8th September 2011

Business Terms and Phrases Everyone Should Know

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Greg Canty , #Business & Personal Skills

We can prepare for the big bad world of business by studying various accounting and business books and we will learn about some very important business terms such as cash flow, net profit, key performance indicators (KPI's), profit share and equity but there is another equally important set of vocabulary that we pick up from experience and "other" business books and inspirational business leaders.

I am going to compile my own list, which is just the beginning and I will rely on you, the reader and business person to add your own nuggets of wisdom to that list..

Here goes with mine -

Win/Win- in every deal that you do it is important to make sure there is something left on the table for each party. Squeezing a supplier into the ground or charging a customer excessively is a short term and short sighted strategy.

Positive Costs(this is my own invention!) - these are any of the costs or allocation of resources that are geared towards generating business. Make sure that even in tough times you do not abandon these - sales don't just happen!

Never waste a Good Story (Fuzion motto) - if you have good news in your business make sure you shout it from the rooftops! Get this news out through your PR or your own internal communications systems such as your newsletter or social media channels.

Purple Cow(compliments of Seth Godin) - if you saw a Purple Cow you would tell people about it because it is unusual! In this busy and crowded marketplace make sure that you and your business stand out at everything opportunity - this is easier said than done and at times can feel uncomfortable. Standing out may feel risky but being a commodity is a lot more risky.

Internal PR- PR is all about reputation. This starts by doing great work for your customers.

Good to Great(compliments of Jim Collins) - good is the enemy of great. Next time and every time try your best to do a great job for your customers.

Positivity- who would you rather sit next to at a party? Someone moaning about everything or someone who has a positive outlook? Choose an outlook for you and your team that wins.

Tribes(another Seth Godin gem) - every business has a following. Everyone that has bought your products or services is hopefully a "follower" of yours. Make sure that you pro-actively capture their details on some form of database and systematically communicate with them. Build your tribe.

Willie Sutton & Social Media(mostly mine!) - the famous Irish American bank robber gave a famous quote to a journalist when asked why he kept on robbing banks - "because that's where the money was". You can apply the WillieSutton principle to social media - that's where your customers are. Learn as much as you can about Facebook, Twitter and LinkedIn and start pro-actively using the one's that your particular customers are using.

Storm the Recession- while this is a challenging period for all of us there are unique opportunities in a recession that will not occur in times of prosperity. Make sure you stay alert and open to grasp these when they come along.

Stay in the Ring - whatever happens in your industry or sector do your utmost to stay in the ring or if all else fails .... find a better ring!

Greg Canty is a partner of Fuzion