---
title: Business Terms Glossary
description: Business terminology frequently used by definition glossary.
---

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# Business Terms Glossary

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###### Thomas Richardson

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#### Helpful terminology and acronyms used by Richardson Strategy and beyond.

- **Automation**

A mechanized process which used to be a manual task; data entry, emails, form submissions, database values.

- **Bottleneck**

A process which causes a slow down or mistakes.

- **Buyer Persona**

A template of common buyers with their characteristics, budget, and position in the market. It’s encouraged to make several of these as a roadmap for sales and marketing.

- **Chatflow + ChatBot**

Website or Facebook chat window which offers an automated Menu to help leads and customers find answers to their questions.

- **Close Rate**

The amount of deals won VS deals lost in a sales pipeline. You can calculate volume and quantity.

- **(CLV) Customer Lifetime Value**

Average volume and frequency of purchases by a customer throughout their duration of business.

- **(CRM) Customer Relationship Management**

Software to centralize and automate sales, marketing, and customer service.

- **(CTR) Click Through Rate**

Percentage of impressions which click on your content.

- **(CVR) Conversion Rate**

The percentage of clicks that accomplish your goals, such as form submissions or purchases. Close rate. midsize enterprise is defined as organizations that make more than $50 million, but less than $1 billion in annual revenue

- **Enterprise**

Midsize enterprise is defined as organizations that make more than $50 million, but less than $1 billion in annual revenue.

- **(ERP) Enterprise Resource Planning**

The central database for an enterprise business using hub and spoke model, connects to CRM, accounting, project management, resource management, etc… Typically implemented after scaling to enterprise level using a CRM.

- **Escalation**

Any situation, particularly customer service, where the customer, client, or partner is unhappy with current service.

- **Flywheel**

The concept that with a robust value proposition and referral program, customers who have bought not only buy again but also generate new business, in an every spinning circle.

- **Friction**

Internal or external factors that cause problems in your business.

- **Funnel**

A marketing and sales journey which begins with awareness and ends with a sale.

- **Ideal Customer Profile**

The best fit customer from your Buyer Personas. Focus your sales and marketing efforts on targeting these customers.

- **Impressions**

The amount of times a piece of content has been seen or scrolled over.

- **(KPI) Key Performance Indicator**

Metrics that track goal achievements. Identify and set KPIs to guide your improvements of your processes.

- **Lead**

Once a prospect has been contacted and right party contact as been established, a potential customer.

- **LiveChat**

Website or Facebook chat window which allows leads and users to chat in real-time with company. (also see Chatflows)

- **(MQL) Marketing Qualified Lead**

A potential customer who is engaging with marketing content, or who is ready to start receiving marketing communications.

- **Open Rate**

The percentage of contacts that opened an email.

- **Pixel**

Google and Facebook tracking algorithm which retargets users who interact with your paid advertisements.

- **(P&L) Profit and Loss**

The calculation between revenue and expenses to determine gross and net profit margins.

- **Prospect**

A contact who has yet to be determined if they are a potential customer.

- **Protocol**

A repeatable way of handling a situation, escalation, or workflow determined by policy to ensure compliance and reduce risk.

- **(ROAS) Return on Ad Spend**

How much you have profited from your advertisement spending.

- **(ROI) Return on Investment**

How much you have profited from investing in a new team member, software, product/service line, inventory, etc…

- **Scaling**

Scaling a business means *setting the stage to enable and support growth in your company*. It means having the ability to grow without being hampered. It requires planning and the right systems, processes, and technology.

- **Small-Mid-Large Cap Corporation**

Small-cap corporations earn between $300 million and $2 billion. Mid-cap companies earn between $2 and $10 billion. Large-cap corporations earn $10 billion and greater.

- **(SMB) Small Business**

Small business is usually defined as organizations with less than $50 million in annual revenue.

- **(SQL) Sales Qualified Lead**

A potential customer who has engaged with marketing material and expressed interest in your product/service.

- **Scrum**

A framework for project management by creating a Backlog, a Sprint Backlog, and a Sprint of 2 weeks. It encourages teams to meet daily for 15 minutes to quickly review the work for the day.

- **(SOP) Standard Operating Procedure**

Process and protocol in departments which the team follows for uniform quality control.

- **Workflow**

An established and shared process, step by step, which achieves a desired result - operations, marketing, sales, customer service.

---

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###### Thomas Richardson

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