efficiency, cost, amount of product).
SWOT: SWOT is an acronym that refers to a form of analysis that examines your: Strengths, Weaknesses, Opportunities and Threats
KPI: KPI is an acronym that stands for Key Performance Indicators. KPIs are usually numbers that tell you how effective your business is in specific areas.
Metrics: Any quantifiable (countable) measurement your business uses to assess performance.
Performance Review: A performance review is a process by which a manager evaluates each member of his or her team. During the performance review, the manager provides feedback and helps the employee see how they can improve.
Scalable: Able to be changed in size.
Responsive Design: This term refers to a website that changes based on the type of device (tablet, phone, laptop, desktop) used to view it.
Core Competency: A core competency is a defining capability or advantage that distinguishes you from your competitors.
Aggressive Timeline: A timeline that is too short and doesn’t provide enough room to get everything finished.
Manage The Optics: Move the facts around in your favor.
Circle Back: We’ll get back to that if we have time.
Ballpark: Estimate something.
Think Outside The Box: Get creative.
Cash Cow: Someone or something that brings in a lot of money.
Business Terms & Definitions
B2B: B2B is short for business-to-business and describes a business transaction with another business.
B2C: Short for business-to-consumer and describes transactions with individual consumers.
B2G: Short for business-to-government and describes transactions with government entities.
Unique Selling Proposition: A specific factor that differentiates your product or service from your direct competitor (e.g., cost, quality, added use).
Niche Market: A very specific segment of a larger market.
Marketing: The action or business of promoting and selling products or services.
Market Research: The action or activity of gathering information about consumers’ needs and preferences so you can provide just the right product or service.
Market Penetration: A measure of the extent of a product’s sales volume relative to the total sales volume of all competing products.
Inbound Marketing: Digital (i.e., internet-based) marketing that includes podcasts, video, email broadcasts, social media, ebooks, and SEO.
Buyer Persona: The characteristics of your ideal buyer.
A/B Testing: Testing two versions (an A version and a B version) to see which one performs better.
Analytics: Data from a variety of sources used to inform marketing efforts.
Brand: A product, identity, or image that generates awareness and separates your business from others.
Bounce Rate: How often people visit your website and leave without clicking on anything.
CTR: Click Through Rate tells you how many people are moving through your website toward purchasing your product or service.
CMS: Short for Content Management System and refers to a program (usually software) that manages all aspects of creating digital content.
Conversion Rate: Percentage of people who take a desired action (usually on your website).
CRM: Short for Customer Relationship Management. Refers to software that helps you organize your marketing activity.
CPL: Short for Cost Per Lead and refers to the total marketing cost necessary to acquire a lead (potential buyer).
Demographics: Demographics are data points that apply to your target market, such as age, sex, income, and family status.
Digital Marketing: Marketing conducted solely on the internet.
Evergreen: Content that is valuable to a consumer regardless of when it is read.
Friction: Any aspect of your image, brand, product, or website that is hard to understand (causes friction between it and the consumer).
Infographic: Content that combines words and images to make complex information easy to understand.
PPC: Pay Per Click — advertising on the internet where you only pay when someone clicks on your ad.
SEO: Search Engine Optimization — optimizing your website so that it ranks higher on the results page of a search engine.
Sales Funnel: The entire sales process as a whole.
TOFU: Top Of The Funnel — refers to the initial stages of the sales funnel, where the consumer is looking for answers to a problem that may involve your product or service.
MOFU: Middle Of The Funnel — refers to the middle stages of the sales funnel, where your business positions itself as the solution to the consumer’s problem.
BOFU: Bottom Of The Funnel — refers to the end stages of the sales funnel, where a consumer is ready to buy.
User Experience: The total experience — from purchase and beyond — a user has with your brand.
