Business A to Z

Every trade has words it uses without explaining. In business the cost of not knowing one is real: some of them are ordinary jargon and some of them are a decision that can take a house.

Please note: This page explains what a term means. It is general information, not legal, financial, tax or investment advice, and it does not know anything about your business. Before you sign, file or commit to anything, check it with an accountant, a solicitor, or the official guidance we link to.

Studying business? We write GCSE revision songs, and there is one for business studies. Listen to the revision playlist.

20 terms filed under L, showing 1–10 (page 1 of 2).

L

Landing page

The page an advert sends people to. One job, one action.

Lawful basis

The legal ground for processing personal data. You need one for every purpose.

Lead

Also called Enquiry, MQL, SQL, Prospect

Somebody who might buy. The word does a lot of work and means different things to different people in the same business.

Lead magnet

Something useful given away in exchange for contact details.

Lead time

How long between an order being placed and it being delivered.

Lease

Also called Commercial lease, Business tenancy

A long commitment to pay for space, usually the second-biggest fixed cost and the hardest one to get out of.

Legal expenses insurance

Cover for the cost of pursuing or defending disputes.

Letter of credit

A bank's promise to pay the exporter once documents are presented. Security, at a cost.

Licensing

Permission to sell alcohol, provide entertainment or serve late food.

Licensing your product or brand

Letting somebody else use your IP for a fee.

Something missing?

If there is a word you have been nodding along to, tell us and we will write it up. This library exists because of the questions people were too polite to ask.

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