What are the most common English Business Idioms that English students study? What are some examples of the business idioms in use so that I can learn how to use them? This list of the top Business English idioms will help you to improve your knowledge of them and help you to better understand native English speakers who commonly use these idioms:
|11th Hour||When you finish or are finishing a project or other work at the last moment.||Jack always turns in his presentations at the 11th hour but is never late.|
|24/7||Twenty-four hours a day, seven days a week or all the time.||We are open 24/7 for business.|
|A Tough Break||When things do not go as expected. Experiencing something unfortunate.||It was a tough break for her when she was denied the raise. It is her fifth year on the job and her wages have been the same for the past three years.|
|Ahead Of The Curve||Being more advanced and prepared than your competitors.||We have started our oil exploration projects in country areas so we can stay ahead of the curve and beat out the other companies.|
|Ahead Of The Pack||To be the top in your market or area of expertise.||To stay ahead of the pack, we have to be consistent and relentless so that our level of output does not fall.|
|ASAP||This is an acronym for “as soon as possible”. This is used when you want something to be completed right now or very soon.||We need to see the managing director ASAP, there are some setbacks at the site.|
|At Stake||This implies that something is bordering on a loss or is about to fail.||Several jobs were at stake when the company declared bankruptcy. Luckily Jim was not laid off.|
|Back To Square One||This indicates a situation where everything goes back to where it started. People will do this when there are multiple issues causing them to start over.||With the servers breaking down, the project was back to square one, where the admins wiped them out and re-installed the software.|
|Back To The Drawing Board||This implies having to start over again by creating a new plan because the current plan is not working.||When the client rejected all of their ideas, the team had no option but to go back to the drawing board and start anew.|
|Backroom Deal||When two or more parties arrive at an agreement without public knowledge or full disclosure. This can be legal or illegal depending on the situation.||Noticing that the contract was about to slip out of their hands, the manager decided to make a backroom deal with the client through promised future incentives.|
|Ballpark Figure||The term refers to a calculated estimate expressed in numbers. These are not used in contracts but are used in discussions to continue moving the discussion forward without the need for an absolute number.||The client has requested a quotation with a ballpark figure. If it is acceptable then we can deliver the real numbers for him to present to the rest of the company.|
|Behind Someone’s Back||It refers to the act of doing something without someone’s knowledge or permission. This is considered a bad thing to do and can result in negative results.||When the manager did not approve his proposal, he went behind his back and had human resources fulfill his request.|
|Behind The Scenes||It refers to something that is done outside of the view of most others. Typically as preparation or groundwork for the main act.||When the project was successfully completed the manager applauded his team for all their behind the scenes work.|
|Bend Over Backwards||Refers to an act of trying to accomplish something by going out of their way for someone. Doing much more than what is normally given.||Even if we were to bend over backwards for you there is still no way we can complete the project in time.|
|Big Picture||A complete understanding or a full view of something. Successful workers and leaders see things this way instead of having a narrow point of view or reference.||Our manager pays so much attention to too many unimportant details that he keeps missing the big picture of the company objectives.|
|Blue Collar||Considered by many to be a lower grade worker, or referred to as an unskilled or semi-skilled laborer, who performs manual work. This can also include skilled workers such as electricians and specialized mechanics. The term is derived from the typical color of the shirt worn by the worker.||With the night shift workers who started the strike caused a severe shortage of blue collar workers for their operations. The white collared managers and office workers did not join the strike.|
|By The Book||It refers to doing something exactly as per the rules or instructions.||He was a sincere employee who always went by the book. He never broke any rules set forth by the company.|
|Call It A Day||Means stopping work for the day. This can be done at the normal time or earlier than normal for whatever reason. At times this is done in frustration.||After repeated attempts to accomplish the task, he finally gave up and decided to call it a day.|
|Catch Someone Off Guard||Indicates doing or saying something to someone when they are least expecting it, which takes them by surprise.||I was totally caught off guard when I was chosen to lead the team. Most people thought that Jack would be given the job. My customers showed up this morning at the office unexpectedly, they caught me totally off guard.|
|Cave – To Cave In||Refers to agreeing to something or accepting defeat after a period of argument or opposing.||It took me a long time to convince the entire board about the idea, but finally they caved in and agreed.|
|Change Of Pace||Refers to departure from the regular routine of activities. This is done to break the monotony or dullness of work or life.||The company has hired a new consultant who is expected to bring a change of pace to the sales division that is lacking creativity.|
