Objectives Goals, or targets to aim for. The basic essential starting point for any planning process.

Ocean (or airway) bill of lading Prepared by the carrier or freight forwarder as a contract between the owner of the goods and the carrier. It is needed by the buyer in order to take possession of the goods.

Open-to-buy method A way of deciding how much to order based on the difference between the total required and the amount presently on hand and on order.

Operating costs Expenditures arising out of current business activities. In other words, your operating costs for any period of time are what it costs you to do business — the salaries, electricity, rental, deliveries, etc., that are involved in performing the business dealings.

Operating ratios See Industry ratios.

Option The right to buy a property, business, or other asset or right within a certain time. The potential buyer must pay for this right, but the owner of the property may not sell to anyone else until the agreed-upon time has passed.

Organization structure The titles and responsibilities of staff showing the relations between people and jobs. A chart that ranks the hierarchy of each person within the business, and indicates their major responsibility or department and position.

Overdraft A debt to the bank incurred by withdrawing more money from an account than it holds.

Overhead Expenses such as rent, heat, property tax, etc. (e.g., monthly, fixed, or variable) expended to keep a business open. Owner manager One who owns and operates a business.