Business English

kieszonkowy poradnik

biznesowo-językowy

Language Guide

The Business Plan

Dear Readers,

Welcome to BEM’s newest handy business language guide. This time, we take the first steps into starting your own business.

Whether you are looking to¹ start your first company or have been operating for years, committing yourself to² the task by creating a business plan will help you become a success. The business planning area is a complicated one. Therefore, our goal in this booklet is to give you a general idea on various factors you need to consider when sitting down to sketch out your plan. So, roll up your sleeves³ and get to work!

We’re keeping our fingers crossed for your success!

1 to look to do sth /tə lʊk tə də ˈsʌmθɪŋ/| planować coś zrobić

2 to commit oneself to something /tə kəˈmɪt wʌnˈself tə ˈsʌmθɪŋ/ | zaangażować się w coś

3 to roll up one’s sleeves /tə rəʊl ʌp wʌnz sliːvz/| zakasać rękawy (o kimś)

Kieszonkowy poradnik biznesowo-językowy

Opracowanie: Daria Frączek

Colorful Media ul. Lednicka 23, 60-413 Poznań

tel. 61 833 63 28, redakcja@business-english.com.pl

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Why Write One?

A business plan provides a roadmap for your enterprise⁴, defines your objectives, shows the direction your business is going to take, maps out strategies and ways to handle possible obstacles⁵. It may serve a few distinct purposes, depending on your current outlook⁶ and future plans.

In the planning process, you learn about the different forces and factors that may affect your success. By creating a plan you will:

• learn about the industry⁷, market and competition⁸,

• specify your current position and heading⁹,

• identify barriers and work out strategies to overcome or avoid them,

• understand your finances and determine a break-even point¹⁰,

• set specific quantifiable¹¹ goals and timeframes for achieving them,

• make informed¹² decisions focusing your activities and resources¹³.

It may help you decide whether you want to go into business¹⁴ in the first place. No matter how starry-eyed¹⁵ you are, writing a business plan will force you to face the facts. Some vital questions you will need to answer are:

• How much money will you need? How are you going to get it – is it your own cash, bank loans, equal partners, equity¹⁶, angel investors¹⁷? How will you cover interest rates¹⁸?

• Are you willing to sacrifice your lifestyle to work long hours for no pay?

• What kind of support will you need? Are you ready to delegate to others? How many people will you eventually employ?

4 enterprise /ˈentəpraɪz/ | przedsięwzięcie

5 obstacle /ˈɒbstəkl̩/|przeszkoda

6 outlook /ˈaʊtlʊk/ | perspektywa

7 industry /ˈɪndəstri/ | przemysł, branża

8 competition /ˌkɒmpəˈtɪʃn̩/|konkurencja

9 heading /ˈhedɪŋ/| kurs, kierunek (podróży, rozwoju)

10 break-even point /breɪk ˈiːvn̩ pɔɪnt/|próg rentowności

11 quantifiable /ˈkwɒntɪfaɪbl/ | mierzalny

12 informed /ɪnˈfɔːmd/ | przemyślany, świadomy

13 resource /rɪˈzɔːs/ | zasób

14 to go into business / tə ɡəʊ ˈɪntə ˈbɪznəs/| zacząć działać, wchodzić w interes

15 starry-eyed /ˈstɑːri aɪd/ | marzycielski

16 equity /ˈekwɪti/ | udział

17 angel investor /ˈeɪndʒəl ɪnˈvestər/ | prywatny inwestor darczyńca

18 interest rate /ˈɪntrəst reɪt/ | stopa odsetek

• When will the business turn a profit¹⁹? What will your annual revenue²⁰ be?

• What is going to happen if this does not work out?

• If it does succeed, what are you going to do next?

If you seek funding, a sound²¹, well-structured business plan will be essential in convincing lenders²² or investors that your venture²³ is going to thrive and bring profit. Focus on how your company is going to make revenue and stress your ability to create sufficient cash flow²⁴.

If you are in business already, making a plan will help provide a general outlook of your company to identify the areas that are working well and the ones you can improve. It helps give you a sense of control over your business and a vision of the future.

How to Put It Forward²⁵?

