Business key terms

A pattern in which demand varies at different times of the year.

A repeating pattern of changes in business activity at particular times of the year.

Examining existing information that was collected for another purpose; also called desk research.

The part of the economy concerned with processing raw materials and manufacturing goods.

An asset pledged to a lender which may be taken if the borrower fails to repay a secured loan.

The process of assessing job applicants and choosing the most suitable candidate for a vacancy.

An assessment used to investigate an applicant’s skills, abilities or suitability for a job.

Working for oneself and providing goods or services to customers rather than working as an employee of another business.

Acquiring knowledge or skills independently, for example by using learning materials or practising through trial and error.

An employee who leads a business function or major area of activity, turning overall objectives into plans and overseeing teams.

An intangible product, such as hairdressing, delivery or accounting, provided for a customer.

Money raised by a limited company issuing shares to investors in exchange for part-ownership of the company.

An individual or organisation that owns shares in a company and therefore owns part of it.

The financial benefit shareholders receive from owning shares, through dividends and increases in the value of their shares.

The sale of new shares in a limited company to raise money for the company.

Choosing the applicants who best meet the job requirements to proceed to interviews or other assessments.

An amount owed by a business that must be paid soon, such as a supplier’s invoice becoming due.

A difference between the skills a business needs and the skills its existing employees possess.

A lack of workers with the knowledge or abilities needed to carry out particular tasks.

A target that is specific, measurable, achievable, relevant and time-bound.

A business whose primary purpose is to create social or environmental benefits through its activities.

Online platforms on which users and businesses create and share content and interact with others.

The use of social media platforms to communicate promotional messages, share content and interact with customers.

A target intended to benefit society, such as supporting a community or reducing environmental harm.

A business owned by one person, who controls it and keeps its profits.

A method of obtaining funds to start a business, support its day-to-day activities or finance investment and growth.

The number of employees who report directly to a particular manager.

A temporary incentive, such as a discount or buy-one-get-one-free deal, intended to encourage purchases.

Financial or other support given to an event, team or organisation in exchange for promotional exposure.

The improvement of an employee's skills, knowledge and capabilities over time, helping them perform effectively and prepare for future responsibilities.