In business, we are doing different things in a day and naming them with different terms. We are using the terms either in full form or short form. Our working hours are different as we work at different forums and use different tactics. As we are using different terms and conditions for the business, similarly, we are using different acronyms for the collection of different words using them as a term. Instead of using full terms, we use short forms for convenience. In the case of COB vs. EOD, we also use short forms of Close of Business and End of Day, respectively. However, it is essential to know COB vs. EOD: What Each Means and How to Use Them
Most people do not know about these acronyms in the business world, and some are confused between these two terms. But if we deeply look inside these terms' meaning and actual essence, we will find clear differences.
Employees of different companies are not only confused between these two terms but also intermix them with some other terms when pronouncing the full forms. So, it is necessary to understand COB and EOD and how to use them to explain our business hours.
Like other abbreviations of different terms, we use COB as an acronym for Close of Business, which can be different for every employee or even the owner. Most of us are not familiar with the actual meaning of COB as Close of Business, but some take it as some of their project terms.
But in the trading market and advanced business world, now people use this term a lot in various ways, either in documentation r verbal communication. So, when someone is working about COB at your business place or your job, it means his asking about the time you will leave the office to go home.
As the employees in different categories have different hours for staying at work and working there, their COB will be different, either 4 pm, 5 pm, or some other time. In simple and precise words, COB is the time when your working hours end at your job, and you are free to go home without any restriction. It is the end of today's work, no matter how much the working period was.
COB provides a fixed deadline by when you will be completing the task or work. Sometimes, you are free even after completing work, but you need to attend the office until it is 5 o'clock if your COB is 9 to 5.
You can take an example from routine work like you are an employee, you join your office sharp 8 AM. You do work all day, different assignments, technical works, enjoy break tie, and then comes towards close-up. Now, at sharp 4 PM, you are ready to go home while leaving the office. So, your COB is 4 PM.
EOD is quite different from COB's as it refers to the End of the Day. This end of the day does not mean ending the day with evening or night. In terms of business and trading, it is somehow the time by when you will be completing your urgent tasks with no proper deadlines, but you have to do it as soon as possible.
Employers and sometimes employees take their work from the office to home even after the office time is over. Usually, EODs are not fixed with every employer or employee, but sometimes, they consider the whole day as their EOD as they keep on working all day and night with few hours of rest or not.
So, considering EOD for your trading or business is much more important when you have an important deal. The client needs to complete that project or deal on time, and there is a margin to be relaxed anyway. Now it is time to leave your COB behind and enter into your EOD so that you can complete the client's order on time. You are not supposed to be in EOD all the time, but sometimes, it is necessary if you do not want to lose your important clients.
Suppose a client comes with a project, you discuss it, understand it, and accept the proposal finding it productive for your company. But in the same frame, the client demands you to complete this project within 2 or 3 working days while it is not possible in your COB.
Now, what will you do? You will not consider your COB the last chance, but you will go for a different EOD. You will either do this work by staying at the workplace or taking it home. Another condition may also be applicable when teamwork is a requirement of the hours; other teammates will also join you at this EOD.
For working on COB vs. EOD: What Each Means and How to Use Them, you must know about the business days of a company. If we look around the world, most companies observe Monday to Friday working days in a week, while Saturday and Sunday are public holidays.
But in some companies, the case may be different as they are also on for work, even on Saturday. So, before going with COB or EOD, you must be clear on the business day of the company you are working with.
You should consider the weekends as off days and look for the yearly colander to be clear at the public holidays or some other fixed off days of the company. It will help you to choose the best between COB and EOD.
Including the working days of a week, do must consider the hours from when to when you are on work, and you have to complete an order on time for proper understanding making the best choice.
So, you have a better understanding of COB and EOD now. It is time to learn when and how to use COB to keep sticking with your client. The following scenarios will help you decide how to use COB with which client.
Suppose you have a client from another country who has a different time zone than your country. He is assigning you a task without a deadline. To understand any task or assignment, you need to communicate with the client, especially when you are doing some online work, either providing services or about to deliver a product.
You should confirm that the client's time zone does follow the suitable time for communication or delivery of the project. Using the acronym COB with such clients can fix a suitable time for the task's completion and develop better communication.
Another situation where you need to go through COB vs. EOD and choose COB as best is to have a client with Eastern Standard Time (EST). Usually, we work in a team, and we need to communicate while working on a project.
So, it would help if you chose COB to complete the project on time and deliver it to your client following EST. By using this acronym, you can also communicate with the employee of the EST zone to provide his important notes assisting you in project completion.
You can use the EOD acronym for the following instances and win the clients by having good reviews.
Suppose you have a client with no specific working days but a deadline for the work, like Monday at 9 PM. By doing calculations, you find the working hours not enough to complete the work, so; you decide to work for some more hours. This situation demand EOD acronyms for your teammates or employees. In another case, if you have various assignments to complete with the same deadline, you will follow EOD.
Some clients do not come with deadlines, but they follow the service hours you provide. If you have such clients from a local area or nearby area having the same time zone, you can go with the EOD acronym. You are telling the time for delivery of the assignment of the product, and there is no confusion as the client knows the local time zone.
· They help to determine the customer service.
· They help to maximize the chances of satisfying the customer
· They help to avoid disruptions in international transections
COB and EOD are both important terms that traders and businessmen use to complete their projects on time. After knowing the differences between these two terms, the traders and businessmen can better understand the scenario and win more clients worldwide. Consider the business days and hours while working with the team and dealing with different clients to avoid any inconvenience. We hope now you have complete understanding of COB vs. EOD: What Each Means and How to Use Them.