Since learning basic business terms is pivotal to improving your business acumen, I am going to walk you through the basic business terms in easy-to-understand ways.
1. Back to the drawing board
This expression means to start something again from the beginning because it’s not working as you would have liked or expected. Example: This project is not going as planned, let’s get back to the drawing board and fix what’s going wrong.
2. To corner the market
To control enough quantity of a product or service that enables one to then change the market price willingly. It can also mean to be the only one making or providing a given product or service. Example: Intel has pretty much cornered the market of microprocessors for servers. Their direct competition, AMD, is a distant second.
3. Hands are tied
When you are unable to carry out any meaningful action because of regulations, rules or other people with authority. Example: I wish I could help you cut through all this red tape (another business idiom meaning administrative procedures) but my hands are tied. My boss won’t let me.
4. A learning curve
The process of learning, usually from trial and error. We often say that there can be a steep learning curve, which means that one has to learn things quickly to meet the requirements of a specific job. Example: There was a steep learning curve when I started out trading stock options, but I now feel like I’m finally getting the hang of it (another idiom which means to master something).
5. The bottom line
Usually referring to the final profit margin of a business when all expenses have been paid. Example: At the end of the day, what shareholders care about is the bottom line which will determine the dividends they take home every year.
6. To get down to business
To start getting serious about something. Example: We’ve wasted enough time debating on the official launch date. Let’s get down to business now, we have work to do.
7. To get someone up to speed
To update someone on the current situation or to give them all the necessary information to allow them to complete their task or fulfil their mission. Example: Why don’t you come to the office and I’ll take the time to get you up to speed before we go to the meeting.
8. Up in the air
When things are highly uncertain when a decision has not been made yet. Example: We were hoping to sign the contract by the end of the month, but there are still too many things up in the air we need to deal with first.
9. To learn the ropes
To learn the basics of a profession, a specific task or activity. Example: It took her a while to learn the ropes, but now she is confident and we feel that we can count on her to manage her client portfolio effectively.
10. Touch base
To touch base with someone means that you will contact them.
Example: I will finish the project I am currently working on and then we can touch base later in the week.
These are just a few examples of the countless colourful expressions you can use to enrich your speech and start mastering the English language like a native. If you’re serious about progressing, then you should explore the numerous possibilities out there that’ll help you reach the level of proficiency necessary to excel in the modern business world. Feel free to reach me for help and good luck! 😊
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