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.

500 terms, showing 251–260 (page 26 of 50).

L

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.

Lifetime value

Also called LTV, CLV, Customer lifetime value

The total profit a customer contributes over the whole time they stay with you.

Ready when you are

Have a look round the demo, start a free trial with your own service in it, or ask us the awkward question first. Whichever you pick, the people who answer are the people who built it.