The Supportedly Small Business Dictionary: Pt. 5
Welcome to the fifth installment of The Supportedly Small Business Dictionary! If you missed other installments, check out the links below:
- Supportedly Small Business Dictionary: Pt. 1
- Supportedly Small Business Dictionary: Pt. 2
- Supportedly Small Business Dictionary: Pt. 3
- Supportedly Small Business Dictionary: Pt. 4
Want to know what your fellow entrepreneurs and small business owners are searching for these days (aside from the ever-elusive money tree)? Supportedly has you covered. By using a little bit of marketing research magic and strategy, we discovered the top 10 most-searched-for words by entrepreneurs throughout the month of June. We’ve also provided easily digestible definitions for each word — no jargon-heavy explanations to wade through.
Got a question of your own that you need help solving? Just ask us here, and someone from our team will provide an expert answer.
Below, check out the top 10 most-searched-for terms by entrepreneurs in June.
Pre-seed Funding: Pre-seed funding is an early funding round where investors provide a small business (usually a startup) with capital to develop its product in return for equity in the company. This funding can range from several thousand to even $2 million depending on the investment and stake in the company.
Average Order Value: Your AOV tracks the average dollar amount spent each time a customer places an order on a website or mobile app. To calculate your small business’ AOV, divide total revenue by your number of orders. With this number, you can set better goals and strategies and evaluate how well those strategies are working for your business.
Cryptocurrency: This is a type of digital currency that generally only exists electronically (e.g., Bitcoin). Cryptocurrency can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions, which is part of the appeal behind using this type of currency.
Impact Investing: The majority of financial investments go straight to the stock market, with most of the population unaware of what their money is funding. But impact investing provides capital to address social and/or environmental issues across the globe. By partnering with a financial institution that believes in circulating capital to social enterprises, you can help create a more just, regenerative, and compassionate world. And you’ll know exactly how your money is making an impact on the world as a whole.
Salesforce: This is a customer relationship management (CRM) platform that gives all your departments — marketing, sales, commerce, and service — a single, shared view of every customer in your system. Think of Salesforce as a one-stop-shop for all the things your small business needs to do on a regular basis. Send emails to customers, keep tabs on your e-commerce website, track sales leads, and much, much more.
Gross Profit: This is the profit a company makes after deducting costs associated with making and selling its products, or the costs associated with providing its services. Gross profit is calculated by subtracting the cost of goods sold from revenue and includes variable costs — not fixed costs. You’ll most likely see this number on the profit-and-loss statement for your small business.
DuckDuckGo: This is an internet search engine that emphasizes protecting searchers’ privacy through smart encryption, ad tracker blockers, and a search engine that doesn’t track your browsing history. DuckDuckGo distinguishes itself from other search engines by not profiling its users and by showing all users the same search results for a given search term.
Serial Entrepreneur: If you’re a serial entrepreneur, you’re someone who spends their time coming up with new ideas for business ventures, and then setting up those ventures one after another or even at the same time. To have this title, you need to be someone that is OK with failing over and over again. Sure, you could become a successful serial entrepreneur like Steve Jobs, but that doesn’t mean every single one of your business ideas will be a great success even at that level.
Capital Equipment: This is what those in the financial world call a “non-current asset,” meaning an asset that is capitalized (provided with capital) and depreciated (diminished in value over a period of time) over the length of its productive life. This is also considered as an investment that is directly related to the generation of profit. Examples of capital equipment would be things like machines, trucks, large computers, and office furniture.
PPP Loan Forgiveness: It’s finally time for the tens of thousands of small businesses across the country that applied for a PPP loan to now apply for PPP loan forgiveness. Borrowers can apply for forgiveness — meaning they would not have to pay back any part of the loan they received — any time up to the maturity date of the loan. Contact your PPP lender and fill out the appropriate forgiveness forms depending on your situation.