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Glossary of Business and Financial Terms

GLOSSARY L


Contract, usually in the form of a written rental agreement, giving the right to use property for a certain length of time by paying rent.

An improvement (for example redecorating) on premises.

A file or group of accounts; the "book" of final entry.

An engagement by a bank to make payment to another bank upon presentation of a given set of documents within a specified time.

A term used to describe the amount of debt in your business in relation to the amount of equity. To measure the degree of leverage in your business, use the debt to tangible net worth ratio.

The claims of creditors against the total assets; the debts of the business or money owed by the business.

Risk protection for actions for which a business is liable.

A legal partnership where some owners are allowed to assume responsibility only up to the amount invested.

Settle the accounts of business; convert into cash.

The amount for which an asset can be sold.

A term that describes how readily assets can be converted into cash.

Listing assets in the order of converting them into cash.

Money lent at interest.

The percentage of the total value of the asset being financed (such as accounts receivable, inventory or a fixed asset) for which the bank will lend you money.

A post office box operated in your name by bank, to which your customers send their payment cheques. This allows the bank to process cheques without delay.

The amounts owed which will not be payable within one year, such as mortgages and long-term loans.


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How True

No one appreciates the value of constructive criticism more thoroughly than one who's giving it.
A fool can earn money, but it takes a wise man to dispose of it to his own advantage.
Stores hire extra help for the holidays. This way, customers who don't know what they want are helped by people who don't know where it is.

"One must not always think so much about what one should do, but rather what one should be.
Our works do not ennoble us; but we must ennoble our works." ~ Meister Eckhart

The Power of Appreciation

Team work is the best tool for any business. Show some appreciation to your workers. Employee appreciation and personal thanks, whether in a small business or large corporation works magic. Every employee wants acknowledgment and personal appreciation, which is also the best way to keep them more productive, engaged, loyal and eager to contribute. Employee recognition is a powerful tool to create culture of engagement, so don't forget to offer personal thanks to your older team members. For people new in the business, experienced and older team members can provide support and guide every step of the way, if they are motivated.



Promote locally
to build long term loyalty
Add personal touch
to build trust and connection
Combine the best tools
use online and offline marketing

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