Joint Ownership – ownership of a property or other business assets by more than one party.Insolvency can lead to business bankruptcy. Insolvency – when a company is unable to pay its bills.You’ll be “incubating” an idea into a viable business model. Incubator – this is similar to an accelerator but focussed primarily on innovation.
Income statement – annual report on a company’s income and expenses.
Income tax – a tax paid on the income or profits earned by an individual or business.
IFA (Independent Financial Advisor) – professionals who offer independent advice on financial matters to businesses. Hostile takeover – when someone tries to acquire a company without approval from the board of directors. Half year – UK companies must produce profit figures for a ‘half-year’ (six months into their financial year). Guerilla marketing – the use of unconventional, usually cost-saving, marketing methods. For startups, this is the second stage of funding after seed money. Growth capital – funding that allows a company to accelerate its growth. Gross profit – the profit a company makes after deducting the costs of selling its products or services. GA (Google Analytics) – a web analytics service offered by Google that tracks and reports website traffic. GDP (Gross Domestic Product) – the total value of all goods and services produced by a country. Fixed costs – Costs that a company incurs in making goods regardless of how much it is producing. Financial year – a year as reckoned for taxing or accounting purposes. FSA (Financial Services Authority) – the FSA is Britain's single statutory financial regulator. Exit strategy – a founder's plan to sell their ownership to investors/another company. Elevator pitch – a brief statement providing an overview of your business. Stands for Earnings Before Interest, Tax, Depreciation and Amortisation and is a measure of a company’s overall financial performance. EBITDA – another form of operating profit. Stands for Earnings Before Interest and Tax. Dropshipping – type of sales method that involves purchasing a larger volume of products from a wholesaler and selling them on to consumers for a profit. Down round – a fundraising round in which a startup’s valuation is lower than in previous rounds. Dividend – optional reward paid to shareholders if a firm reports particularly high profits. Debtor – a person or company that owes money to your business. DEI (Diversity, Equity, and Inclusion) – term used to describe policies and practices that promote equal opportunities for all employees. CTA (Call To Action) – a marketing term for any design that prompts the customer to make a decision, such as an ‘add to basket’ button on ecommerce websites. CSR (Corporate Social Responsibility) – a business policy that prioritises philanthropic or charitable causes. For example, sending a personalised email with a special service discount. CRM (Customer Relationship Management) – the process by which businesses interact and communicate with customers to improve their experiences. CPC (Cost-Per-Click) a pricing model that charges businesses for the number of times their marketing ads were displayed to a consumer. CTR (Click-Through Rate) – the ratio of users who click on your marketing materials, compared to the number of total users who view it. Corporation tax – tax paid on your profits – currently 19%. Cash flow – the total amount of money being transferred into and out of your business. Capital gains tax – a tax on profits made by the sale or disposal of a business asset, encompassing everything from property to shares. Capital – term for financial assets, such as funds held in deposit accounts. Break-even point – the point in time when your startup has paid back all outstanding debts. Bootstrapping – launching a company with very little money, often relying on personal savings and pushing for the lowest possible operating costs. Learn more about the new reforms to basis periods in our guide. Basis period – the time period for which a sole trader or partnership pays tax each year. Balance sheet – a snapshot of a company’s financial position as organised into assets, liabilities, and equity. Auditors – accountants who check over a company’s accounts to check they are correct. Asset – anything owned by a company that has value. Angel Investor – someone who invests their own capital into the growth of a business in its early stages. AGM (Annual General Meeting) – a yearly meeting where shareholders vote on company issues including who sits on the board of directors. Acquisition – the purchase of one company by another. Accelerator – an organisation that offers a range of support services, and funding opportunities for startup companies.
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