The Language of Small Business Texts and Vocabulary Training (for students of Economics) Part 2. Учебное пособие

Definitions of Terms

Accountant ACCTS. – a person having special knowledge of commerce and of keeping of accounts in business and government organizations.

Solicitor LAW – a lawyer, esp. in England, who, after a period of training in a law office and after passing the examination of the Law Society, has been made an officer of the Supreme Court. He thus becomes a member of that branch of the legal profession that is alone qualified to be a legal adviser to clients, to act for them in the civil and criminal courts, to represent them personally in the lower courts, and to prepare cases for banisters in the higher courts. Solicitors attend to a variety of other legal matters such as

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preparing will, administering estates and trusts, conveyancing (transperring ownership of) land and buildings, forming companies, and drawing up contracts and other legal documents.

Estate agent COM. – a person who acts as agent for another in buying, selling, letting and renting land and buildings and who, for a fee or commission, provides certain services such as managing leased property, collecting rents, making surveys and valuing properties. Syn.: house agent; land agent; (USA) realtor.

Audit ACCTS. – an official examination and checking of the annual accounts of an organization by an independent qualified person, called an auditor, in order to make certain that they show accurately the true financial position and do not hide any dishonesty, and also that they are presented in proper form ordered by law.

Venture capital – capital open to considerable risk of loss. Syn.: risk capital. Opp.: security capital

Security capital – capital that is safely invested.

Unlisted securities STK. EXCH. – in Britain, securities that are not included in the Official List of securities dealt in by members of the Stock Exchange. Syn.: unlimited securities; unquoted securities. Opp.: listed securities.

Factoring FIN. – an arrangement between a supplier and a special kind of finance house called a factor or factoring company, by which the supplier sells to the factor the right to collect amounts payable to the suppler by approved customers at some future date. Thus the supplier receives payment immediately he supplies the goods, the factor taking full responsibility for collecting the accounts and bearing all losses from bad debts. The factor’s charges consist of a fee based on the rate of discount for bills of exchange and an added small percentage for collecting the accounts. In Britain, factoring companies are owned by commercial banks, merchant banks and some export houses. Some factoring companies also lend money to suppliers for short periods.

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Professional Back Up

Definitions of Terms

Спекулятивный капитал – вложение капитала с рис-

ком; средства, вложенные в компании, новые предприятия, что связано с определенным риском на первой стадии их дея- тельности; особенно характерен для прогрессивных в техниче- ском отношении отраслей экономики.

Факторинг – разновидность торгово-комиссионной опе- рации, сочетающейся с кредитованием оборотного капитала клиента; включает инкассирование дебиторской задолженно- сти клиента, кредитование и гарантию от колебаний кре- дитных и валютных рынков. Факторинговая компании поку- пает счета клиентов на условиях оплаты до 90% отфактуро- ванных поставок и оплаты оставшейся части за вычетом процентов за кредит в оговоренные сроки вне зависимости от поступления платежей от должников. Факторинг использует- ся, в основном, мелкими и средними предпринимателями.

For Discussion

1.Who will you contact for getting professional advice?

2.What advice may you expect from an accountant?

3.Why should you take up references while choosing an accountant?

4.What facilities do banks offer?

5.Why is it important to use the help of solicitors?

6.Is design an important element of your business? If yes, why?

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Summary

1.Вы увеличите свои шансы на успех, если воспользуйтесь советами профессионалов в разных областях. Обратитесь к ним за помощью на ранней стадии планирования бизнеса.

2.С самого начала обговорите со специалистами суть и объем работы

3.Попросите специалистов представить рекомендации и оговорите стоимость услуг, прежде чем они начнут на вас работать.

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Business plan

BUSINESS PLAN

NAME OF BUSINESS_______________________________________

ADDRESS _________________________________________________

__________________________________________________________

TELEPHONE ______________________________________________

BUSINESS PLAN PREPARED BY ____________________________

__________________________________________________________

POSITION IN BUSINESS____________________________________

__________________________________________________________

MAIN ACTIVITY OF BUSINESS _____________________________

__________________________________________________________

BUSINESS STARTED _______________________________________

SUMMARY OF PLAN

REMEMBER:

−highlight the attractions of your business – you have to get your reader’s interest;

−your plan should be well researched, with figures to back up your forecasts;

−demonstrate your management ability (lenders and investors want to know);

−show your product has a market;

−complete the plan yourself, but you can ask an adviser for help (for example, an enterprise agency, small firms service or accountant).

1.Describe your business (eg main activitirs)___________________

__________________________________________________________

__________________________________________________________

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2.What is your market (eg local/ nationwide, industrial / consumer )

__________________________________________________________

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__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

3.Give summary sales and profit forecast figures

__________________________________________________________

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__________________________________________________________

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4.How much money do you need as loan / overdraft / investment?

__________________________________________________________

__________________________________________________________

__________________________________________________________

5.What will this be used for?

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

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6.When will loan be repaid (or what return can investor expect)?

__________________________________________________________

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Business plan

REVIEW OF YOUR

BUSINESS TO DATE

REMEMBER:

−highlight successes to date;

−give problems and how you have overcome them;

−attach audited accounts for last three years.

1.Give summary financial figures for last three years

198__ /8__ _____________________________________________

198__ /8__ _____________________________________________

198__ /9__ _____________________________________________

2.Summarize growth of business to date

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

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__________________________________________________________

3.What are the strengths and weaknesses of the business at present?

__________________________________________________________

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__________________________________________________________

__________________________________________________________

__________________________________________________________

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__________________________________________________________

__________________________________________________________

__________________________________________________________

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4. Indicate how relevant the past performance of the business is to its future performance

__________________________________________________________

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MANAGEMENT

REMEMBER:

−this is a crucial section; the success or failure of your business is very dependent on the people running it;

−attach a summary showing your achievements rather than just dates and positions;

−don’t be frightened of management weaknesses, but show how you propose to overcome them;

−if there are other key people in the business, attach summary of qualifications and experience.

l. Name _________________ Age ______________Address

________________

_____________________________________ Phone no. ___________

Present / planned role in business ____________________________

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Business plan

Present income ____________________ Future income

____________________

Experience ________________________________________________

__________________________________________________________

__________________________________________________________

2.Name _________________ Age ______________Address

________________

_____________________________________ Phone no. ___________

Present / planned role in business ____________________________

Present income ____________________ Future income

____________________

Experience ________________________________________________

__________________________________________________________

__________________________________________________________

3.Name _________________ Age ______________Address

________________

_____________________________________ Phone no. ___________

Present / planned role in business ____________________________

Present income ____________________ Future income

____________________

Experience ________________________________________________

__________________________________________________________

__________________________________________________________

4.What additions are planned to the management team? Give when, why and likely salary _________________________________

__________________________________________________________

__________________________________________________________

5.Identify any management weaknesses and how you propose to overcome them

__________________________________________________________

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6.What plans do you have to cover illness or sudden departure of key personnel?

__________________________________________________________

__________________________________________________________

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7.How many employees do you have-now? ___________________

In one year? _______________________________________________

In two years? ______________________________________________

In five years? ______________________________________________

PRODUCT OR SERVICE

REMEMBER

−bring out what is special about your product / service and why your business will succeed;

−don’t assume the only way you can beat your competition is to cut your price:

−enclose any brochures, leaflets etc. about your product.

1.What are your products / services and give % of your current (or likely) sales which each produces (attach list if more than four)?

d ___________________________________________________

2. What is special about your products (eg what are the key selling points)? ___________________________________________________

__________________________________________________________

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