Small Business Encyclopedia

Category: Management

Family Businesses

Definition: A business actively owned and/or managed by more than one member of the same family

Advisory Boards

Definition: A group of individuals who've been selected to help advise a business owner regarding any number of business issues, including marketing, sales, financing, expansion and so on; a body that advises the board of directors and management of a corporation but does not have authority to vote on corporate matters

Corporate Culture

Definition: A blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time

Government Contracts

Definition: Agreements that outline business transactions between companies and government entities

Benchmark

Definition: A standard or point of reference in measuring or judging the current value or success of your company in order to determine your future business plans

Delegation

Definition: The assignment to others of the authority for particular functions, tasks and decisions

Exit Strategy

Definition: The planned exit of an owner from their business

Mission Statement

Definition: A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies

Trade Association

Definition: An organization that represents the interests of the member firms of an industry

Owner's Salary

Definition: The wages a business owner pays himself for work done for the business

Selling Your Business

Definition: The process of putting your business up for sale by an individual or other company

Social Responsibility

Definition: Acting with concern and sensitivity, aware of the impact of your actions on others, particularly the disadvantaged

Succession Plan

Definition: The process of planning for the day a business owner decides to step down from their leadership role

Free Business Tools

Forms

Forms

Download and customize these free forms:

Partnership Agreement

Cashflow Worksheet

Employment Application

Calculators

Calculators

Evaluate and analyze your financials:

Cash Flow

Starting Costs

Discounted Cash Flow

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About Encyclopedia

No matter what business topic you're interested in, you'll find our category list is an easy way to navigate our small-business encyclopedia. From Accounting and Advertising to Location and Operations, every topic offers information on the terms that matter most. And if you can't find what you need here, our "Terms A - Z" list makes tracking down terms a snap.