Category: Glossary

What Is a Startup? A startup is a young company with big dreams! 🌟 It’s typically a business that’s just beginning its journey, aiming to solve a problem in a new way or shake up an existing market. Key characteristics of startups include: Innovation-focused Rapid growth potential Scalable business model Often tech-oriented Usually seeking funding…

Inventory is everything a business has on hand to sell or use in making products. Think of it as your business’s “stuff” – all the goods, materials, and products you need to keep your operation running! 🏭 It includes: Items ready for sale Materials used in production Work-in-progress goods Supplies for operations 👆 By the…

What is Retention Rate? Retention rate is the percentage of customers who stick around over a specific period. It tells you: How many customers stay loyal How well you’re maintaining relationships The effectiveness of your customer success efforts The health of your business 👆 By the way, an interesting fact: Studies show that increasing customer…

What is Customer Support? Customer support is like being a problem-solving superhero for your customers! 🦸‍♂️ It’s the team that jumps in when customers need help, have questions, or run into issues. Think of them as your company’s emergency response team. Customer support typically includes: Answering customer questions Solving technical problems Handling complaints Processing returns…

What is Customer Experience? Customer Experience (CX) is every single interaction a customer has with your brand – from browsing your website to using your product and talking to support. It’s like a customer’s journey map, but with feelings! 🗺️ Think of it this way: First impressions (website, ads, store layout) Shopping experience (buying process,…

What is Customer Onboarding? It’s the process of getting customers familiar with your products or services and helping them achieve their first “wow” moment. Think of it as teaching someone to ride a bike – you guide them until they can pedal confidently on their own. In business terms, customer onboarding includes: Welcome sequences Product…

What is a Stakeholder? A stakeholder is anyone who has a “stake” in how a business performs – basically, anyone who’s affected by or can affect a company’s actions. 👥 Think of it like this: if a company were a movie, stakeholders would be everyone from the actors and directors (employees and managers) to the…

What Is E-commerce? E-commerce (electronic commerce) is buying and selling products or services over the internet. It’s like a digital marketplace where businesses and customers meet to conduct transactions online. 👆 By the way, an interesting fact: The first e-commerce transaction was a pizza order from Pizza Hut in 1994! Now, global e-commerce sales exceed…

What Are Upsell and Cross-Sell? Upselling: Encouraging customers to buy a more expensive version or upgrade of what they’re already buying. Cross-selling: Suggesting related or complementary products to what the customer is already buying. For example, if someone buys a camera (original purchase), you might: Upsell: Suggest a better camera model with more features Cross-sell:…

What Is It? Cash Runway represents the amount of time a company can continue operating before it runs out of cash, based on its current cash reserves and burn rate. It’s like calculating how many more months your business can survive before needing additional funding or becoming profitable. What’s Included? 💼 Cash Runway calculation considers:…