|Come Up Short||A failure to achieve the expected levels of outcome. When you do not meet your goals or deadlines.||Everybody expected that he will excel as a team leader, but he came up short and did not achieve the sales figures listed out.|
|Corner A Market||Means to fully control all or a substantial part of the market. This can lead to being able to ask for higher prices for your product or service.||Intel had practically cornered the market on processors until AMD gained a significant market share.|
|Cut Corners||To do something the easy way. Typically this results in poor service or a product that is not of high quality. There are times when it is necessary.||Our competitor’s proposal cuts corners in order to win the bid and come under budget. The customer will realize this when the solution that is delivered does not meet their expectations.|
|Cut One’s Losses||It means letting go of unproductive staff, work or other items to prevent further losses. It is typically done when failure is inevitable.||The company was not getting any new projects, so they decided to cut their losses by letting go of their bench recruits and newly leased equipment.|
|Cut-Throat||Indicates an act that is very fierce and inconsiderate. Many see this as the nature of business.||Jenny is a cut-throat salesperson who will do anything for a deal. Be careful when working with her.|
|Diamond In The Rough||It refers to a person who has exceptional potential talent or abilities, but does not properly utilize them. They are in need of further development to reach their full potential.||She has excellent operational skills, but her presentation is not the best. Tom thinks that Jenny is a diamond in the rough. That simply needs mentoring.|
|Drop The Ball||A situation where someone failed to do something or did not act in a responsible manner.||A lot was expected of him, but he had been distracted lately and dropped the ball several times.|
|Easy Come Easy Go||The expression describes the loss of something that was as easily lost as it was achieved.||He looks at the fluctuation in the company sales with an easy come, easy go attitude. He doesn’t have a definitive plan, but should make one.|
|Fifty-Fifty (Chance)||This can either mean equal division of something or indicate that something has equally weighted advantages and disadvantages.||There is a fifty-fifty chance of my promotion since I have not done anything exceptionally well this past year, but have not made the same mistakes as others have.|
|From The Ground Up||It refers to start something from scratch or from the complete beginning.||After last year’s losses, he had decided to fire his salespeople and rebuild the sales strategy and staff from the ground up.|
|Game Plan||It indicates a strategy that is drawn up after careful thought and consideration.||We need to come up with a game plan to secure the bid. Be sure to include all of the most important steps and finer details.|
|Get Back Into The Swing Of Things||Means regaining hold of an activity you had lost touch with.||He is a little rusty now, but hopefully he will soon get back into the swing of things and take on his old responsibilities and new ones when ready.|
|Get Down To Business||Indicates going straight to focussing or begin working on a task. This indicates the seriousness of your work.||The new manager doesn’t like wasting time. He likes to get down to business straightaway and expects the same from others around him.|
|Get Something Off The Ground||To make available to the public or first launch something that you have been working on. It is also used when referring to starting a new project.||We don’t have much time so we need to get the project off the ground as soon as possible. We can start with hiring new contractors.|
|Get The Ball Rolling||It indicates getting started on something.||We have been hoping to get the ball rolling on the new project for a very long time.|
|Get/Be On The Good Side Of Someone||To try to get someone to like you or to be in their favor. This is common when someone is mad at you and you want to fix the relationship.||Tony was late three days in a row. He is trying hard to get on the good side of his boss who is not happy with him at the moment.|
|Get One’s Foot In The Door||Implies that someone is engaging in an activity which they hope will bring them success in the future. Typically it is an attempt to start communicating with a company or organization.||Even though it was only an unpaid internship, he was still able to get his foot in the door. This helped him secure a long term job after the internship.|
|Give Someone A Pat On The Back||Means to appreciate someone for their efforts or for a job well done.||I got a pat on the back from the vice president of the company for setting up and streamlining the process.|
|Give A Thumbs Down||When something is rejected or not approved. It also refers to a bad rating as well.||Even after working to the best of his abilities, he still got a thumbs down for his new proposal.|
|Give The Thumbs Up||It indicates an approval of something.||We cannot start the event until we get a thumbs up from management. They typically want us to conduct events like this to bring in new customers.|
|Go Broke||Indicates a huge financial loss where in you lose all or most of your money.||After they lost their biggest client the company is on the verge of going broke. They need to start taking in a lot of sales to meet their costs.|
|Go Down The Drain||Efforts that have proven fruitless or have gone to waste.||All their work went down the drain when the client cancelled the project after poor performance from many of the consultants.|
