Business Terms Glossary

What Are Obligations Incurred?

Obligations incurred are business costs or expenses that need to be paid, but wait for a time as accounts payable (in other words, bills to be paid as part of the normal course of business) instead of being paid immediately. For more on the subject, see our article on the LivePlan blog: What Is Accounts...

What Is the Corridor Principle?

The corridor principle is the principle where an entrepreneurial venture may find that it has significantly changed its focus from the initial concept of the venture as it has continually responded and adapted to its market and the desire to optimize profitability potential. For more on defining your market and target customers, check out How...

What Is Co-Branding?

Co-branding is the pairing of two manufacturer’s brand names on a single product or service. For more on branding, see our Branding Guide.

What Is Senior Corps of Retired Executives (SCORE)?

SCORE is a no-cost consulting and resources service offered through the Small Business Administration.

What Are Collection Days?

Collection days is supposed to represent the average number of days business waits, on average, between delivering an invoice and receiving payment. The formula for calculating collection days is: =(Accounts_receivable_balance*360)/(Sales_on_credit*12)

What Is a Brand?

Your company’s brand includes your business name, logo, sign, symbol, design, or a combination of all used to differentiate your goods or services from competitors. See our complete guide to small business branding for more on how to build your brand.

What Does Privately Owned Mean?

A company whose shares are not publicly traded on a stock market. Such companies usually have less restrictive reporting requirements than publicly traded companies. A company which is not owned by the government (state owned). In contrast, see the entry for a publicly traded company. Our complete guide to choosing your business structure is good...

What Is Integrated Marketing Communications?

Integrated marketing communications is the practice of blending different elements of the communication mix in mutually reinforcing ways. Check out our article on the outline for a marketing plan to help you think through your marketing efforts.

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