Tag: Definition

What is business technology (BT)? Definition from #business #advice

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business technology (BT)

Business technology (BT) is the ever-increasing reliance on information technology by businesses of all types to handle and optimize their business processes .

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Business Continuity Planning (BCP) Definition #business #apps

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Business Continuity Planning – BCP

What is the ‘Business Continuity Planning – BCP’

The business continuity planning (BCP) is the creation of a strategy through the recognition of threats and risks facing a company, with an eye to ensure that personnel and assets are protected and able to function in the event of a disaster. Business continuity planning (BCP) involves defining potential risks, determining how those risks will affect operations, implementing safeguards and procedures designed to mitigate those risks, testing those procedures to ensure that they work, and periodically reviewing the process to make sure that it is up to date.

BREAKING DOWN ‘Business Continuity Planning – BCP’

Businesses can face a host of disasters that range from minor to catastrophic. BCP typically will help a company to continue operating in the case of many disasters, such as fires, but may not be as effective if a large portion of the population is affected, such as in the case of a disease outbreak. One example of BCP would be a finance company based in a major city backing up its computer and client files offsite, so that if something would happen to the corporate office, satellite offices would still have access to important information.





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What is Small Business CRM? Webopedia Definition #harvard #business

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small business CRM – customer relationship management

Related Terms

In CRM (customer relationship management) terminology, the phrase small business CRM is used to describe a lightweight CRM application that is designed to meet the needs of a small business.

Customer relationship management solutions provide you with the customer business data to help you provide services or products that your customers want, provide better customer service, cross-sell and up sell more effectively, close deals, retain current customers and understand who the customer is.

While the phrase customer relationship management is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.

The Difference Between Enterprise and Small Business CRM

Typically, CRM applications and software are considered enterprise applications that is an application designed for larger enterprises that would require a dedicated team to develop custom CRM modules, another team to analyze the resulting data and reports, plus an IT staff to handle costly upgrades and deployment.

Small business CRM applications differ from enterprise CRM in a number of ways including the amount of data handled by the system, IT requirements, pricing, and the tools and features of the CRM application itself.

Top 5 CRM Questions





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Business Banking Definition #business #emails

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Business Banking

What is ‘Business Banking’

Business banking is a company’s financial dealings with an institution that provides business loans, credit, savings and checking accounts specifically for companies and not for individuals. Business banking is also known as commercial banking and occurs when a bank, or division of a bank, only deals with businesses. A bank that deals mainly with individuals is generally called a retail bank, while a bank that deals with capital markets is known as an investment bank.

BREAKING DOWN ‘Business Banking’

In the past, investment banks and retail/commercial banks had to be separate entities under the Glass-Steagall Act, but changes to the law made it so a single bank can deal with business banking, retail banking and investment banking. The Glass-Steagall Act is also known as the Banking Act of 1933, and was introduced to manage speculation. Parts of the act were repealed in 1999, making it no longer illegal for an investment bank to also engage in business/commercial and retail banking.

Services Offered by Business Banks

Business banks provide a wide range of services to companies of all sizes. In addition to business checking and savings accounts, business banks offer a range of financing options and cash management solutions.

Bank Financing: Bank financing is a primary source of capital for business expansion, acquisitions and equipment purchases, or simply to meet growing operating expenses. Depending on a business’ needs, business banks can offer fixed term loans, short and long term, as well as lines of credit and asset-based loans. Banks are also a main source of equipment financing, either through fixed loans or equipment leasing. Some banks specialize in lending in certain industries, such as agriculture, construction and commercial real estate.

Cash Management: Also referred to as treasury management, cash management services help businesses achieve greater efficiency in managing the cash coming into the business, or receivables; cash going out of the business, or payables; and cash on hand, or liquidity. Utilizing the latest digital technology, business banks set up specific processes for businesses that help them streamline their cash management, resulting in lower costs and more cash on hand.

Banks provide businesses with access to Automated Clearing House (ACH) and electronic payment processing for accelerating the transfer of money in and out of the business. They also allow for the automatic movement of money from idle checking accounts into interest-bearing savings accounts, so surplus cash is put to work while the business checking account has just what it needs for the day’s payments. Businesses have access to a customized online platform that links their cash management processes to their checking and savings account for a real-time view of their cash in action.





