back office ... an enterprise's
internal operations generally not seen by visitors or the
public.
back-to-back:
... consecutive, following immediately one after the other.
A back-to-back escrow is one set up to handle the concurrent
sale of one property and the purchase of another. A back-to-back
lease is an agreement made by a lessor as a concession
to a prospective lessee, in which the lessor agrees to
take over an existing lease and, in return, secure a commitment
from the lessee that he wants.
balance sheet:
... a financial
statement showing assets and liabilities.
balloon:
... an installment payment agreement
granting the payee the right to make a lump-sum payment
at the end of a series
of scheduled payments of smaller amounts.
bankroll:
... to provide the funds needed, as if
to hand someone a roll of paper money. One who supplies
the capital for,
say, a new venture startup may be referred to as a
bankroller.
bankruptcy:
... the point at which liabilities
exceed assets and there's
no way to pay current debts.
basin:
... a area into which a watershed drains.
basis:
... the stated value of an asset used to determine annual
depreciation or cost.
basis point:
... one-hundredth of one percent as used
to describe the amount of change in the market price of
a bond or any other
debt
instrument.
B2B
... Business
To Business.
B2C
... Business
To Consumer.
bench mark:
... a surveyor's permanent reference
(PRM) affixed to a durable object and used to establish
elevation and
altitude
above sea level.
benchmark:
... a standard or base of reference from
which specific estimates are made, a precedent or guideline
used for making
decisions. Benchmarking is used by management as an on-going
internal process to measure what one enterprise is doing
as compared to another. More about its relationship to
enterprise
processes in a file
provided online by BenchNet.com.
best practice approach:
... adherence to a strategy, method,
process or set of techniques by an individual or organization
that, based
on research or experience, can reasonably be expected to
result in a high level of satisfaction or excellence in
achieving the aims of an endeavor. See the .network answer to
the question: What is best practice?.
best practices:
... guidelines for approaching a purposeful
or industrious undertaking in a most excellent way or with
an application
of proven techniques; a best
practice approach. See The
Summary of Best Practices for Local Economic Development for
an example.
biannual
... occurring twice
per year; semiannual.
biennial
... occurring every two years.
binder:
... that which brings
together in an agreement. It makes a binding agreement.
For example, a binder is formed by a third party receiving earnest
money to be held in trust on behalf of a seller
as evidence that the purchaser, in good faith, intends
to complete his part of a contract.
bird dog:
... to be vigilant in looking after something,
for example, a business developer who
doggedly networks
for information about what is going on with a suspect.
It is colloquial to business people familiar with using
dogs to track game birds by scent and, therefore, applied
as an analogy for the act of tenaciously seeking out prospects
or suspected business opportunities.
blind address
... a receiving point that doesn't reveal
the identity of who visits or picks up from it. See the
expression loose
lips sink ships as applied to respect
for the things
confidential within the enterprise and economic development
process. Services are available through the
Site
Selection Directory for those who are engaged in
the process that, in effect, create a blind address.
body of knowledge:
... an aggregate of what is known and
understood within, for example the practice
of economic
development. One of the characteristics of a mature
profession is reflected in efforts to organize and catalogue
a body of knowledge. For example, the BIDC (Basic Industrial
Development Course) was created in the mid-20th century
in North America
and
made a
prerequisite to entering the Industrial Development Institute which,
in the latter case, is today identified as OU/EDI.
For your information BIDC is today BEDC (Basic Economic
Development Course). Graduation from the Institute required
the writing of a research paper which helped build a reference
library
at the University of
Oklahoma in support
the body of knowledge in the field of economic
development. Unrelated to what OU/EDI has to offer, The
Network contributes to that same
body of knowledge. For example, one place to start is with
the definition of economic
development basics in this glossary.
The Network has a online library organized
in support of enterprise
and economic development.
