In modern life, it is likely that you will come across a number of acronyms every day. While many of these might be used in general communication, some can be used within a business setting. A business acronyms is a way of abbreviating a few words, or even a phrase, down to the beginning letters. This can help to make speech or typing easier and quicker, but it is important that you understand what several of these mean, so that you can understand their usage in both working and personal conversation.
PoS, in business terms, stands for Point of Sale. This relates to where a transaction is carried out. As a business owner, this may involve the store or office where the majority of your work takes place. For many tradesmen, this might also be the client’s home or office, depending on where the work took place. Transactions made in your workplace might be easier to handle, such as through the use of cash and a register. For example, when working outside, you may want to try this point of sale system that will allow you to take card payments, connecting to the Wi-Fi or data signal on your work cellphone or tablet. A PoS system can act like a normal card reader, requiring the client to still enter their pin code before any money will be sent to your account. Not only can this make taking payments easier for you, but it still has the benefits of security for your client.
Considering that approximately 20% of sales occurred online in 2020, it can be evident why it is a good idea to offer an online store if you sell physical goods and wares. Once you have set this store up, or even taken bookings or requests from customers, you may then need to get their item delivered to them. This is where you may see the term ‘ETA’, which stands for Estimated Time of Arrival. Providing an ETA can inform customers of when their product is likely to reach them. Likewise, if you provide services, you can also give customers an ETA to let them know when you should be arriving at their property to carry out any agreed work.
While most people might associate PTO with ‘please turn over’, there is another meaning within business industries. Some companies, including yours, may offer its staff Paid Time Off. While there may be no regulations regarding this time off where you live, in addition to the 12 weeks of unpaid leave, giving staff members paid vacation time can help to improve their morale in the workplace, and contribute to a reduction of stress, which may very well help with reducing staff turnover.
Understanding the different business acronyms can help you to work out what is trying to be communicated to you. You can then use these to help consolidate messages, emails, and reports into shorter amounts of text, which can make them quicker to both create and read.