Introduction
In today’s global economy, proficiency in English is an essential skill for professionals in many industries. Business English vocabulary is a subset of the English language that is specifically used in the context of business and commerce. Here are ten useful vocabulary words that every business professional should know.
You can go through the examples below and practice creating your own sentences using each of these vocabulary words.
1. Revenue
Revenue refers to the income a company generates from its primary business activities, such as selling products or services. Revenue is typically reported on a company’s income statement and is a crucial metric for evaluating a company’s financial performance.
Example
* The company is looking for other ways to generate more revenue
* 88% of Coca-Cola company’s revenue comes from advertising
2. Profit
Profit is the amount of money a company earns after deducting all of its expenses. Profit is also known as net income or earnings and is an essential metric for assessing a company’s financial health and viability.
Example
* The company made much profit from their new product
* The profits were shared equally among the investors
3. Marketing
Marketing refers to the process of promoting and selling products or services. Marketing involves a variety of activities, including advertising, public relations, and market research.
Example
* Marketing is important to every business’ success
* The company needs a professional to oversee their marketing department
4. Sales
Sales refer to the process of selling products or services. Sales can occur in person, online, or through other channels such as phone or email. Sales are a critical component of business success and require effective communication and negotiation
Skills.
Example
*Mr. Alex is our new Sales Manager
*The farmer gets 80% of his profits from the sales of fruits and vegetables.
5. Customer Service
Customer service refers to the support and assistance provided to customers before, during, and after a purchase. Customer service can include answering questions, resolving issues, and providing guidance on product or service usage.
Example
*If there is any issue with your order, you can contact the customer service
*The customer service of a company speaks a lot about its image.
6. Forecast
Forecasting involves making predictions about the future. In finance, forecasting is used by companies to estimate earnings or other data for subsequent periods.
Example
* According to the weather forecast, it’s going to rain today.
* You can forecast the future you want by intentionally creating it now
7: Outsourcing
Outsourcing refers to the practice of hiring a third-party company to perform tasks or functions that would otherwise be handled internally. Outsourcing can be beneficial for businesses looking to reduce costs, improve efficiency, or access specialized expertise.
Example
* Many organizations outsource their contracts to cheaper workforce
* We outsourced all our legal jobs
8. Investment
Investment refers to the allocation of resources, typically money, with the goal of generating a return or profit. Investment can take many forms, including stocks, bonds, real estate, and other assets.
Example
* It takes patience and time for investments to yield expected returns
* This year, the company invested so much in social media advertising
9. Entrepreneurship
Entrepreneurship refers to the process of starting, organizing, and managing a new business venture. Entrepreneurship requires a range of skills, including innovation, risk-taking, and strategic planning.
Example
*Entrepreneurship involves taking a risk.
*There are government grants for young entrepreneurs in my country.
10. Collaboration
Collaboration refers to the process of working together to achieve a common goal. Collaboration is essential for success in business, as it allows individuals and organizations to leverage their collective strengths and resources.
Example
*The two companies collaborated to execute the project
*In 2014, in collaboration with her husband, she wrote an award-winning book on ‘LAUGHTER IS MEDICINAL’
Conclusion:
These ten business English vocabulary words are just a few of the essential terms that business professionals should know to communicate effectively in English. By mastering these terms and concepts, you can improve your ability to communicate with colleagues, clients, and partners and achieve greater success in the world of business.
For more on English vocabulary, you can refer to my article:
https://fluent-eng.com/confusing-english-words/