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boiler plate:
... fixed language used in contracts
or advertising copy; standard stuff that's used over and
over again without
change but is nevertheless necessary, for example in a
legal document. Putting together a community
profile with boiler
plate location
data means using site
selection standards to organize sections of information
so that most economic
development prospects can quickly spot what they
want adhering
to a set of standards for publishing location data
also means making
it easy for site selectors to compare places
of interest.
bond
... a promissory
note, which is a signed
agreement promising payment of a sum of money on demand
or at a particular time; a
certificate promising payment of a debt.
book value:
... value of an
asset as shown in the accounting records
of its owner; a net
value after liabilities have been deducted
from as sets.
bottom line:
... a statement that pragmatically sums
up and points out the essential point(s); the
upshot of
something said; the succinct point
that is the gist of
a verbal evaluation; the absolute net or
final line of a financial or income statement; the most
important point of a summary; a ruthless statement
of what is expected in terms of results from an action
or
strategic
plan. For example, in the latter case it can be said that
the bottom line charge to every site
selector is to find
a location where
the enterprise
developer takes the least
risk in choosing it.
bridge loan:
... an arrangement in which a lender
provides to a borrower with money to be used to span the
period
between loans,
for example, between a construction
loan and permanent
loan.
broadcast:
... to announce, send out or otherwise
make a request to a general recipient group or audience
as in
the case of a enterprise
developer with a tentative
project using the Site
Selection Directory to publish a request
for introductions from contacts along
with informational input. This definition stems for radio
and television broadcasting.
Today we have Internet radio and television broadcasting
also. To say one broadcasts online may suggest spam to
some but there is
no
connection
to this definition. To
broadcast online by publishing a request for responses
from all who find it and want to do so is not a ...
flooding the Internet with many copies of the same message,
in an
attempt to force the message on people who would not otherwise
choose to receive it. (source
of quote; also, see
the definition of email
spam). To
read about broadcasting online requests for input
from location
data suppliers or other resource
and service providers engaged in enterprise and
economic development CLICK
HERE.
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broken link:
... a hyperlink that
doesn't work. As you see on this page of
definitions,
we use links extensively so that, if wanted, you have access
to more information. This means you are likely
to run across broken
links in spite of our best efforts.
Personal
assistance is readily available to help you overcome
any situation where you
find a broken
link or otherwise see yourself at
a dead end. We offer this
promise of help with regrets
for any inconvenience.
broker:
... an intermediary in a sale or transaction
who receives a fee; an arranger of a deal for a fee or
percentagereal
estate brokers act as representatives of owners while real
estate consultants represent clients engaged in site selection.
Also, see the definition of
data
broker.
brownfield:
... an abandoned, used, real estate site.
The term is often associated with the
reuse
of land that presents environmental challenges, especially
stemming from industrial waste disposal. The term rust
belt, which is passé, is associated with
brownfields because it implies that property is abandoned
and left to rust on its site.
Resources and links published in the .network library
under
Brownfield
Redevelopment.
budget:
... an itemized list of projected expenditures
organized for financial management during a specified period
of time; funds approved and designated for itemized forecast
of total operational expenses; however, an operating
budget covers what it costs to run things less a capital
budget  select
and look for links to more budget definitions. See project
budget.
build-to-suit:
... a property constructed and finished-off
or retrofitted to lessee or purchaser specifications. A
build-to-suit
may be included in a lease-purchase deal, wherein a lessor contractually becomes
a seller at some point in the future.
bulk email:
... Copy and paste the phrase
definition of "bulk mail' in the search
box: at the top of this page. Bulk email is defined
here to explain that we have
instructions available (example)
for those who want to contact us.
All emails, except from those who previously contacted
us and
whose addresses
are earmarked in the Global
Registry of Contacts as acceptable,
arrive in bulk at a server where only those having a subject
line beginning with the word from are
separated and delivered. Bottom line:
Emails from spammers and
other's who don't follow instructions are cyber-flushed.