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Captive Finance Company Definition #stock #market #update

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Captive Finance Company

What is a ‘Captive Finance Company’

A captive finance company is a subsidiary whose purpose is to provide financing to customers buying the parent company’s product. Captive finance companies can range in size from mid-sized entities to giant firms, depending on the size of the parent company. Their range of services can also vary widely, from basic card services to full-scale banking. A captive finance company can be a source of significant profits for the parent organization.

BREAKING DOWN ‘Captive Finance Company’

A captive finance company is usually wholly owned by the parent organization. The best-known examples of such companies are the giant subsidiaries of the “Big Three” automakers, and the store card operations of large retailers such as Wal-Mart, Target and Sears.

Due to the size and scale of their operations, the captive finance companies of the Big Three car manufacturers: General Motors Acceptance Corporation (GMAC), Chrysler Financial and Ford Motor Credit Company – are arguably almost as well-known as their parent companies. Note that subsequent to the bankruptcy of General Motors in 2009, GMAC underwent a name change to Ally Bank and rebranded as Ally Financial in 2010.





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What is Business Continuity and Disaster Recovery (BCDR)? Definition from #international #business #news

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Business Continuity and Disaster Recovery (BCDR)

Business Continuity and Disaster Recovery (BCDR or BC/DR) are closely related practices that describe an organization’s preparation for unforeseen risks to continued operations. The trend of combining business continuity and disaster recovery into a single term has resulted from a growing recognition that both business executives and technology executives need to be collaborating closely instead of developing plans in isolation.

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Letters from the Editor: 2016 State of Storage

Rich Castagna – the VP of Editorial, Storage – shares his candid, expert, and often very funny view on today’s storage market. In these six “Letters from the Editor,” originally featured in our monthly Storage magazine, Rich covers topics such as flash, data storage, SDS, storage hardware, data protection, convergence, and more.

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What is business continuity management (BCM)? Definition from #new #business #grants

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business continuity management (BCM)

Business continuity management (BCM) is a framework for identifying an organization’s risk of exposure to internal and external threats.

The goal of BCM is to provide the organization with the ability to effectively respond to threats such as natural disasters or data breaches and protect the business interests of the organization. BCM includes disaster recovery. business recovery, crisis management, incident management, emergency management and contingency planning .

Download this free guide

Download 9 FREE Strategic Planning Templates that your Peers Already Use

Having a clear-cut IT strategy is key establishing a competitive advantage over any competition. It can be the difference maker between a business’ success and its failure. Reach your business goals and stay organized by downloading this FREE e-guide which includes 9 templates already in use by major organizations such as NASA and Brown University.

By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.

You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy .

According to ISO 22301. a business continuity management system emphasizes the importance of:

  • Understanding continuity and preparedness needs, as well as the necessity for establishing business continuity management policy and objectives.
  • Implementing and operating controls and measures for managing an organization’s overall continuity risks.
  • Monitoring and reviewing the performance and effectiveness of the business continuity management system.
  • Continual improvement based on objective measurements.




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Turnkey Business Definition #small #business #accounting

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Turnkey Business

What is a ‘Turnkey Business’

A turnkey business is a business that is ready to use, existing in a condition that allows for immediate operation. The term “turnkey” is based on the concept of only needing to the turn the key to unlock the doors to begin operations. To be fully considered turnkey, the business must function correctly and at full capacity from when it is initially received.

BREAKING DOWN ‘Turnkey Business’

A turnkey business is an arrangement where the provider assumes responsibility for all required setup and ultimately provides the business to the new operator only upon completion of the aforementioned requirements. A turnkey business often already has a proven, successful business model and merely requires investment capital and labor.

Turnkey Business and Franchises

Often used in franchising, a firm’s high-level management plans and executes all business strategies to ensure that individuals can buy a franchise or business and start operating immediately. Most franchises are built within a specific pre-existing framework, with predetermined supply lines for the goods required to begin operations. Franchises may not have to participate in advertising decisions, as those may be governed by a larger corporate body.

The advantage of purchasing a franchise is that the business model is generally considered to be proven, resulting in a lower overall failure rate. Some corporate entities ensure that no other franchise is set up within the territory of an existing franchise, limiting internal competition.

