Understand the Jargon
Ad hoc
Formed or used for specific or immediate problems or needs.
Assets
The items owned or controlled by or owed to the business.
BACS
Bank automated clearing system. A system for sending money electronically between banks.
Breach of contract
When either you or your employee breaks or ignores the terms agreed in your contract of employment.
CRM
Customer Relationship Management planning, creating and measuring meaningful relationships with potential customers.
Database
A collection of information in a defined structure so that it can be easily searched and manipulated.
Dividend
If a company has profits to share out, it can pay a dividend.
Domain name
The address of a network connection - often a web address.
EL Insurance
Employers' Liability insurance, insurance to cover claims by employees against the employer for damages caused to them while they are at work.
Employee
In law, someone employed under a ‘contract of employment’, giving them a number of statutory and contractual rights.
Encryption
The process of converting data into cipher text to prevent it from being understood by an unauthorised party.
Factoring
A flexible form of a loan, where money is advanced to you as you issue new invoices.
FTP
File Transfer Protocol the procedure used to move files from a computer onto a website server.
Incorporation
This means forming a company. Some companies have limited liability. In other words, the members of the company are not personally liable for debts the company runs up, as long as the company is run properly.
ISO 9001
Is one of a series of quality management system standards. It can help bring out the best in your organisation by enabling you to understand your processes for delivering your products/services to your customers.
Liabilities
The amount owed by the business due for repayment to somebody else.
Memorandum and Articles of Association
The documentation that sets out the company's name, the proposed location of its registered office (i.e. 'England and Wales', 'Wales' or 'Scotland') in the UK, the objects of the company, a statement regarding the liability of its members and details of its share capital.
PI Insurance
Professional Liability insurance. If you make and sell a product that is defective and those defects cause injury, loss or damage, then you are liable to pay compensation. It doesn’t matter how much care you took over the manufacture, if there is a defect in the product that causes harm, you are liable for it.
PL Insurance
Public Liability insurance. It protects you for your actions whilst at work and covers you for any damages that a member of the public may be awarded as a result of injury or damage to them or their property caused by your business.
Sectors
A large but distinct portion of a market which can be broken into smaller segments.
Self Employed
Earning or income directly from one's own business, trade or profession, rather than as a specified salary or wages from an employer.
Software
The programmes on a computer such as a word processor or accounts package.
Temporary worker
Those engaged for a short time, or to do a particular job.