(1). The mysterious art, lost since ancient times, of combining the right amount of staff and technology to efficiently and cost-effectively conduct your business.
“Team, we’re never going to achieve scale if we don’t make some sacrifices. That’s why I’m cutting your salaries and laying off all of your assistants. Okay, with that out of the way, I just wanted to remind you that I’m going to be in St. Croix for the next couple of weeks on my new yacht.”
(1). To prioritize (and possibly even work on) a task (see action item). The term is usually used when reassuring your boss that whatever they’re talking about is at the top of your list of things to do.
“Sure, boss, I’ll action that mail merge project for first thing in the morning. Right after I figure out how to do a mail merge…”