|Go The Extra Mile||Doing more than what is generally expected. When people make a strong effort in their job or duties.||When you work with a boss who recognizes it when you go the extra mile since you feel appreciated.|
|Go Through The Roof||Exceeding expectations with a huge margin. Also, when sales, numbers or other items that are quantifiable makes extremely large gains.||With the implementation of the new strategies our sales have gone through the roof.|
|Gray Area||Used to describe something that is not clearly defined, cannot be categorized, or something that is given liberties not normally seen.||His sales cannot be fully trusted since there are several gray areas that he works in. We need to check to make sure everything he is doing is legal.|
|Ground Breaking||A new idea which is highly innovative, has a high potential, and is able to capture a large amount of market share.||The new hires have surprised us with some ground breaking ideas for finding potential customers.|
|Hands Are Tied||You have no authority over a certain situation or there is nothing that you can do about it since you are restricted for some reason.||Unless we get an approval from higher management, we cannot implement the new technology since our hands are tied.|
|Have Your /|
Someone’s Work Cut Out
|A situation when you are overloaded with work which may be difficult or close to impossible for you or someone else.||He has to get the prototype ready by the end of the week. He already has his work cut out for him.|
|Hit The Nail On The Head||It means to do something in the most accurate and efficient manner. It can also refer to when someone says something that is precise and to the point.||The company has hit the nail on the head with the adoption of the new software that increased sales by 150%.|
|Hold Your Horses||Refers to slowing down or waiting before making a move or continuing forward.||We haven’t heard back from the client about implementing the changes so we need to hold our horses until then.|
|In A Nutshell||Explaining something in a brief and simple manner.||In a nutshell, we will need something out of the ordinary to impress the new client.|
|In Full Swing||When something is in 100% motion and has fully started.||The new employees are already in full swing with the new projects. They are engaged with the customers and are doing well.|
|In The Black(opposite: In the Red)||When a company is in a profitable condition financially. It comes from the color of ink in financial ledgers being black which shows earnings.||The new marketing strategies are helping to bring in new clients. The company is now in the black.|
|In The Driver’s Seat||To be put in charge of a situation or have complete control over something.||Ever since he was put in the driver’s seat for the new project, he has been very busy, but is happy to finally be in control.|
|In The Red(opposite: In the Black)||When a company is in a position of losing money or not doing well financially. It comes from the color of ink in ledgers being black which shows earnings.||Since recession, the company has been in the red with a decreasing customer base which means less sales.|
|Jump The Gun||To start something before you should. To act in a way that is offensive to others by accusing them of something without knowing the details.||Frank jumped the gun by accusing the contractor of stealing supplies from the worksite without having proof or evidence.|
|Keep One’s Eye On The Ball||To watch something carefully or pay full attention to it to ensure success.||If you want to win the manager’s appreciation, you must always keep your eye on the ball and consider each detail of his instructions.|
|Land On Your Feet||When there is a problem or issue that is rather difficult, but you make it through it without any issues.||He is very efficient and no matter how difficult the problem is he always manages to land on his feet.|
|Last Straw||The term is used to describe a problem which can be either big or small, and the main thing is it is the final issue that causes something to fail or cause other actions.||The layoffs at the beginning of the year caused a lot of issues. However, the company’s decision to reduce salaries was the last straw which caused the workers to strike.|
|Learn The Ropes||Gain a good understanding of how a job is done. This is being done during training or mentoring by senior employees.||When the management noticed that he was quickly learning the ropes, they offered to put him on the new project.|
|Long Shot||It indicates something that is against the odds and will most likely be unsuccessful.||Winning the manager’s appreciation is a long shot, but we still have to keep trying!|
|Loophole||It is an omission or ambiguity in information or the structure of something. This can be used to the advantage of someone who is smart enough to exploit it.||He was able to win the case when he found a loophole in the contract. They did not realize that it clearly stated he did not have to pay if the product was defective.|
|Lose Ground (opposite: Gain Ground)||It indicates the weakening of a position or failing to keep up with something.||Unless we have a solid plan in place, we are going to lose ground against the competition this year as well.|
|Nine-To-Five||It refers to the general working hours in employment.||Most people are working nine-to-five jobs or even longer than the regular hours.|
|No Brainer||Refers to something, usually a decision or choice that is obvious or requires no thought.||Taking the contract was a no brainer since it was way better than the last three offers we received.|
|No Strings Attached||An act which is performed without the expectation of getting something in return.||The new policy has no strings attached unlike the first one where we owed fees that were deceptively placed in the details.|
