Glossary

The following is a simple glossary of key terms used throughout KNEXT or often business terms.

If you encounter a term not defined, you can stub the term by adding it to the list.

0–9

Test - This is a test to see how content would be created for this page. I've included a hyperlink to the WCD Microsite located here to test how it works.

A

• ABC Method - method of inventory control that divides items into A, B, and C groups based on their importance to the business; most attention is then devoted to the A, or essential, items
• Absolute Net Lease - A lease in which the tenant agrees to a pay a basic rent and be responsible and separately pay for all maintenance, operating, and other expenses of the building or office
• ACA (Affordable Care Act, also know as Obamacare) - a 2010 law that expanded Medicaid eligibility, established health insurance exchanges, and prohibited health insurers from denying coverage due to pre-existing conditions
• Accounts Payable - A company liability that represents amounts due for goods or services purchased on credit.
• Accounts Receivable - Money due to a business from clients and customers; outstanding invoices
• Accrual Method - Method of accounting in which income and expenses are recorded as they occur regardless of whether or not cash has actually changed hands
• Accrued Expenses - Expenses that have been accounted for on the income statement but that have not yet been paid
• Affiliate - A company that sells another company's products or services on its site for a commission
• Alternative Dispute Resolution (ADR) - A way of resolving disputes without resorting to litigation
• Amenities - Any material goods, services, or intangible items that increase the comfort, attractiveness, desirability, and value of an office suite or building
• Americans with Disabilities Act (ADA) - law passed in the 1990 that prohibits employers with 15 or more employees from refusing to hire people with disabilities if making "reasonable accommodations" would be enable the person to perform the job
• Angel Investor - A private individual who invests money in a business
• Assemblage - the combining of two or more contiguous properties into one large property; an assemblage will often make the one large property more valuable than the separate parts
• Assessment - The determination or setting of a tax or other charge based on a building estimated value
• Asset - Tangible or intangible object of value to its owner
• Asset Acquisition - A method of buying a business in which the buyer purchases only those assets of the business he or she wants
• Asset Remarketers, Asset Remarketing Companies - Firms that work with equipment leasing companies to resell repossessed office through a network of dealers and wholesalers as well as directly to business owners
• Attornment - A lease provision that the tenant agrees, in advance, to accept and pay rent or other required payments to a new landlord or legal owner

B

• Business-to-Business Sales (B2B Sales) - Marketing your products and services to other businesses as opposed to individual consumers
• Balance Sheet - A "snapshot" of the assets, liabilities, and owner's equity of a business for a given period
• Balloon Payment - A large payment (the balloon) at the end of a lease
• Base Salary - Fixed compensation for services paid to a person on a regular basis
• Batch Counter - Feature on a letter-folding machine that prevents the machine from folding too many sheets together
• Binding Arbitration - Form of ADR in which the arbitrator's decision is legally binding
• Binding Letter of Intent - A letter of intent would be upheld in a court of law as the actual leasing space by the tenant from the landlord and by the landlord to the tenant regardless of whether an actual lease document was agreed to or signed
• Bluetooth - A short-range wireless protocol for transferring voice and data among cell phones and computing devices; most smartphones can use it, and some printers, laptops, and tablets also can connect via Bluetooth
• Bonding - A guarantee of performance required either by law or consumer demand for many businesses, typically general contractors, temporary personnel agencies, janitorial companies, and businesses with government contracts
• Bonus - A sum of money in addition to salary that's part of total compensation
• Brand Audit - Examining your brand from every angle to see how well it's working
• Brand Equity - The dollar value your brand generates over decades in the demand it drives and the customer loyalty it creates; brand equity for a very large, well-known company like Nike translates into billions of dollars
• Branding - Your company's reason for being; the synchronization of all aspects of your company that leads to consistency and creates value around your product or service
• Brandmark - The illustration that distinguishes your company; in other words, your logo
• Brand Position - How your customers view your brand in relation to the competition
• Brand Promise - How you tell customers about the most important benefit of your product or service, who in turn should be able to connect this benefit right back to your product
• Brand Strategy - A written plan for applying your brand strategically
• Broker - An insurance agent who represents many different insurance companies
• Browser - Software used for navigating the web
• Building Standard Work Letter - A list and/or detailed specifications of the construction items (both quantity and quality) that will be provided by the developed to be used in building out a tenant's office space
• Business Broker - A person who helps buy and sell businesses, similar to a real estate broker
• Business Incubator - For a small fee, business incubators provide office space, services such as answering phones, and access to equipment like copiers and fax machines; incubators also provide startup help, such as marketing and accounting assistance
• Business Interruption Insurance - Pays for the cost of repairing or rebuilding a business, as well as income lost, while the business is out of commission
• Business Opportunity - Legal definitions vary; in its simplest terms, a business opportunity is a packaged business investment that allows the buyer to begin a business
• Business Plan - A set of materials which outlines the goals of a business and the how it will go about achieving those goals. This would usually include operations, market, financing and other areas.

C

• CAP Lines - sponsored by the SBA, a collection

S

• Stub - a start to some page or definition, but incomplete and needs work to be of use to others other than to know the question, resource, or term exists.

Notes

• Small Business Association Glossary