24 Nov PART 1: The A-Z Of Common Business Terms & Policies
Business terms and policies can be in constant flux, no matter what your industry. This means that sometimes the terms themselves become complex, confusing, or even overwhelming, over time.
That’s why we have created a clear and simple A-Z list that rounds up some of the most common business terms, policies, and strategies — especially those that are commonly misunderstood or subject to change.
Below, you will find part one, with part two to follow shortly!
The anti-bribery policy of a company lays out a clear set of rules and regulations pertaining to bribery, or even potential bribery. They are in place to ensure that employees are aware of the consequences of accepting a bribe — whether knowingly or unknowingly — while also helping to ensure that this does not happen.
B: Business Continuity
A business continuity plan is essential for times of change and disruption – whether planned or unplanned – as it outlines how a business will continue operating during such times. A plan should be in place to handle both short-term and long-term disruptions, in order to minimise losses and damage to the company.
C: Customer Care
Customer care is a broad term that refers to all aspects of customer service — from dealing with day-to-day issues, complaints, or queries, to fostering a long-term emotional connection or loyalty base within the customer demographic.
Customer care, customer service, and customer support may all refer to slightly different things (such as whether the customer is pre, mid, or post-purchase, for example) but they each relate to how a customer is treated by a business and its personnel.
D: Data Protection
Data protection refers to how a company uses, controls, and protects the sensitive data of its customers. The Data Protection Act 2018 was specifically implemented to ensure that customer data was used fairly, lawfully, and transparently by organisations. There may also be hefty fines levied on those who breach the Data Protection Act or use data irresponsibly.
E: Environmental Policy
Environmental policy refers to any measure undertaken by a business to protect – or minimise harm to – the environment. Environmentally sustainable projects, those that minimise the carbon footprint, or have an otherwise positive impact on the environment, would all come under the banner of a company’s environmental policy.
Due to the increased concerns around climate change in recent years, environmental policies have become prioritised by businesses both in terms of their internal practices, and in what they require from applicants who bid on the jobs they put out to tender.
F: First Aid
A designated individual must always be appointed to take charge of first aid in the workplace, so many workplaces aim to have as many personnel as possible trained in first aid.
This term usually refers to physical first aid, but it is also being expanded to include mental first aid and more specialised therapies, such as first aid for children or those with existing health conditions.
The General Data Protection Regulation (or GDPR) is an aspect of the Data Protection Act that outlines key data protection principles and protocols. Following the GDPR directives is an essential part of using customer data correctly and lawfully in the modern business environment, so many companies are now hiring specialist GDPR advisors to ensure that they are in full compliance.
H: Health & Safety
Occupational health and safety refers to the procedures, policies, and regulations that a company has in place to prevent accidents and injury. Businesses are legally required to comply with many health and safety regulations – these include things such as requiring a certain number of fire escapes to be available throughout a building, and having functioning fire doors installed.
I: Information Security
Information Security refers to the processes and tools used by an online network to help ensure the security of information – this helps to protect sensitive data, details, or documents, for example.
Some dangers that Information Security can protect against include data interception, modification, destruction, or inspection by unauthorised parties.
The term ‘Junior’ may be seen in job roles, in policies, or when referring to start-up businesses. It can refer to the age or size of a company, a subordinate role, or even to something that is presently being tested. The term does not mean less significant, but it may mean less tested or experienced.
That’s everything for part one; be sure to come back next week for our second and final instalment of key business terms!