They waste their own time
and resources, not yours and ours.
business:
... activities, undertakings, dealings in
commercial, industrial, or professional environments or
situations where
trade occurs or where money changes
hands. Wikipedia has
more.
business attraction:
... an economic
development marketing term that refers to recruiting
efforts aimed at bringing in enterprise
development opportunities
from outside a location.
business card
... the universally recognized
pocket-size item that shows information about how to contact
someone; the primary tool for networking used
to bring attention to contact
data. Participates
in The Network are able to
offer thumbnail versions
of cards from personal
webpages. A thumbnail can be linked to
an introduction of services similar to what,
for example, a business developer might have the opportunity
to say while presenting a paper card.
business classifications:
... enterprise operations,
trades, or professions in which people work identified
by types. The general classifications
of types of business include industrial
and commercial or they may be broken into
for-profit and
not-for-profit (nonprofit).
The North American Industry
Classification
System (NAICS),
which includes such business classifications as trade,
retail, services, and information sectors is listed among
resources in Site Location Assistance.com as is NAPCS (North
American Product Classification System).
business decision maker:
... expression that describes all who are involved
in commercial activities as a means of livelihood or profit
and, in addition,
have the authority to act as change
agents; one within a business
enterprise having
a concern and responsibility for risk
management; an enterprise developer or operations
overseer who attempts to control
uncertainties by influencing or
determining what results are to be expected from plans
and activities. See information
about members of the target audience of The Network under its
introduction for examples of
some types of business decision makers. Wikipedia lists
six management stages that business decision makers go
through as change
agents. It behooves all business decision makers
to include networking as
a means of gathering information and understand voice
of the customer.
business development:
... an enterprise activity
often referred to as new business development
(a precursor to a sale); a direct marketing activity which
has networking as
its most effective means of building and maintaining working
relationships, as
opposed to advertising, for example, which is an indirect
form of marketing. See Wikipedia for
more information. Also, as an expression business development
is interchangeable with industrial
development and enterprise
development.
business development networking:
... a
new business development effort that involves direct
contact with a prospect a prospectsee
the definition of business development above and business
networking below.
business enterprise:
... an operating
entity within a business
environment dedicated to making a profit from
the sale of goods and/or services. A business is an enterprise but
not all enterprises are businesses. A government operation
such as military base may be seen as economic
enterprises when, for example, civilian
employees and contractors are hired from the region
that surrounds it, thus it is seen as a contributor
to to local
economic development.
business expansion:
... an enterprise
development effort that increases the
size of operations; a phase
of enterprise development in which assets,
such as facilities, are added; a business
development effort to increase customer base, market or
the size of the market area served. Market area is the
region(s) in which a seller searches for or meets with
buyers. Its the place as a defined geographic area worked
by a business with the expectation of transactions with
customers or clients. Business expansion is
one of three three areas of opportunity for
economic
development - business attraction and business
retention are the other two.
business incubation:
... a process of growing startup enterprises
- see the website of the National Business
Incubation Association (USA) for that organization's
definition.
business location work ... site
selection.
business networking:
... an essential activity within the enterprise
and economic development process. Plans or
projects don't move forward without building and maintaining
working relationshipsmore.
business operations:
... the
process or series of actions taken that
make an enterprise functional;
the method that requires management on a day-to-day
in order to keep an enterprise in business as planned.
business plan:
... any type of basic management tool for guiding an enterprise through
an endeavor on into its future. See Elements
of a Business Plan published in Entrepreneur.com
(more
about business plans from Entrepreneur.com). Also,
see Enterprise
Development / Starting on the Path to Success in
the online resource paper An
Introduction to the Enterprise Development Process.
Copy and paste basics business
plan in the search box at the
top of this page and Google for more
business planning resources or try business planning
resources.
business retention:
... an effort by an enterprise to keep customers; an effort
by a community to protect its economic well-being by doing
things to hold on to existing enterprises. If
a community has only $1.00 to spend on economic development,
it should be spent on business retention ... paraphrased
statement by Joan
Herron at
a meeting of economic developers in 2001. See the definitions
of business expansion and business attraction also.
business venture:
... to set out on a venture by
placing capital and/or time at risk; an operation of enterprise with
an indication that there is a degree of risk involved;
a commercial enterprise (one connected with buying
and selling of goods and/or services); an industrial enterprise
(one connected with producing and distributing items for
a market); an entrepreneurial effort.
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