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 441–450 (page 45 of 50).

S

Supply chain

Also called Procurement, Lead time, Supplier management

Everyone you depend on to deliver what you sell, and how long each of them takes.

Sustainability in practice

Reducing environmental impact in ways that are measurable and honest.

SWOT

Also called SWOT analysis, PESTLE, Porter's five forces

A framework for organising what you know about your position. A starting point that is often mistaken for a conclusion.

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.

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