Keep it short and simple. The business plan is not the place to flounce²⁶ your literary prowess²⁷. Think of it as a manual that will make your employees, investors and yourself understand your goals and ways to achieve them better.

Use simple, straightforward sentences and wording. Whenever possible, use bullet points, tables and charts to make information easily accessible. Graphics are welcome. Instead of complicated descriptions, include product sketches, location shots²⁸, mock-ups, blueprints²⁹ or logos.

You do not have to start with a blank sheet of paper. There are business plan templates³⁰ in abundance³¹ readily available.

The Elements of a Business Plan

Executive³² Summary

Within this point you should state what exactly you propose to develop and how, show the merits³³ and capabilities of the venture as well as point out what is needed for it to succeed. Include key elements such as:

• the business concept, the product and the market it will service,

• financial points, including sales, profits, cash flows and return on investment³⁴,

• the capital needed to start and expand it, with specifics on how it will be made use of and what kind of collateral³⁵ will be provided,

• information on the company’s legal form of operation, track record³⁶, major owners and key personnel,

• elements that will grant the business a competitive advantage³⁷ (location, innovative products, patents, crucial contracts etc.)

Business Description

Begin with a brief report on the industry, its present landscape and prospects for the future. Describe the various branches within it, any new products or developments included. Explain in what way these might benefit or hinder³⁸ you. Say whether your business is already in operation or not. Include a description of the type of company and its structure (retail³⁹, wholesale⁴⁰, service-oriented, food service, manufacturing⁴¹). The company’s legal form should be specified here. Provide an idea of the relevant experience you and your key partners have.

Describe the product or service you intend to offer and explain to whom you are going to cater⁴². The product should be portrayed completely

19 to turn a profit /tə tɜːn ə ˈprɒfɪt/| osiągnąć zysk

20 revenue /ˈrevənjuː/ | dochód

21 sound /ˈsaʊnd/ | solidny, rzetelny

22 lender /ˈlendə/ | pożyczkodawca

23 venture /ˈventʃə/ | przedsięwzięcie

24 cash flow /kæʃ fləʊ/ | przepływ gotówki

25 to put sth forward /tə ˈpʊt ˈsʌmθɪŋ ˈfɔːwəd/| przedstawić coś

26 to flounce /tə flaʊns/ | popisywać się (czymś)

27 prowess /ˈpraʊɪs/ | sprawność

28 shot /ʃɒt/ | ujęcie, migawka

29 blueprint /ˈbluːprɪnt/ | plan wykonawczy, projekt

30 template /ˈtemplɪt/ | szablon

31 in abundance /ɪn əˈbʌndəns/ | obficie

32 executive /ɪɡˈzekjʊtɪv/ | wykonawczy, kierowniczy

33 merit /ˈmerɪt/| zaleta

34 return on investment (ROI) /rɪˈtɜːn ɒn ɪnˈvestmənt, ɑːr əʊ ˈaɪ/| zwrot z inwestycji

35 collateral /kəˈlætərəl/ | dodatkowy, towarzyszący

36 track record /træk rɪˈkɔːd/ | historia działań, lista osiągnięć

37 competitive advantage /kəmˈpetətɪv ədˈvɑːntɪdʒ/ | przewaga konkurencyjna

38 to hinder /tə ˈhɪndə/ | powstrzymywać, przeszkadzać

39 retail /ˈriːteɪl/ | handel detaliczny

40 wholesale /ˈhəʊlseɪl/ | handel hurtowy

41 manufacturing /ˌmænjʊˈfæktʃərɪŋ/ | produkcja

42 to cater to sb /tə ˈkeɪtə tə ˈsʌmbədi/| obsługiwać kogoś

enough to give a clear idea. Emphasise any unique features it may have. Explain how you will distribute and support sales; what kind of advertising, promotions and customer service will you use?

Briefly point out why you think your business is going to be successful. Be specific in what sets you apart from your competition; include details like organisation, manpower⁴³, equipment, location, product or price. Relate the opinions of experts, suppliers⁴⁴ or market research⁴⁵ results.

Lastly, show in what ways you will be able to expand or develop your business further in the future.