Breaking Down the Silos of Jargon
Every massive success started as simply an idea or a dream. For every Elon Musk, Mukesh Ambani, or J.K. Rowling, there was a vision for their future that they had to accept. Even if that dream seemed lofty or the goal seemed very far off, it started from within. A relationship with finances and a secure financial future begins similarly. It involves smart investing and a healthy work ethic for all that ambition requires.
The business world often requires sifting through language (jargon) that can be a bit confusing. These terms have been used in phone calls, emails, and in person. Get to know more about the vocabulary of businesspeople through these helpful definitions that will explore a deeper meaning for these phrases.
"Agreed, this is blah, cliché and boring… You probably don't even have to use it - but one must be familiar with these, to arm yourself for those long meetings with that over enthusiastic MBA chap"
- Core Competency
- Move the Needle
- Think Outside the Box
- Take Offline
- Updation = update
- Break Down the Silos
- One Throat to Choke
- NAV – Net Asset Value
- Index Funds
Core Competency : This is used to express a required skill. It describes something that may be essential to a particular role within an organization. Sometimes having the vision for a business effort and acting in that direction is a core competency of leadership. Core competencies are ways that a business identifies its core strengths. These competencies are often specific to a role but also span an entire team. Strengths like trust within your ability or instincts are a core competency of those who are effective at what they do. Communicating the value of these instincts can be a massive asset to a group.
Empower : to empower is to be entrusted someone with a responsibility that is generally above their pay grade. Often when you aspire to an elevated role, you are empowered by the duty of that role, even before you bear the title. You may be starting to make the moves you have thought about but have not yet been employed to begin. Empowerment is invisible and starts from within. It is crucial to taking a chance and making the bet on yourself and your abilities.
Move the Needle : Having a noticeable effect or generating a reaction is sometimes described as “moving the needle”. Before a new initiative is rolled out, a team may consider if it moves the needle with their client base. Having an effect that clients notice is sure to get people talking and can add a business or service to the public conversation creating more leads that generate sales.
Think Outside the Box: Unconventional thinking is the actual explanation of jargon that refers to convention or tradition as “the box”. To think outside of that box may mean to innovate for your industry or to introduce a new perspective not seen before within your team. It can be a creative or inventive approach to solve a problem and might be as simple as a strategy for investments that have not been commonplace.
Leverage: The textbook definition of leverage is that of a noun meaning force generated by a lever. In the business space, it has become a verb that represents the control or manipulation of a situation. Consider the example of a business retaining possession of some kind of deliverable goods until they have received payment. This leverage in a situation requires the end-user to provide payment sooner than they normally would.
Take Offline: As an effort at discretion, a person may request that a conversation be taken offline if it is not relevant to all parties present. It could mean that what is being stated is not pertinent to everyone around, or that it is not appropriate for the given setting or discussion format. Consider the example of a businessperson discussing the cricket match in a meeting. Their team or supervisor might let them know to take the conversation offline as a reminder that it is not fitting for that day’s gathering.
Synergize : Many highly effective habits have been coopted and used in business settings to mean something outside of what their literal definitions imply. Often when two departments or separate entities are tasked with working together, they will be encouraged to synergize. This means creating something new together that might not exist if it were created independently. Like the mix of tea and honey has a synergy that tea alone does not. Synergy in the workspace can mean being effective as a pairing or community.
Updation = update
Updation is very much like it sounds. It is the same as an update. “Vihaan, please perform the updation on the new computers.” Updation is an informal use of language and not especially proper for all settings. It is an awkward way to suggest an update.
Actionables : refer to the tasks that a team can act upon. Issues that require time and attention are frequently labeled as actionables. Information about a client or a project that fits this description is regularly described as actionable
Break Down the Silos : Often between functions or departments, there is information that does not flow freely. To break down the silos is to work on removing the barriers of information between members of an organization.
One Throat to Choke : Completing a project or task and sourcing the tools for its completion from one place allows a business to have one throat to choke. This refers to the presence of a single point of contact if something should go awry.
NAV – Net Asset Value : NAV is sometimes used in place of the actual phrase “net asset value”. It simply means the value, as it is calculated, after factoring in the value of an asset’s liabilities. A great example of a company’s NAV would be the total value of its assets like stocks, bonds, and securities minus the value of its liabilities such as payroll taxes, mortgages, or bank loans. This is often how the public can understand the market value of an organization or a company. You might hear NAV used in a conversation like this: “The stock exchange professionals have recorded the bank’s NAV by a correspondingly precise sum.”
Index Funds have many pros and cons but are what we refer to when mentioning a portfolio that mimics the performance of a financial market index (a portfolio representing a segment of the financial market). It contains stocks and bonds and follows preset guidelines so underlying investments can be tracked.
Much of how you communicate creates limits to your growth in business but also in life. There is a shocking value to being able to act on the dreams of your mind. It can be challenging to navigate but trusting your instincts and being unafraid of falling and having to dust yourself off is vital. You can begin again and even after a shortcoming, you will begin more intelligently and with a better outcome sure to arise.
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