This post was originally published on On Deck
Learning the language of business can feel overwhelming. There are a lot of different terms covering many different areas of business — from finance to operations. However, understanding key terms can play an important part in your success when it comes to strategy, operations and growth for small business owners. Here are some essential business terms you may want to know.
Business Terms for Strategy & Operations Benchmarking. Benchmarking is a way to test and compare your business performance against a certain standard. You can compare against things such as a competitor’s metrics, industry performance or your numbers from last year. Best practice. Best practices are methods recognized in your industry as the most efficient and effective ways to complete a business process. Adopting these practices can lead to improved performance and a competitive advantage. Board of directors. The board of directors is a group of individuals selected to oversee the activities and strategic direction of a company, organization or business. They can make major decisions, represent shareholders and ensure the company adheres to its mission and vision. Business plan. A business plan is a formal document that outlines a company’s goals, strategies, target market and financial forecasts.
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