Small Business Glossary: G

gain: An increase in wealth or earnings; profit.

gap analysis: A business planning technique that compares current, actual performance with future desired performance, and then identifies the gaps between the two positions and evaluates what steps need to be taken to eliminate the gaps and attain the desired performance.

Generally Accepted Accounting Principles (GAAP): The widely accepted standards and methods for recording and summarizing financial transactions and preparing financial statements in order to achieve consistency in how businesses and organizations recognize revenue, classify balance sheet entries, and measure financial performance.

generic brand: A product labeled with a name that has little or no brand image that sells at a lower price than that of similar products featuring the labels of known brands.

geolocation: Detecting a person’s geographic location by determining the latitude and longitude of the Internet-connected computer or mobile device the person is using, often achieved by analyzing online activity or, increasingly, by asking consumers to share their locations by checking in via mobile apps and social media sites.

geotargeting: 1. Marketing efforts concentrated in specific geographic areas selected because they contain many buyers that match the advertiser’s customer profile. 2. In online advertising, the process of deducing a site visitor’s location and displaying relevant ad content.

glass ceiling: A term for the upper-level barrier beyond which a qualified employee seems unable to pass due to illegal but entrenched attitudes that obstruct the promotion of employees on the basis of age, ethnicity, political or religious affiliation, and gender.

globalization: The term used to define a broad process that has fostered integration of national and regional cultures and economies into a global economy made possible by advances in technology, communication, transportation, and standardized policies, and resulting in increased levels of worldwide communication, trade, investment, migration, and technology exchange and progress.

goal: A statement of the outcome an individual or business seeks to achieve over a specific time period, after which the question of whether or not the accomplishment was attained can be addressed by a simple yes or no answer.,

goals and objectives: A term used by strategic planners and project managers to define the general outcome or final aim a business seeks to accomplish over a specific time period, called the goal, and the measurable results it must take in order to achieve success, called objectives.

going concern: A currently operating business that's expected to continue to function as such and remain viable for the foreseeable future.

golden handcuffs: A package of financial incentives designed to keep an employee from seeking employment elsewhere, sometimes by offering benefits that won’t vest or become fully accessible until years into the future, and sometimes by including compensation that must be returned should the employee depart to another company.

golden parachute: An agreement between an employer and a senior executive, often included as a clause in an employment contract, that guarantees a package of substantial benefits such as cash, stock options, severance pay, or other compensation should the executive be terminated without cause because the company was acquired or for some other reason.

goodwill: The positive value of a company’s name and reputation in the marketplace, which forms an intangible asset that adds to business value but isn’t carried on a balance sheet unless the goodwill was acquired as part of a business purchase. Often erroneously confused with the term blue sky.

graphic standards: A set of style guidelines that define how a brand can be presented graphically, including how the logo can be reproduced, allowable color treatments, limitations on typestyles or fonts, and other stipulations enforced to maintain a strong and consistent visual identity quickly recognizable by consumers.

greening: Activities designed to move a company, space, or process to a more environmentally friendly or sensitive state, often resulting in a competitive advantage, operating efficiencies, a healthier work environment, and a more positive reputation.

grievance: 1. A cause for resentment or complaint stemming from an injury, injustice, or real or perceived wrongdoing. 2. A formal notice of complaint expressing employee dissatisfaction related to working conditions, employment issues, wages, or a claimed violation of a union or collective bargaining agreement.

gross margin; gross profit: The difference between sales revenue and cost of sales (also called cost of goods sold) for a certain period; a necessary starting point for achieving bottom-line profit.

gross sales; gross revenue; revenue: Total income generated by business activities, usually from the sale of products and services over a specific time period before subtracting expenses required to produce the offerings sold.

guarantor: 1. A person or business that makes a legally enforceable promise to deliver quality, durability, or performance. 2. In an agreement, the third party who guarantees that promises made by the first party to the second party will be upheld, or that, in the event of default, the third party will fulfill the obligation.

guerrilla marketing: The approach to achieving conventional marketing goals by investing energy instead of money, using unconventional tactics that generate awareness and interest without using paid media. The term was coined in the 1980s by Jay Conrad Levinson.

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