The disadvantage of a franchise is that the nature of the operations may be highly restrictive. A franchisee may be subject to contractual obligations, such as items that can or cannot be offered, or where supplies may be purchased.

Direct Sales and Multi-Level Marketing

Direct sales and multi-level marketing (MLM) businesses, such as Mary Kay, can also be seen as turnkey businesses based on how little it takes to have them up and running. Often, a person only needs to sign up with the particular service as a consultant and pay fees for the inventory required to perform the work. A consultant is not an employee of the company; instead, the consultant functions as an independent entity. Profits are made based on the difference between the supply costs and the price at which the items are ultimately sold.

Other Turnkey Businesses

Aside from franchises, any existing business that’s already up and running successfully or a new business whose doors are ready to be opened could be considered a turnkey business. In these cases, if the business has a proven track record, the risk may be lower compared to starting a new business from scratch, and it may also provide more control over business decisions than a franchise model.

However, it may be challenging to get an accurate valuation before the business is purchased, as well as information about why the business is for sale. There are no preset methods for increasing the likelihood of success in cases where the current performance of the business is lacking in some way.





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Cash Advance Definition #new #businesses

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Cash Advance

What is a ‘Cash Advance’

A cash advance is a short-term loan from a bank or alternative lender. The term also refers to a service provided by many credit card issuers allowing cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank or other financial agency. Cash advances generally feature high interest rates or fees, but they are attractive to many borrowers as they also feature fast approval and quick funding.

BREAKING DOWN ‘Cash Advance’

Credit card cash advances typically carry a high interest rate, even higher than the credit card itself, and the interest begins to accrue immediately. In most cases, credit card cash advances do not quality for low interest rate introductory offers. On the plus side, credit card cash advances are quick and easy to obtain.

Merchant Cash Advances

Merchant cash advances refer to cash advances received by companies or merchants from banks or alternative lenders. Typically, businesses with less-than-perfect credit use cash advances to finance their activities, and in some cases, these advances are paid for with future credit card receipts or with a portion of the funds the merchant receives from sales in his online account. Rather than using a business’ credit scores, alternative lenders often survey the creditworthiness of the borrower by looking at multiple data points including how much money the merchant receives through online accounts such as PayPal.

Cash Advances and Payday Loans

In consumer lending, the phrase cash advance also refers to payday loans. Payday loans are short-term loans that typically must be repaid on the borrower’s next payday, along with a fee. Rather than taking into account the borrower’s credit score. the lender determines the amount of the loan based on the laws in the state and how much the borrower earns each paycheck. If the loan is approved, the lender hands the borrower cash if the loan is being granted in a storefront, and if the loan takes place online, the lender sends an electronic deposit to the borrower’s checking or savings account. To ensure repayment, the lender either takes a post-dated check from the borrower or has him sign an agreement for an automatic payment.

Direct Deposit Advance

Another form of cash advance is a direct deposit advance. With this lending tool, banks give their customers advances on their direct deposits. Then, when the deposit is made, the bank recoups the loan and the associated fees. In most cases, the repayment for the cash advance is taken out of the account before any other checks, charges or automatic payments are allowed to post. In 2014, after receiving numerous complaints about the fees related to their cash advances, many major banks discontinued the practice.





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Captive Finance Company Definition #starting #your #own #business

#finance companies

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Captive Finance Company

What is a ‘Captive Finance Company’

A captive finance company is a subsidiary whose purpose is to provide financing to customers buying the parent company’s product. Captive finance companies can range in size from mid-sized entities to giant firms, depending on the size of the parent company. Their range of services can also vary widely, from basic card services to full-scale banking. A captive finance company can be a source of significant profits for the parent organization.

BREAKING DOWN ‘Captive Finance Company’

A captive finance company is usually wholly owned by the parent organization. The best-known examples of such companies are the giant subsidiaries of the “Big Three” automakers, and the store card operations of large retailers such as Wal-Mart, Target and Sears.

Due to the size and scale of their operations, the captive finance companies of the Big Three car manufacturers: General Motors Acceptance Corporation (GMAC), Chrysler Financial and Ford Motor Credit Company – are arguably almost as well-known as their parent companies. Note that subsequent to the bankruptcy of General Motors in 2009, GMAC underwent a name change to Ally Bank and rebranded as Ally Financial in 2010.





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