|No Time To Lose||It refers to a high pressure situation when a tight timeline is in place or a deadline is fast approaching.||The deadline for turning in the work is next week so we have no time to lose.|
|Not Going To Fly||Means that a certain idea is not good enough to achieve the end result and will not be accepted by those who need to approve it.||The manager rejected my idea, as he thought it was not going to fly with upper management who does not want new contracts before the end of the year.|
|No-Win Situation||When there is no chance of success no matter what it is or can be done.||He has to either move to a different location and accept a position with a lower title, or quit his job. Either way it is a no-win situation for him.|
|Off The Top Of One’s Head||It indicates an impromptu response or an idea that was generated without much thought.||I don’t know how much I pay in taxes, but off the top of my head it should be about $60,000 a year.|
|On A Roll||It indicates someone is on a winning streak or has continued a series of good performances.||Meredith is on a roll, she had met her sales target each time for the last six months and has landed a new client.|
|On The Ball||Highly capable at the current task or tasks that you are working. Extremely competent at what you do.||He always manages to push his ideas through because everyone trusts him to be on the ball and able to deliver on his commitments.|
|On The Same Page||When people have a mutual agreement or understanding of something.||I will send you a confirmation email after checking the conditions to make sure we are on the same page.|
|On Top Of Something||It refers to someone having total control over something.||He is always on top of the incoming projects, finishing them well within the deadlines.|
|On Your Toes||To be prepared any upcoming situations or issues that might come your way.||When you work in a corporate role you always have to be on your toes and remain aware of your surroundings.|
|Out In The Open||Means something is of public knowledge and is no longer confidential information.||After thorough investigation, the people behind the money laundering were out in the open.|
|Out Of The Loop (opposite: In The Loop)||It means to not be included in a certain conversation or task so you lack the knowledge others have.||Even though he is a team leader nobody contacts or communicates with him so he is always out of the loop!|
|Pink Slip||When your employment has been terminated.||He tried to use a pen drive at work, which was against the policy. He is fired now with his boss giving him a pink slip.|
|Play Hardball||When someone uses tactics and pressure that are rough or considered unfriendly.||People nowadays are ready to play hardball to get ahead in their jobs even if it is unethical.|
|Put All Of One’s Eggs In One Basket||To rely on only one source to generate the intended outcome. To put a lot of importance on one particular item.||With today’s competition you have to learn several skills. You cannot just put your eggs in one basket and expect to get a job.|
|Put The Cart Before The Horse||To do one action before another necessary action has been performed. When you do things out of order.||You submitted the project without running it past the manager. You should not have put the cart before the horse.|
|Raise The Bar||Set higher standards than that was previously achieved. To raise the standards normally expected to produce better results.||By completing the project a month before the deadline, he has raised the bar for performance standards.|
|Read Between The Lines||Understanding or interpreting information that was not communicated directly or completely. The misinformation is usually presented on purpose.||Although it is not official yet, everyone can read between the lines and tell that the contract will be given to another company.|
|Red Tape||The official rules typically put in place by the government that in most cases are too strict, time consuming, and in many cases unnecessary.||My licensing application was put on hold because of the red tape that I have to go through at the local level.|
|Rock The Boat||Causing unnecessary trouble or issues that interrupt what is normally a smooth situation.||Jack tends to rock the boat when working on projects since he looks for the easy way to do things instead of following orders.|
|Round The Clock||To continue throughout the day and night.||The call center has round the clock operations and is open everyday as well except for a few holidays.|
|Run Around In Circles||Going over the same situation or problem without reaching a conclusion or solution.||Since we have all tried everything, we should rather outsource it to a specialist because we are clearly running around in circles without getting anywhere.|
|Safe Bet||When you are nearly certain that an idea will not generate a negative outcome.||Investing in their company’s stocks is a safe bet since they nearly always have a profit at the end of the quarter.|
|Same Boat||Going through a similar situation as the other person.||We are all in the same boat and none of us knows if we will have to work this weekend or not.|
|Second Nature||When something seems to be effortless for a person to do.||Sales is second nature to Jim who has been closing deals for the past 15 years. You should try to learn from him if you want to be successful.|
|See Eye To Eye||When two people look at things or a situation and are in full agreement.||Even though the contract was not clear to me and the rest of the employees, the managers saw eye-to-eye on all of the points. They were in full agreement with the changes.|
|See Something Through||To make sure a particular task or job is completed all of the way to the end.||The manager has put me in charge to see the project through to the end which is scheduled for next year.|
