Welcome, English learners! If you’re looking to improve your English for professional use, understanding common business terminology is key. Whether you’re working in an international company, seeking a new job, or simply wanting to follow business news, this vocabulary will significantly boost your confidence and comprehension. This article will introduce you to essential business terms, grouped by category, with clear definitions and practical examples.
1. General Business Operations
These terms describe how companies are structured and how they function day-to-day.
Head Office (or Headquarters – HQ): The main administrative office of a company.
Example: “Our company’s head office is located in New York City.”
Branch: A local office or store of a larger company.
Example: “We have opened a new branch in Berlin to serve our European customers.”
Department: A specialized section of a large organization (e.g., Marketing Department, Finance Department).
Example: “I work in the Human Resources department.”
Supply Chain: The sequence of processes involved in the production and distribution of a product.
Example: “Disruptions in the global supply chain affected our ability to get raw materials.”
Efficiency: The state of achieving maximum productivity with minimum wasted effort or expense.
Example: “We need to improve our production efficiency to reduce costs.”
Productivity: The rate at which goods are produced or work is completed, especially in relation to the amount of effort or time needed.
Example: “New software has increased the team’s productivity.”
Strategy: A plan of action designed to achieve a long-term or overall aim.
Example: “Our new business strategy focuses on expanding into online sales.”
2. Finance and Sales
These terms relate to money, how companies earn it, spend it, and sell their products.
Revenue: The total income generated by a company from its normal business operations before any expenses are deducted.
Example: “The company reported record revenue in the last quarter.”
Profit: The financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Example: “After all expenses, our net profit for the year was quite high.”
Budget: An estimate of income and expenditure for a set period of time.
Example: “We need to stick to the marketing budget for this campaign.”
Expenditure: The act of spending money.
Example: “We must control our daily expenditure to stay within budget.”
Invoice: A list of goods sent or services provided, with a statement of the sum due for these.
Example: “Please send me an invoice for the consulting services.”
Client: A person or organization using the services of a professional person or company.
Example: “We have many international clients.”
Customer: A person or organization that buys goods or services from a store or business.
Example: “Providing excellent customer service is our top priority.”
Marketing: The action or business of promoting and selling products or services, including market research and advertising.
Example: “Our new marketing campaign targets young professionals.”
Sales: The activity or business of selling products or services.
Example: “Our sales team exceeded their targets this month.”
Negotiation: Discussion aimed at reaching an agreement.
Example: “The contract negotiation took several weeks.”
3. Meetings and Communication
Effective communication is crucial in any business setting.
Agenda: A list of items to be discussed at a formal meeting.
Example: “Before the meeting, please read the agenda carefully.”
Minutes: A written record of what was said and decided at a meeting.
Example: “Sarah, could you please take the minutes for today’s meeting?”
Brainstorm: To produce an idea or way of solving a problem by holding a spontaneous group discussion.
Example: “Let’s brainstorm some new ideas for the project next Monday.”
Feedback: Information about reactions to a product, a person’s performance of a task, etc., used as a basis for improvement.
Example: “We encourage employees to give regular feedback to their managers.”
Presentation: A formal talk to an audience.
Example: “He gave an excellent presentation on the company’s financial performance.”
Deadline: The latest time or date by which something should be completed.
Example: “The deadline for submitting the report is Friday.”
Follow-up: An action or meeting that continues or reviews a previous one.
Example: “I’ll send a follow-up email with all the details from our discussion.”
4. People and Roles
Understanding the hierarchy and different roles in a company.
CEO (Chief Executive Officer): The highest-ranking executive in a company.
Example: “The CEO announced our new company vision.”
Manager: A person responsible for controlling or administering all or part of a company or organization.
Example: “My manager approved my request for a new computer.”
HR (Human Resources): The department responsible for managing employees, including hiring, training, and benefits.
Example: “Please contact HR if you have any questions about your salary.”
Colleague: A person with whom one works, especially in a profession or business.
Example: “My colleagues are always supportive and helpful.”
Team: A group of people working together towards a common goal.
Example: “Our project team meets every morning to discuss progress.”
Intern: A student or trainee who works, sometimes without pay, at a trade or profession to gain practical experience.
Example: “We have two new interns joining us for the summer.”
Stakeholder: A person with an interest or concern in something, especially a business. This can include employees, customers, investors, and the community.
Example: “We need to ensure all stakeholders are happy with the project’s outcome.”
5. Projects and Development
Terms related to planning, executing, and bringing new initiatives to life.
Project: A planned piece of work that is designed to achieve a specific aim.
Example: “The new software development is a major project for our IT department.”
Phase: A stage in a process of change or development.
Example: “We are currently in the planning phase of the new building.”
Launch: To start or introduce a new product or service to the public.
Example: “The company plans to launch its latest smartphone next month.”
Prototype: An early model or design of a product from which other versions are developed.
Example: “The engineers are testing the prototype of the new electric car.”
Rollout: The introduction of a new product or service.
Example: “The national rollout of the new broadband service will take two years.”
Scale Up: To increase the size, amount, or extent of something.
Example: “We need to scale up our production to meet demand.”
Innovation: The introduction of new things, ideas, or ways of doing something.
Example: “Our company values innovation and encourages employees to be creative.”