2.Match the words/phrases on the left with those on the right.

crucial	a) purchasing power
to prosper	b) a flow of money into and out of a business
spending power	c) of deciding importance
cash flow	d) to receive
to cope with	e) to deal successfully with difficulties
to obtain	f) to become successful and especially rich
to exaggerate	g) to make seem better, larger,etc than it really is

3. There are a lot of direct questions in the text. Pick them up and change into indirect ones using the introductory phrases as in the example below. Mind the word order.

Example: How is your product or service to be sold?–

You have to decide how your product or service is to be sold.

Are there recommended retail prices? –

You have to find out ifthere arerecommended retail prices.

4. Summarise the recommendations presented in the text.

5. Complete the following phrases/sentences with adequate prepositions. Translate them into Ukrainian.

1. People are buying… you.

2. You should decide where you fit…

3. to obtain a product … other sources

4. to compete … price and quality

5. A customer pays … it.

6. Your product is different… others.

7. What are you aiming …? 8. … first a businessman should be concentrated … getting the business into profit.

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Text b a business plan form also covers:

Pricing. Don't base your prices on your estimate of your own costs - keep an eye on your competitors and the market generally. Your prices are a vital part of your business success. Try to ensure that they give you a competitive edge. Remember, it is generally easier to bring prices down than to put them up.

What's the best price you will be able to get from your customers - evidence shows that many small businesses charge less than their customers are prepared to pay. Does your price cover the direct cost of producing your product and provide a reasonable contribution to cover your overheads?

Supplies. Are adequate supplies available? Is the quality good? Can you get supplies at the right price for you?

Do you know what credit is available?

Premises and equipment.What premises will you be operating from? Are they adequate? How much will they cost? Do you need to buy vehicles or machinery? If so, have you assessed the cost? And how will you pay for them?

Personnel. Will you need to employ people? If so, do you know how many? And at what cost? Do they have the necessary skills and capabilities? Will they need special training? What is their future potential?

What contribution can they make to your business? If you anticipate employing staff or using freelance services, what will they be doing and what will be the cost to you? Have you considered the legal implications and requirements of employing people?

Personal details. Why are you qualified to run your business? Has your previous work and business experience been relevant? Have you attended any courses? Where do you see yourself in five years time? Have you got the skills for the job? What are your plans to ensure that you get the right skills and knowledge to run your business profitably? Do you know your own strengths and weaknesses?

Marketing. Calculate the cost of marketing your goods or services. How are you going to sell? How do your competitors sell? Are you sure that your way of reaching the market is appropriate? You will probably be considering leaflets, advertisements in your local paper, business cards, phone calls and personal visits

Book-keeping or record system. At the centre of every successful business, there is an efficient record system. This should enable you to keep a complete record of things like quotations you may make, invoices, bills, receipts and payments in cash, VAT and Inland Revenue forms, etc. These records will be needed to provide information to help you to run your business. They will also help your accountant to complete your tax return.

What sort of records should I keep? If you don't keep accurate records of all your transactions you will not be able to manage your finances adequately. This could jeopardise the future of your business, and, in particular, may cause difficulties when completing VAT and tax returns.

Remember - good financial records help you to:

• improve your financial control

• see when rising costs are affecting your profit margins

• measure the overall performance of your business

• manage your cash flow effectively

• act quickly if problems arise

• keep VAT, National Insurance and Income Tax up to date.

Once this information has been put down on paper, the entrepreneur can then choose an appropriate form for the company, register it with the authorities and open for business.

Notes : Inland Revenue – державна податкова адміністрація (у Великій Британії)