|Sever Ties||To end an alliance or partnership due to misunderstanding or issues that cannot be resolved. Both parties will no longer communicate or do business with each other.||After a huge disagreement both of the partners decided to sever ties with each other.|
|Shoot Something Down||Completely negating an idea or bringing an end to something.||No matter how many ideas we come up with, the manager is always shooting them down. It is hard to find something that he is pleased with.|
|Sky’s The Limit||When there are no boundaries or limitations to what can be achieved by someone, a group, or company.||She has received a performance bonus consistently for the last three years, and it seems like for her the sky’s the limit.|
|Small Talk||Casual conversation that doesn’t do any harm or good, and consists of subjects of no significant importance.||It is good to start off with small talk when you first meet a new client.|
|Smooth Sailing||Being able to reach the destination or achieve something without facing any difficulty.||Once we fired the old manager and put in place a new one the project was smooth sailing and completed on schedule.|
|Speak Of The Devil||A situation when you are talking about someone, and they suddenly arrive.||The team was busy talking about Jack who soon arrived. Speak of the devil, he always shows up when his name comes up.|
|Snail Mail||It refers to the system where mail was traditionally sent through post with physical letters.||You have to send the documents using snail mail through the post office.|
|Stand One’s Ground||When someone is firm about something that they believe in and will not back down.||Everyone tried to talk him into not leaving but he stood his ground and resigned due to the unfair policies.|
|Start Off On The Right Foot||To create a good beginning or getting started in a positive way.||We have clearly started off on the right foot by impressing the client with our first sales pitch.|
|Start Off On The Wrong Foot||Making a mistake or having a negative event happen in the beginning which creates an overall negative feeling.||We did not understand the requirements from the client which caused us to start off on the wrong foot.|
|Startup||Referring to a new business in an existing market. It could also be in a completely new industry vertical or a new market.||The group already has several businesses, but they are going to launch a startup in the healthcare sector soon with a new product.|
|State Of The Art||Something that is made using the latest techniques and technology.||Dell has a state of the art assembling facility in India that is more advanced than the ones in the US.|
|Take On New Significance||It means attaining a new level of importance or different type of stature.||The training mentoring program is taking on a new significance with each day as the ideas from the participants are expressed and shared.|
|Take Something Lying Down||Coming to terms with something that is not very appealing, but without much argument. In many cases ‘not’ is added to the front of the idiom to change the meaning.||The new banking policy isn’t fair at all, and we should not take it lying down. We can find a way to change the policy.|
|Take The Bull By The Horns||Trying to deal with a tough situation by taking control of the main or center point of the problem.||It is time we take the bull by the horns by taking over the project that is already one month late. Tim should take over management since he can handle tough situations.|
|Talk Someone Into Something||To convince someone to agree with you and your ideas. You are usually persuading someone to think differently than they did before.||Jennifer is always trying to talk me into the latest account management software. I am not sure if it is worth it, but she is very convincing.|
|Talk Someone Out Of Something||Changing someone’s mind by convincing them to not do something which they were planning on.||The manager has determined to fire him, but the entire team got together and talked him out of it.|
|The Elephant In The Room||A challenging or a problematic situation that people choose to ignore and not to talk about. The situation is typically easy to see and understand.||Everyone knows how he got the promotion through cheating and lies. However, no one dares to talk about the elephant in the room.|
|The Whole Picture||Understanding the significant parts of a situation and its end results. Being able to see all of it and how everything works together.||After we explained the whole picture to him, then he was able to come up with a solution to the problem.|
|Think Big||Making plans which might be difficult to achieve but are worth it.||Our manager always encourages us to think big so that we can achieve more than we typically do.|
|Think Outside The Box||Expanding your imagination by coming up with solutions different from the typical and traditional methods.||He always thinks outside the box and manages to get through any situation effectively through something new.|
|Throw In The Towel||It refers to the act of giving up.||He tried every other way to train the new hires about the technology they used, but it was no use and he finally threw in the towel.|
|Touch Base||Indicates that you want to get in contact with someone. In a business situation the purpose is usually to cover a specific topic but at times it can be just a general discussion.||The manager asked me to touch base with the finance team before getting started on the project.|
|Trade-Off||To give something away or do something in return to gain something else in return.||He has to trade-off his stocks to keep his pension plan and 401k for retirement.|
