Business Acronyms

When you are running your own business deciphering coded correspondence is the last thing you have time for.

We’ve made it easy by developing a list of the most commonly used acronyms and their meaning so you can get back to running your own business quicker.

Software and Systems

CRM –    Customer Relationship Management

The system you use to manage and retain all your customer information.

POS –     Point Of Sale

The system you use when processing a sale and to keep track of stock

ERP –      Enterprise Recourse Planning

The system you use to store and manage data throughout your business (can sometimes be the same system as you use as your POS system)

Marketing and Sales

CPL –      Cost Per Lead

The amount you outlay for each new lead generated

SLO –      Self Liquidation Offer

The amount you write off when discounting your services or products

FEP –      Front End Product

The teaser product or service on offer prior to any upsell

B2B –      Business To Business

The exchange of services or products between two businesses

B2C –      Business To Consumer

The exchange of services or products between the business and the customer and/or client

IPO –      Initial Public Offering

Your offering to your target market

OTC –     Over The Counter

Transaction taken place and recorded/tracked through internal systems

Finance and Accounting

EBITDA – Earning before interests, taxes, depreciation and amortization

The gross profit amount

P&L –     Profit And Loss

The statement issued showing margins

Providers Of Service

ISP –       Internet Service Provider

The supplier used for your internet connection

MSRP or RRP –   Manufacturers Suggested Retail Price or Recommended Retail Price

The nominated price for on sale

Internal Planning and Operations

KPI –       Key Performance indicators

Measurable indicators to track how an individual/team and or business is preforming

SWOT – Strengths, Weakness, Opportunities and Threats

An analysis of your business’s current position within the market place

MILE –   Maximum impact little effort

Small adjustments that can be made for large returns

QC –       Quality Control

Heavily driven by your internal Policies and Procedures, QC is governed by the procedures in place that manage and track the daily internal operations