Business Vocabulary I

The verb to organize means to arrange something in an orderly way (such as reports or products) or to plan for a certain function (such as business meetings or events).

The noun guidance comes from the verb to guide, which means to direct or lead the way. Therefore, guidance refers to the act of giving direction or help.

In business law, the noun clause refers to a statement or term in the contract.

The phrase null and void refers to a contract or clause that’s invalid, non-binding or which has no legal force. Sample sentence:

Our lease will become null and void in 30 days if we don’t renew it now.

The noun competitor refers to another business that is trying to perform better than your business and others in the same market. You can also refer to all of your competitors as the competition.

The noun invoice refers to an itemized bill showing the list of goods sold or services provided, their prices and the total amount to be paid.

A counter offer is an offer you make in response to an offer made by another party. If you’re unhappy with an offer someone has made to you, you may make a counter offer.

The noun trademark refers to an officially registered name, symbol or logo used to represent a product or firm. Trademark can also be used as a verb.

The noun consensus refers to an idea or opinion that’s been agreed on by everyone. Sample sentence:

After a four-hour meeting, the committee still couldn’t come to a consensus, so they’ll be meeting again next week.

Public relations refers to the activities used to promote and create a good public image of your company so that people will view it in a positive way. It’s also common to use the abbreviation PR.

The noun agenda refers to a list of things to be discussed or done at a meeting or business event. Sample sentence:

Are you sure we can cover everything on today’s agenda in 2 hours?

Visual aids are things like charts, pictures, maps, etc. that make it easier for your audience to understand something. You commonly use visual aids if you’re giving a presentation or when you’re in a meeting.

After-sales service refers to the service, such as maintenance and repairs, that you continue to provide after your customer buys your product or service.

The noun strategy in business refers to a plan that’s been carefully put together to achieve a certain goal.

The noun estimate refers to a general idea about the value, size or cost of something based on a rough calculation. Estimate can also be used as a verb, but the pronunciation is a bit different.

The noun equipment is used to talk about a set of tools or devices you need for a special purpose. For instance, office equipment may include photocopiers, cabinets, etc.

The noun branch refers to the local office or shop of a company. Sample sentence:

Our bank will be opening many new branches in smaller cities next year.

The phrase dress code refers to a set of company rules about what clothing may and may not be worn at work.

The verb to guarantee means to make an assurance, usually in written form, of the quality of your product or service.

The phrase market research refers to the research you do to collect information about what your customers need or prefer in a certain product or service.

The noun authorization comes from the verb to authorize, which means to give someone the legal or official approval to do something. Authorization refers to the approval itself.

The noun penalty refers to an official punishment, usually through a fine or other payment, for breaking a contract. Sample sentence:

If you don’t pay your suppliers on time, there will be a penalty of 15%.

The noun headquarters refers to the head office where a company is controlled or managed from. It can be used with a singular or plural verb.

The noun commercial refers to a paid advertisement on radio or TV.