Glossary and terms like business plan - definition

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The meaning of ...


ACCC


Australian Competition and Consumer Commission.   

· General standards, guarantees, debt collection etc… www.accc.gov.au


ACTION PLAN  


 Another simple but critical business tool you should  not operate without.

  1. Key Objectives are identified (Discovery for Planning Session)
  2. SMART actions are developed for each (Action Planning Program)
  3. Action Plans are documented and Team Culture developed for delegation.     


ADVOCATOR


A person who puts a case on someone else's behalf.   A person who publicly supports or recommends a particular cause or policy.


ADJUNCT


Something added to or in addition to something bigger or more important.

An accessory, added value, optional extra.


ASIC


Australian Securities and Investments Commission   

Business registrations   www.business.gov.au  


ATO


Australian Taxation Office

Tax obligations, GST, business assistance program etc…  www.ato.gov.au 


AUDIENCE  


The potential customer base that your business may be of interest to. The Audience may or may not be 'In-market' at any given time.


BAS - Business Activity Statement


A form submitted to the Australian Taxation Office (ATO) by registered business entities to report their tax obligations, including GST, pay as you go withholding (PAYGW), pay as you go instalments (PAYGI), fringe benefits tax (FBT), wine equalisation tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as "Income Tax Withholding (ITW)," PAYGI is sometimes known as "Income Tax Instalments (ITI) 


BIG DATA


Extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions. 


BUSINESS PLAN 


A statement or illustration of the what, the who and the how of the business. Many Business Planes are documents of decaying intent. Most are paid for, filed and exhumed for the purpose of refinancing. If your Business Plan summary cannot be illustrated on a single page, the detailed version will not be of any service to the the future of the business.


BUSINESS REGISTRATION


refer ASIC



BUSINESS PLAN ON ONE PAGE


The illustrated version of the complete and detailed version of the Business Plan however on one single page only. It is not a miniature but strategically simplified version for the convenience of display and ensuring the daily observation and compliance.


BUYING CYCLE  


The buying cycle, sometimes known as the marketing or sales cycle, is a patterned process consumers and business buyers go through when contemplating a purchase 



CHANGE MANAGEMENT


 Change management is the discipline that guides how we prepare, equip and support individuals to successfully adopt change in order to drive organizational success and outcomes.

While all changes are unique and all individuals are unique, decades of research shows there are actions we can take to influence people in their individual transitions. Change management provides a structured approach for supporting the individuals in your organization to move from their own current states to their own future states.


THE CLOSE


Closing is the final step of a transaction. In sales it is used generally to mean achievement of the desired outcome, which may be an exchange of money or acquiring a signature for the intended transaction.


COMMUNITY


The audience pertaining to the market-place.


CONNECT 


To build a community of like-minded people who have common passions, problems and challenges.


CONVERSION RATE  


A percentage figure illustrating Inquiry vs. Sales. Many businesses will misinterpret the correct process for determining true Conversion Rates (the true percentage). Points to consider when determining this figure are...

  1. What criteria is applied to an inquiry? For example, is an 'Inquiry' qualified then considered an inquiry or is any incoming phone call/walk-in considered an inquiry?
  2. Is the calculation incorporating retrospective inquiry?
  3. What determines a sale and is this sale time based?
  4. Is the data capture corrupted by misunderstanding, duplication or oversight?


CONTRACTOR


 A contractor is a person or company that performs work on a contract basis as opposed to an employment . A contractor may be an individual (sole trader) or working in your own company, partnership, or trust. A contractor might even call themselves an independent contractor, sub-contractor or a 'subbie'. Contractors have different tax and super obligations to employees. As a contractor, you are running your own business. 


CONVERT  


To monetise the community through value based offers that present solutions to common problems and challenges. 


DATA


 Facts and statistics collected together for reference or analysis 



DIGITAL  


Electronic



DIGITAL MEDIA

 

Digital media are any media that are encoded in machine-readable formats. Digital media can be created, viewed, distributed, modified and preserved on digital electronics devices. 