|Twist someone’s arm||Forcing someone to do something that they ideally didn’t want to.||He is very headstrong. There is no way you can twist his arm to get the contract.|
|Under The Table||A deal or something that is done without the knowledge of most other people.||In some countries people still pay under the table to get things done in a faster manner.|
|Up In The Air||When there is still some uncertainty about a decision that needs to be made.||We haven’t heard back from the client yet whether we are getting the project or not. It is still up in the air so please contact them to get a decision.|
|Uphill Battle||When there are several problems or obstacles in the way of achieving something making it extremely hard to finish or solve.||He has been trying to run the code for several days now, but it seems like an uphill battle due to all of the bugs that are not getting fixed.|
|Upper Hand||When you are in a position of advantage over someone.||He already has an upper hand over the competition due to having a contract with the company already. This is one of the reasons why he will probably win the contract.|
|Water Under The Bridge||Something that has already taken place and can not be changed. It is typically something negative that people want to forget about.||There is nothing more that we can do to recover from the current situation. This issue is simply water under the bridge and not worth discussing.|
|Wear Your Heart On Your Sleeve||When someone displays their feelings openly. It is easy to see how the person is feeling.||He is one of those people who wears their heart on their sleeve. To me that doesn’t sound like a good person to work with.|
|White Collar(Opposite: Blue Collar)||When someone is working in an office job, management, or as an executive.||His father always made sure to provide him everything needed to support his education so that he could get a white collar job.|
|Whole Nine Yards||Giving or doing everything needed.||They do the installation, training and also provide support. They perform the whole nine yards so there is no need for any other contractor or supplier.|
|Win-Win Situation||It is a situation where everyone stands to gain something from it, and no one incurs any loss.||The merger is a win-win for both the companies leading to higher stock prices.|
|Word Of Mouth||Refers to information being person to person. This is done verbally and also through social media.||I heard about the new restaurant through word of mouth from my sister who heard about it from her boss.|
|Writing On The Wall||It refers to clues pointing out something which is apparent and easy to understand.||The sudden dip in the stocks of the company was the writing on the wall which led to massive layoffs.|
|Yes Man||Someone who always agrees to everything that he is told. These are people that are seen as not having their own opinion and are typically not desirable.||It is not always healthy to be a yes man by constantly agreeing to everything your boss says. He probably would like some feedback and pushback from time to time.|
|You Can’t Have Your Cake And Eat It Too||Means that one cannot have something both ways, and they have to give up one of the options.||You cannot get a promotion and not have to take on more responsibilities. Keep in mind that you cannot have your cake and eat it too.|
|Your Guess Is As Good As Mine||When none of the people involved have any idea about the something being discussed.||Nobody knows what to expect with the new client. Your guess is as good as mine so let’s see what happens.|
|Zero Tolerance||Someone or something is not going to accept even the slightest change from the original plan or order of things.||The company has a zero tolerance policy when it comes to workplace harassment.|
Business Collocations and Common Terms
What are some of the common business collocations and terms? How can I use these effectively to ensure that I sound capable when speaking with native English speakers? Take a look at the list of terms and check back since we will continue to add to this list.
- Time Management – the art of effectively using time in the most effective manner at work for yourself and your employees.
Example: Time management is a key skill for successful managers.
- Top-Down Management – an autocratic style whereby decisions are made at the top and passed down through the ranks.
Example: The practice of top-down management has meant that the company is less responsive than it should be to market changes.
- Bottom-up management – a management style which allows ideas to rise up through the organization, and where responsibility is devolved or given to the lowest possible level.
Example: In a company with bottom-up management, there is more opportunity for people to use their talents for the maximum benefit of the company.
- Management style – the way in which the tasks of management are carried out. There are multiple styles that are used based on the situation and the company.
Example: It is common for the management style of a company to have a big influence on the way it performs.
- Management by objectives – a management system which has very clear and measurable objectives are set and management performance is measured against these objectives.
Example: Management by objectives makes it very easy to understand if a particular manager is effective in their job.
- Management by walking about(MBWA) – an informal management method which focuses on collecting information from all parts of an organization, in order to feed back real and unscreened information into the decision making process.
Example: As a business matures, management by walking about can bring fresh new ideas which would otherwise be overlooked.
- Management culture – the style of management which prevails in an organization.
