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.

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22 terms filed under T, showing 1–10 (page 1 of 3).

T

TAM, SAM and SOM

Also called Total addressable market, Market sizing

Three nested estimates of how big the opportunity is. Frequently invented, and investors know it.

Tax investigation insurance

Cover for the accountancy fees of an HMRC enquiry. Cheap, and it removes a decision.

Technical debt

Also called Tech debt, Legacy system

The accumulated cost of shortcuts taken to ship sooner. Real, and it charges interest.

Technical due diligence

Checking the technology before you buy a business, or before somebody buys yours.

Tender

Also called RFP, ITT, Bid, PQQ, Framework agreement

A formal competitive process for winning work, especially in the public sector. Rules-bound, and the rules matter more than the pitch.

Tender writing

Actually winning a tender: the parts of the process that decide it.

Term sheet

Also called Heads of terms, Letter of intent, LOI

A short summary of the deal, mostly not legally binding, which nonetheless decides almost everything.

Terms and conditions

Also called T&Cs, Terms of business, Terms of sale

The contract you are actually trading on, whether or not you wrote one.

Time management for owners

Where the owner's hours go. The scarcest resource in a small business.

Time to Pay

An arrangement with HMRC to pay tax in instalments. Available, and better used early.

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