English please not Business Jargon
Professionals in every field have their own words to describe what they do as a short cut to communication within their own expert group. Unfortunately, we often assume everyone else understands these terms. No one will own up to it of course for fear of sounding stupid. No one likes to question a term or say “Sorry, I don’t understand.”
Business is no different. These are some of the jargon terms even business people may not understand. For non business-speaking people i.e. most small businesses, this may help you to understand what that 'smarty pants' consultant or coach is telling you!
Balanced scorecard. A tool that measures financial, customer, internal business process and growth. Most small businesses do not use it, preferring to use an excel spreadsheet, which is both easier and more useful.
Cash flow forecast. An assessment and understanding of the expected cash coming into and flowing out of the organisation in specific periods. Contrary to belief, this is a mystery...