Example: Many start-ups have a management culture which appears quite chaotic due to the high intelligence and independent spirit of the average employee in those types of companies.
- Managing Director – the person in a company who is in charge of day to day functions. This is the most senior manager and is a common term used in UK corporations.
Example: The Managing Director wants to see you in her office right now!
- Chief Executive Officer(CEO) – another term for Managing Director that is used in US companies to denote the top person running the company.
Example: The board of directors has decided to appoint a new Chief Executive Officer.
- Board of Directors – a group of people who represent the owners and stakeholders of the company, and in many cases is the ultimate authority within a company. These may include shareholders, union representatives, clients and users (often found in the case of utility companies) and senior management of the company itself.
Example: The Board of Directors will meet to make an important decision tomorrow which will decide the fate of the sales staff.
- Departmental Head – the most senior manager in a department who heads it up and is responsible for that department’s function.
Example: The Departmental Head of Marketing takes a special interest in consumer research in order to increase the reach of their advertisements.
- Shareholders – people or organizations having a financial interest in a company by means of owning shares of stock in that company.
Example: The shareholders are extremely angry that profits have taken a dive this year which has driven down the price of the stocks they own.
- Operations Department – the function within a company that monitors and controls the overall production of goods or management of services. These are separate from other departments such as sales and marketing.
Example: The Operations Department is considering purchasing new and more efficient packaging equipment.
- Marketing Department – the department in an organization which is responsible for communicating the attributes of products and services to the consumer in such a way as to persuade them to make a purchase. In some companies, they combine this department with the sales department.
Example: The Marketing Department is trying a new promotion by advertising on YouTube and Facebook.
- Sales Department – the department that typically runs the sales force and is responsible for the process of selling goods and services to the consumer or other companies.
Example: The Sales Department has done a great job this year by increasing sales this year while continuing to open up new markets.
- Information Technology(I.T.) Department – the IT department is responsible for communications, cyber security, the company networks, hardware, software, and data.
Example: Our Information Technology department is working on a new network that will be available on the internet with the proper login for each employee.
- Human Resources – the department which manages the people in an organization along with the hiring process. They also ensure that employment regulations are adhered to.
Example: The Human Resources department is currently conducting a review of pay scales to ensure that they can attract top talent.
- Financial management – the function within a company that looks after generating income through cash inflows along with money being spent through outflows. They also look after company assets as well.
Example: The financial management of most companies is concerned with costs, cash flow, profits, and investment.
- Corporate branding – the process of creating a recognizable identity for a company by means of logos, slogans, brand names, colors, uniforms, and other details such as the typefaces used in marketing.
Example: A company such as Apple spends a great amount of time and detail focused on corporate branding which makes their logo strong and instantly recognizable.
- Advertising campaign – a specific and generally time limited program designed to communicate sales messages for a product, brand or company.
Example: We need an advertising campaign to improve sales of our traditional line of cakes.
- Factors of production – those things which are required to produce the goods a company makes.
Example: One of our most important factors of production is our continuous supply of quality raw materials.
- Raw materials – the basic materials from which products are made.
Example: Our cakes are so good because we use nothing but the finest raw materials such as organic butter, free-range eggs, all natural sugar and non-GMO flour.
- Due diligence – the process of detailed inquiry into the affairs of a company, its assets and liabilities, and past performance. This typically happens prior to selling or making a large investment in a company.
Example: We undertook due diligence and are satisfied that this will be a great acquisition for our company.
- Intangible Products or Services – these are things that the customer cannot see or are physically available. These are typically services such as insurance and products like an online video or music service such as Spotify.
Example: Our intangible services include insurance and advice on how to use our products.
- Profit objective – this the profit which a company is trying to achieve for a certain period of time.
Example: We could improve our profit objective for this year by decreasing our costs and selling into new markets.
- Catastrophic loss – a loss which is so serious that it could mean the end of the company or at least a big setback.
Example: We had a catastrophic loss when we released a defective product into the market.
- Organizational chart – A visual depiction of how the employees of an organization relate to each other.
Example: Our organizational chart shows that some of our managers have too many people reporting to them, and some have too few.
- Planning Department – the department in a company which helps other departments to help layout the needs for future projects and needs within the various parts of the company.
Example: The Planning Department is in the final stages of the creation of an entirely new range of products.
- Management training – typically managed by the Human Resources department to develop and train the managers of the company. This is critical since the management makes an impact on the employees which are key to most companies.
