Entering the world of business can be a steep learning curve. Not only do you have to learn to walk the walk, but you also have to learn to talk the talk. There will be lots of new terms that you will stumble across – many of which are acronyms (sequences of letters similar to USA, LOL or ATM). Here are some of the most popular business acronyms defined.
Business-To-Business. A B2B company is one that sells products or services to other businesses, instead of general consumers. For instance, a company that sells office furniture would be a B2B company.
Business-To-Consumer. A BTC company sells products and services to general consumers as opposed to other businesses. For instance, a company that sells home furniture would be B2C.
Customer Relationship Management. This is a term given to the process of recording and improving relationships with customers. Many retail companies develop a CRM strategy so that they can record which products customers are buying, allowing them to recommend future products based on their preferences. CRM software is commonly used to record and analyse this data.
End of Day. This is an acronym that you may stumble across in emails. An example might be: ‘please send me the completed project by EOD Thursday’. The end of the day may depend on the company working hours, but usually refers to 5pm.
For Your Information. This is another acronym commonly used in emails. It’s usually accompanied with information that is important but may not necessarily require further action. For instance, an employer may share some data with employees and may title the email ‘FYI’.
Human Resources. This is the department in a business suitable for all things employee-related. HR duties commonly involve recruiting new employees, training employees, creating rotas, handling the payroll and potentially firing employees.
Out of Office. This is commonly found in emails and tells the recipient that they are not in the office at that time and are therefore unable to reply to emails. Some people may have an automatic OOO response email that is sent out whenever someone tries to contact them when they are not in the office.
Search Engine Optimisation. This is a marketing strategy that involves boosting a web page’s rankings on a search engine such as Google or Bing. There are lots of individual tactics used in SEO including use of hyperlinks and keywords. Most companies hire an SEO company to help improve their rankings.
Return on Investment. This is the amount of money you are likely to make back after investing in something – this determines if it’s a worthy investment or not. For instance, if you install solar panels on your office roof, the ROI would be the amount of money you save in future electricity bills.
Unique Selling Proposition. Your USP is the individual quality that makes your business stand out from the crowd. For example, the USP of Starbucks is premium coffee.