This glossary will help you become familiar with terms used in business strategy and particularly the OGSM methodology.
- Action Plan - detailed list of actions or activities needed to achieve an objective or goal. Actions should always specify an activity, a timeline, and a caretaker.
- Alignment - in business jargon alignment means being in agreement, "on the same page". In strategy, alignment is critical to ensure that an entire organisation pursues the same objective and aligns their resources to a common cause.
- B2B - stands for business-to-business. Refers to companies who conduct business with other companies as opposed to selling directly to consumers.
- B2C - stands for business-to-consumer. Refers to companies which directly sell to end consumers.
- Balanced Scorecard - strategy framework and management tool to align business activities from vision to operations along four "balanced" perspectives: financial, customer, internal process, and employee learning & growth.
- Budget - an allocated amount of money for a given task, project, or organization. Usually attached to a certain purpose or intention and for fixed period of time. For example the budgeted sales revenue for a given year or the budgeted costs for a project. Or the household budget per month.
- Business Plan - a written document outlining a business' purpose, goals, and projected financial performance
- Business Model - describes how a business creates value and earns money, including identification of revenue streams.
- Cascading - the process of aligning a business strategy across the organisation from a higher level to a lower level. Cascading can also refer to translating objectives into goals, goals into strategies, and strategies into measures.
- Communication Plan - specifies what needs to be communicated to whom by when via which method, media or channel.
- Competitor Analysis - assessment of competitors' strengths and weaknesses in order to identify own strategic position and potential course of action.
- Core Competence - key strength of a business that is difficult to replicate by a competitor
- Customer - the customer is who buys and consumes products or services. This should be a business' central focus!
- Customer-centric - often used term lately to describe a business' efforts to put the customer and customer needs at the center of its business activities.
- Dashboard - reporting tool that monitors key performance indicators and can help track implementation of an action plan.
- Driver / Driving Forces - often used in business to describe an action or influence that creates change or sets a chain of events in motion, e.g. growth driver.