DEFINITIONS

In business in general there are a lot of words used that you don’t know unless you are working. Then there are words specific to each industry. Here we will share some of those words to help you understand what businesses are talking about.

Chambers of Commerce are organizations that bring business leaders together to build their businesses, advocate for business causes, and learn about business topics. In Medina County there are multiple Chambers including Greater Medina Chamber of Commerce, Northern Medina County Chamber Alliance, Wadsworth Area Chamber of Commerce, and Seville Chamber of Commerce.

The finance department handles everything to do with money. They often manage payroll, which is how workers get paid, reporting on how things are going with money coming into the business and going out to buy things, and taxes. 

When a person wants to start a business, they can either do something new and unique or they can buy a franchise. A franchise is like getting a business kit – you get a brand, procedures on how to do things, where to buy supplies, how to get customers, and more. Customers like franchises because no matter where you are, you know what you are going to get. The easiest examples of franchises are restaurants – McDonalds, Panera, Chick-fil-A, and Jersey Mike’s are just a few examples. It doesn’t matter if you visit one of these restaurants in Ohio or in California – the food will be the same, the menu is the same, and the experience will be the same. But, each of the restaurants are owned by different people who are running that business as their own. They do have to follow the rules set by the corporate office, but if you ever see, “prices and participation may vary,” on an ad or commercial, it may be some franchisees don’t want to use that promotion!

Human Resources is a department in most large companies that handles the hiring, firing, benefits, and conflict resolution for the business. People in HR tend to like working with people, like solving problems, and generally want to help others. They also have to have good attention to detail.

Every business needs technology including computers, ways to connect those computers to each other, to the outside world, and to printers and other devices, phones, tablets, and more. In addition, speciality equipment is used in many companies that also needs to connect to other places. And then every business uses software and apps to run their different business functions. IT is responsible to set it all up and keep it all running. 

Every company does marketing. Marketing is getting the word out to people about your company, your products, and your services. Commercials on YouTube and TV, Facebook and other social media ads, websites, ads in magazines and other print publications are all examples of ways to market. The company may also send direct marketing to potential clients or customers through newsletters, informational information, videos, etc.

When a client or customer responds to a marketing piece or finds the company on the web, they need to interact in some way to buy what they want. The people they interact with are in Sales. In some companies that is done completely online and the sales team is just there to make sure there aren’t any problems. In others, there are entire teams of people who go out and meet with potential customers to share with them what their company does.