Small Business Encyclopedia
Category: ManagementFamily Businesses
A business actively owned and/or managed by more than one member of the same family
Advisory Boards
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
A blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time
Government Contracts
Agreements that outline business transactions between companies and government entities
Benchmark
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
The assignment to others of the authority for particular functions, tasks and decisions
Exit Strategy
The planned exit of an owner from their business
Mission Statement
A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies
Trade Association
An organization that represents the interests of the member firms of an industry
Owner's Salary
The wages a business owner pays himself for work done for the business
Selling Your Business
The process of putting your business up for sale by an individual or other company
Social Responsibility
Acting with concern and sensitivity, aware of the impact of your actions on others, particularly the disadvantaged
Succession Plan
The process of planning for the day a business owner decides to step down from their leadership role
Popular Articles
Barbara Corcoran Sounds Off on NAR Settlement: 'It's a Scary Time for Real Estate Agents'
The "Shark Tank" star took to Instagram to share her thoughts on Friday's ruling.
A Side Hustle Consultant Shares the Most Lucrative Gigs Right Now
Plus, he answers the side hustle questions he gets most often from clients.
Can You Afford to Retire? Here's How Much Americans Spend Daily in Retirement
Most Americans are still retiring around age 65.
Her 'Crude Prototype' and $50 Craigslist Purchase Launched a Side Hustle That Hit $1 Million in Sales — Now the Business Generates Up to $20 Million a Year
Elle Rowley experienced a "surge of creative inspiration" after she had her first baby in 2009 — and it wasn't long before she landed on a great idea.
She Never Wanted to Start a Business, But Chronic Insomnia Was Motivation — Here's How She Achieved $20 Million in Sales and 8 Hours of Sleep a Night
Dr. Kathrin Hamm, founder and CEO of sleep-wellness company Bearaby, wanted to find a solution for her sleeplessness — and the products on the market weren't cutting it.
Target Doubles Down on Traditional Checkout Lanes
The retail giant is also limiting self-checkout lanes to 10 items or less.