Restaurant Websites: 19 Attractive & Effective Examples
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Business terms can be confusing. To help you get familiar with this specialized language, the management experts at Sling have created a list of the 70 business terms every manager needs to know.
Return on investment (ROI) refers to all the benefits — monetary or otherwise — received from an investment.
Provide an incentive (a motivation) for using a product or service.
Make money from a product or activity.
A product or service developed by a business.
Profit from a product or service after all expenses have been covered. Often referred to as a percentage.
A record of the money you owe to the people and businesses that helped you create your product or service.
A record of the money that other people and businesses owe to you.
Capital often refers to money, but it can also be used to refer to everything your business owns and uses to function (e.g., equipment, vehicles, buildings, land, etc.).
Costs you must pay whether your business is doing well or not. Expenses such as utilities, rent, and employee salaries are considered fixed costs.
Variable costs are expenses that fluctuate based on your volume of business. They include:
Gross refers to the total amount or quantity BEFORE deductions or expenses.
Net refers to the amount or quantity AFTER deductions or expenses.
The process by which you measure various aspects of your systems (e.g., speed, efficiency, cost, amount of product).
SWOT is an acronym that refers to a form of analysis that examines your:
KPI is an acronym that stands for Key Performance Indicators. KPIs are usually numbers that tell you how effective your business is in a specific area.
Any quantifiable (countable) measurement your business uses to assess performance.
A performance review is a process by which a manager evaluates each member of his or her team. During the performance review, the manager provides feedback and helps the employee see how they can improve.
Short for research and development.
B2B is short for business-to-business and describes a business transaction with another business.
Short for business-to-consumer and describes transactions with individual consumers.
Short for business-to-government and describes transactions with government entities.
Able to be changed in size.
This term refers to a website that changes based on the type of device (tablet, phone, laptop, desktop) used to view it.
A core competency is a defining capability or advantage that distinguishes you from your competitors.
A specific factor that differentiates your product or service from your direct competitor (e.g., cost, quality, added use).
A very specific segment of a larger market.
The action or business of promoting and selling products or services.
The action or activity of gathering information about consumers’ needs and preferences so you can provide just the right product or service.
A measure of the extent of a product’s sales volume relative to the total sales volume of all competing products.
Digital (i.e., internet-based) marketing that includes podcasts, video, email broadcasts, social media, ebooks, and SEO.
The characteristics of your ideal buyer.
Testing two versions (an A version and a B version) to see which one performs better.
Data from a variety of sources used to inform marketing efforts.
A product, identity, or image that generates awareness and separates your business from others.
How often people visit your website and leave without clicking on anything.
Click Through Rate tells you how many people are moving through your website toward purchasing your product or service.
Short for Content Management System and refers to a program (usually software) that manages all aspects of creating digital content.
Percentage of people who take a desired action (usually on your website).
Short for Customer Relationship Management. Refers to software that helps you organize your marketing activity.
Short for Cost Per Lead and refers to the total marketing cost necessary to acquire a lead (potential buyer).
Demographics are data points that apply to your target market, such as age, sex, income, and family status.
Marketing conducted solely on the internet.
Content that is valuable to a consumer regardless of when it is read.
Any aspect of your image, brand, product, or website that is hard to understand (causes friction between it and the consumer).
Content that combines words and images to make complex information easy to understand.
Pay Per Click — advertising on the internet where you only pay when someone clicks on your ad.
Search Engine Optimization — optimizing your website so that it ranks higher on the results page of a search engine.
The entire sales process as a whole.
Top Of The Funnel — refers to the initial stages of the sales funnel, where the consumer is looking for answers to a problem that may involve your product or service.
Middle Of The Funnel — refers to the middle stages of the sales funnel, where your business positions itself as the solution to the consumer’s problem.
Bottom Of The Funnel — refers to the end stages of the sales funnel, where a consumer is ready to buy.
The total experience — from purchase and beyond — a user has with your brand.
Take an idea and investigate it further.
Include in the discussion.
Work at something all the time to the exclusion of everything else.
Take the initiative.
We’re not discussing that right now.
Used to refer to a simple task.
Step up your efforts.
A timeline that is too short and doesn’t provide enough room to get everything finished.
Football metaphor that means you’re close to the end and you need to put everything you have into reaching completion.
Move the facts around in your favor.
We’ll get back to that if we have time.
Come up with some new ideas.
Not enough people working on a task.
Mundane organization and project issues.
Fire a large group of people.
Do things differently.
Someone or something that brings in a lot of money.
For more free resources to help you manage your business better, organize and schedule your team, and track and calculate labor costs, visit GetSling.com today.
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This content is for informational purposes and is not intended as legal, tax, HR, or any other professional advice. Please contact an attorney or other professional for specific advice.