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“Cost cutting…I mean cost control…uh… cost cutting.”
We’ve all been there before. You know what you want to say but the wrong words just seem to pop out of your mouth, and you wish you’d just shut up. Could be, you have too many ideas bumbling in your mind that you wish to convey to your audience. Or, it could be that you don’t know the correct term, yet still want to blurt out the ones at the top of your head. Do us all a favor, don’t use words that don’t mean what you actually want to say; it will only jeopardize your own situation. Case in point:
Imagine you’re at a meeting ready to pitch your brilliant startup idea to potential investors. Instead of gross profit margin, you forecast staggering net profit, unheard of by a startup. If your investors can’t believe in your pitch, you can say goodbye to your investment.
Admitted the glossary for business terms is huge, and I can’t claim to know them all, but there are some basic ones that business owners are expected to know right from the beginning. For example when you plan for your business should you conduct a PEST analysis or a SWOT analysis? Or both?
Or in another scenario where you want to tell your potential customers that yours is a B2C business, and instead type B2B in your email. A minor typo but it makes all the difference. It’s tricky, no doubt but not difficult to learn.
Considering the learning curve in starting a business is extremely high regardless of the years of experience you have on you, we’d like to ease the process a little by starting you off with some frequently misunderstood and used terms the business environment. These have been compiled from some credible glossary resources like Investopedia, BusinessBalls, and BPlans.
Have you ever used terms out of context? Share the experience with us!