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| Sales Forecast | The process of a company predicting what its future sales will be. |
| Sales Lead | A prospective consumer of a product or service that is created when an individual or business shows interest and provides his or her contact information. Businesses gain access to sales leads through advertising, trade shows, direct mailings and other marketing efforts. |
| Sales Report | A record of calls made and products sold during a particular time frame kept by a salesperson or their management. For example, a typical sales report might incorporate data on (1) sales volume observed per item or group of items, (2) how many new and current accounts were contacted and when, and (3) any costs that were involved in promoting and selling products. |
| Sales Territory | The customer group or geographical area for which an individual salesperson or a sales team holds responsibility. Territories can be defined on the basis of geography, sales potential, history, or a combination of factors. |
| Scientific Discovery | Occurs when a physical or technological observation is made. |
| Semi-Variable Cost | A cost composed of a mixture of fixed and variable components. Costs are fixed for a set level of production or consumption, becoming variable after the level is exceeded. (An example is labor, which is fixed for 40 hours then variable as overtime is paid.) |
| Service Corps of Retired Executives | A non-profit organization dedicated to entrepreneurs' education and the success of small business. It is sponsored by the SBA to provide consulting to small businesses. |
| Situation Analysis | Refers to a collection of methods that managers use to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment. |
| Six Thinking Hats Technique | A simple, effective parallel thinking process that helps people be more productive, focused, and mindfully involved. |
| Small Business Administration | Created in 1953, it is an independent agency of the U.S. federal government that aids, counsels, assists, and protects the interests of small business. |
| Society | The community of people living in a particular region and having shared customs, laws, and organizations. |
| STEEP | Social, Technological, Economic, Ecological, and Political. General awareness of the industry or service area you operate in. |
| SWOT | Strengths, Weaknesses, Opportunities, and Threats. (specific analysis of your own business) |
| Target Customers | People most likely to buy a business’s products and services. |
| Target Market | A particular group of consumers at which a product or service is aimed. |
| Tariff | A tax or duty to be paid on a particular class of imports or exports. |
| Technology | The application of scientific knowledge for practical purposes, esp. in industry; machinery and equipment developed from such scientific knowledge. |
| Trade Agreement | (also known as trade pact) is a wide ranging tax, tariff and trade treaty that often includes investment guarantees. |
| Trade Association | An association of people or companies in a particular business or trade, organized to promote their common interests. |
| Trade Regulation | A field of law, often bracketed with antitrust (as in the phrase “antitrust and trade regulation law”), including government regulation of unfair methods of competition and unfair or deceptive business acts or practices. Antitrust law is often considered a subset of trade regulation law. |
| Trade Show | An exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products, service, study activities of rivals and examine recent market trends and opportunities. |
| Value Chain | The distribution channel through which a product or service flows from the producer to the customer. |
| Variable Costs | Costs that go up and down depending on the quantity of the good or service produced. (Ex: Material, labor, and utilities.) |
| Venture | Is a business undertaking involving risk. |
| Vision Statement | A declaration of the scope and purpose of a company. |