DISCOVERY  


The period in which useful information is gathered to enable a strategic activity.


DIRECTOR DISSONANCE


If you are the Owner/Director of a business and feel this condition may apply to you, give yourself an uppercut before you ring me!


DOMAIN


COMPUTING - a distinct subset of the Internet with addresses sharing a common suffix or under the control of a particular organization or individual.


EMPLOYEE


An individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. Also called worker.
Read more: http://www.businessdictionary.com/definition/employee.html 


ENGAGE  


Approach the community with valuable content and resources and build interest around who you are and how you can help.   



FCA - Franchise Council of Australia


The Franchise Council of Australia Limited (FCA) is the peak body for the $182 billion franchise sector in Australia, representing franchisees, franchisors and service providers to the sector. 



FRANCHISEE


An individual or company that holds a franchise for the sale of goods or the operation of a service. 


FRANCHISOR


A franchisor is a person or company that grants the license to a third party for the conducting of a business under the franchisor's marks. The franchisor owns the overall rights and trademarks of the company and allows its franchisees to use these rights and trademarks to do business. 


F&B - Features and Benefits


Features tell about the product or service whereas benefits sell how the buyer will feel better from acquiring the  product or service.


GROSS PROFIT


The sales revenues minus the cost of goods sold. 


IN-MARKET  


When the Inquiry has progressed through the Discovery phase of the Buying Cycle and entered a state of readiness and preparedness to purchase.


KPI - Key Performance Indicator 




LEAD 


A source of opportunity from which a sale or transaction may result.


LEGAL SEPARATION 



LOSS 



MARGIN



MENTOR



MISSION STATEMENT



MONETORISE 



NET PROFIT


It is assumed that Net Profit means all revenues minus all expenses including the cost of goods sold, the selling, general, and administrative (SG&A) expenses, and the non-operating expenses. 


OPTIMISE


The getting of clarity as to who you serve and the value you provide those people.


PERCEIVED VALUE



R&D - Research and Development



REVENUE


 The income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover 


ROI - Return on Investment


Consider the revenue generated from the  cost of the investment. If you spent $X  on an advertising program, you should be able to answer the following questions accurately...

  1. How many sales did the program generate 'directly'?
  2. What was the average dollar value of these sales?
  3. What are the specifics of these sales?
  4. Are these sales additional to the number of sales otherwise expected?
  5. Are processes in place to conduct the necessary data capture for ROI analysis?  


SALES PLAN 

 A predetermined Selling Presentation.  All salespeople should be professional. All professional salespeople follow a Sales Plan. A Sales Plan is a strategic and preempted road map a salesperson will be following meticulously at each appointment to ...

  1. Further qualify the Inquiry
  2. Determine as to the status of the Inquiry being 'In-market' or not
  3. Identify in detail the need of this potential customer
  4. Address known Objections before they arise
  5. Present features
  6. Impress the benefits repetitively
  7. Create urgency
  8. 'Call-to-action'
  9. Close the sale
  10. Thank the Customer for their business.
  11. business and management consultant 


SEO - Search Engine Optimisation



START UP 


Conducting administrative, strategic, economic and physical activities in order to commence a business entity.


STRATEGIC PARTNER



SWOT


The collating and tabling of all identifiable Strengths,Weaknesses, Opportunities and Threats that face the business. 


TARGET MARKET



TIME MANAGEMENT



TIME MOTION STUDY



USP - Unique Selling Proposition


 Many businesses will not understand how critical a USP is to survival, competitiveness and future growth.The USP is...

  1. The 'Why' customers are going to buy from your business and NOT your competitor/the others 
  2. It is the 'Why' you are in business
  3. It is the 'What' your business can offer that your competitor/the others do not, will not and can not.

Do not let your salespeople leave the office without one! 


VALUE-ADDED

 


VISION STATEMENT



WIDGET



WWW - w.w.w. - World Wide Web



ZERO


No result,