Small Business Encyclopedia
Letter: P
Packaging
The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote and otherwise make the product marketable and keep it clean
Partnership
A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships. The two most common are general and limited partnerships.
Patents
A form of protection that provides a person or legal entity with exclusive rights for making, using or selling a concept or invention and excludes others from doing the same for the duration of the patent
Payables Management
The administration of a company's outstanding debts, or liabilities, to vendors for purchases of goods and services made on credit
Payroll Management
The administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions
Performance Reviews
An analysis of an employee's work habits undertaken at a fixed point in time to determine the degree to which stated objectives and expectations have been reached
Permits
A legal document giving official permission to do something
Podcast
A podcast is a pre-recorded audio program that's posted to a website and is made available for download so people can listen to them on personal computers or mobile devices.
Point of Sale (POS) System
A computerized network operated by a main computer and linked to several checkout terminals
Positioning
How you differentiate your product or service from that of your competitors and then determine which market niche to fill
Press Kit
A comprehensive package of information outlining a company's products and services most frequently sent to members of the press
Press Release
A public relations announcement issued to the news media and other targeted publications for the purpose of letting the public know of company developments
Pricing a Product
To establish a selling price for a product
Pricing a Service
To establish a selling price for a service
Primary Market Research
Iinformation that comes directly from the source--that is, potential customers. You can compile this information yourself or hire someone else to gather it for you via surveys, focus groups and other methods.
Private Label Sales
Licensing your product to another company to sell under its own name, rather than under yours
Product Development
The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new product
Professional Employer Organization (PEO)
A company that technically "employs" the workers of several other companies and oversees all HR-related functions
Professional Service Providers
Individuals who provide your company with specialized service, including but not restricted to lawyers, accountants and management consultants
Property Insurance
Insurance that protects the physical property and equipment of a business against loss from theft, fire or other perils; all-risk coverage covers against all risks; named-peril coverage covers only against specific perils named in the policy.
Prospecting
The search for potential customers or buyers
Prototype
A replica of a product as it will be manufactured, which may include such details as color, graphics, packaging and instructions
Public Relations
Using the news or business press to carry positive stories about your company or your products; cultivating a good relationship with local press representatives
Popular Articles
The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year
Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.
63 Small Business Ideas to Start in 2024
We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.
Why We Shouldn't Fear AI in Education (and How to Use It Effectively)
Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.
How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read
Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.
A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It
Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.
Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.
The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.