Example: We will conduct a management training workshop for senior managers to improve their skills in dealing with new employees.
- Critical Path Analysis – a technique by which a project is mapped by showing the dependencies that the most vital functions and people have on the success of the project.
Example: The critical path analysis shows that we are unable to proceed until the contractors finish their portion of the project.
- Chain of Command – the management structure which enables information, instructions, and responsibility to move between different levels of authority in an orderly fashion.
Example: The chain of command in our company is structured in a way that makes the sales organization in the lead when it comes to new ideas and procedures.
- Corporate Ethics – the moral foundation of an organization. There are written rules that are part of the organization and in some organizations, there are additional unwritten rules for organizations such as sales and marketing.
Example: I prefer to buy from a company which has good corporate ethics. For example, one which devotes part of its profits to worthy causes and which treats its employees fairly.
- Fixed Assets – assets that are needed for long-term use and are highly unlikely to be sold off and instead are used as the foundations for production. These are items like land, buildings, vehicles, and factory equipment.
Example: Our fixed assets are a major line item on our balance sheet and can be used as collateral for a new loan.
- Fixed costs – costs which must be paid regardless of the volume of production, such as insurance, salaries, leases on equipment and subscriptions.
Example: Our fixed costs are much too high so we need to find a way to reduce them or cut some of them out of the budget completely.
- Balance sheet – the financial statement of a company showing the sources of its income, expenses, and either a profit or loss.
Example: The balance sheet shows that the company is in very good financial health.
- Bottom line – a common term with two main meanings. It can mean the profit or loss a company is making, and it can also mean the ultimate position or conclusion.
Example: The bottom line of the company is looking very healthy indeed. The bottom line is, if I do not get a salary increase, then I will have to think about looking for a new job!
- Profit motive – the motivation of a company, leading them to operate in a manner that maximizes their profits. It is at the core of modern-day corporations.
Example: It is clear that in this organization the profit motive is more important than welfare if the employees.
- Customer service – the function of the company assigned to take care of the customer. Aspects of this organization include such things as dealing with complaints, user-friendly instructions, and after sales service.
Example: Our company prides itself in giving great customer service and as a result, we get a lot of repeat business and have a high level of customer loyalty.
- Competitive advantage – the attributes and functions of a company or product they make which make the company able to perform better than its competitors.
Example: Our street locations and top sales staff give us a tremendous competitive advantage in small and medium sized communities.
- State of the art – the most up to date, leading edge ways of performing tasks. This also includes having the latest up to date equipment and tools.
Example: Our state of the art production facility lowers the cost of production and gives us the ability to lower our prices and undercut our competitors.
- Economies of scale – as the increased level of production goes up, there is a savings in the cost per unit due to the higher volume.
Example: Once our factory was at full production we saw the economies of scale in action and enjoyed the increase in profits.
- Hostile takeover – an attempt to buy a company which is resisted by the company trying to be taken over.
Example: The board of directors called an emergency meeting to discuss the hostile takeover by one of our major competitors.
- Just in time – a stock and resources control system which means that you do not have to carry inventory because the resources needed are available at the right or perfect time.
Example: Since we began using just in time we have decreased our inventory and warehouse costs associated with having a large stockpile of spare parts and materials.
- The Pareto Principle – a well-known observation that 20% of any input results in 80% of the result. This is often called the 80/20 rule.
Example: 80% of our profitability comes from just 20% of our customer base, which is a classic example of the Pareto Principle.
- The Peter Principle – the observation that people are promoted to their maximum level of incompetence to where they can no longer be promoted due to this.
Example: Tim is a perfect example of The Peter Principle since he has not been promoted in years and seems to be behind with his tasks all of the time.
- Big Data – The collection and analysis of huge amounts of data in the hopes that it will show how to better run an organization, sell to customers and other aspects of the company to help it run more effectively.
Example: The IT department has a big data initiative that will help the sales department to better forecast the monthly sales while also serving to better understand what type of customers to target.
- The Internet of Things(IoT) – the connectivity of domestic items which can be controlled through the internet. Most businesses are preparing themselves as this is an ever increasing market.
Example: Our air conditioners and heaters are now part of the internet of things since they are hooked up to the internet to better control the temperature in the office.
- SWOT Analysis – analyzing an organization or situation by looking at Strengths, Weaknesses, Opportunities and Threats.
Example: We’ve conducted a SWOT analysis of the company which has revealed an issue with the production of our top products.