When one social group wants to exclude another social group, they often use slang words or jargon. It’s what teenagers do all the time so we have no idea what they are talking to their friends about! It is also what ‘experts’ do so you know that they know their stuff, and they can justify their fees.
I have recently been holding a series of workshops for entrepreneurs about how having a business plan can benefit your business. They were really well received but what one of the things that kept coming up was how the language of business, or business jargon, can put off people in small business.
I have sometimes noticed a ‘them’ and ‘us’ mentality; ‘us’ being the small business entrepreneurs, and ‘them’ being the big business corporate world. The perception seems to be that the corporate world speaks the language of business and this excludes small businesses, making them feel less business-like or professional.
In my work as a business coach exclusively with small businesses I have seen how limiting and disempowering this can be, so I work with clients to de-mystify the language of business. Let’s take back ownership of the business jargon and use it our advantage, after all, it really isn’t rocket science; they just want you to think it is…!
Here are the top 5 business terms and what they mean:
- Target market – the group of people who are most likely to buy your product/service.
- Marketing mix – the different activities you undertake to get customers (think advertising, social media etc)
- USP – Unique Selling Point. The thing that makes you different from your competitors.
- Growth potential – how your business is likely to grow. It might be through increasing your product range or offering your services to a yet untapped group.
- A) Direct Competitors – those selling the same or similar products/service (i.e., if you are a florist, other florists selling bespoke bouquets)
B) Indirect Competitors – those selling alternative products/services (i.e., if you are a florist then other places selling flowers/ready made bouquets)
If you need some help with business planning and want to find a way through the jargon click here to book a 30 minute free consultation.