Learn Business English Blog

"24/7"

noreply@blogger.com (Anonymous) — Sat, 24 Jun 2006 18:23:00 +0000

"24/7" is another way of saying "all the time" or continuous. Literally, it means 24 hours a day, 7 days a week. A business may use the term to express they are always open for business. For example, "we are open 24/7." An individual may say, "I work 24/7" as a way of expressing that they work all the time.

Business Expression:
"24/7"

Want to download select Learn Business English Blog audio files? Just place a link to the Learn Business English Blog on your blog or website. Then email us the link to your site for verification. Once verified, we will send you a download link.

"Talk is Cheap"

noreply@blogger.com (Anonymous) — Sat, 24 Jun 2006 18:21:00 +0000

We mentioned 'talk is cheap" in an earlier segment entitled "Show me the money." This expression is used when referring to people who talk alot about doing things but never really do much. In other words, they do not have much of a record of accomplishment. It is always used to refer to people who make empty promises. Empty promises are promises to do something but there is no intention to carry out the promise. So "talk is cheap" means that it is easy to talk about things, but more difficult to do something about it, whether that something is keeping a promise or taking appropriate action.

Business Expression:
"Talk is Cheap"

"Cash is king" & "Cash is trash"

noreply@blogger.com (Anonymous) — Sat, 24 Jun 2006 18:20:00 +0000

These two expressions mean exactly the opposite. You will often hear them when talking about financial investments. When the stock market is declining, investors want to preserve their cash so stocks are sold and cash is held in their portfolio. Since cash does not generally lose value except to inflation, then "cash is king" in a down stock market. However, in a rising stock market or in inflationary times, investors can make more money by investing their cash in stocks and bonds. Investors lose by holding cash in their portfolio because of the lost opportunity from rising stocks or the loss of purchasing power from inflation. Investors refer to cash as trash in this scenario.

Business Expressions
"Cash is king," "Cash is trash"

Purchasing Power

noreply@blogger.com (Anonymous) — Sat, 24 Jun 2006 18:18:00 +0000

Purchasing power is a concept that expresses the true value of currency. Currency by itself has no value. The value comes from how much one can buy with the currency. If a currency can buy more today than in the past, then purchasing power has increased. If a currency can buy less today than in the past, then the purchasing power of that currency has decreased. As an example, the US Dollar has lost one-third of its purchasing power or value since early 2001. As a result, US goods are cheaper abroad while imported goods are more expensive in the US.

Business Term:
Purchasing Power

"Show me the money"

noreply@blogger.com (Anonymous) — Fri, 23 Jun 2006 16:07:00 +0000

"Show me the money" was popularized by the movie Jerry McGuire in 1990s. The expression is used to mean that someone wants proof of financial support for the project or proof that the project is profitable. People living in the state of Missouri in the United States call themselves the "show me" state, because they don't always believe what they hear. They want to see evidence that something is happening or has happened. "Show me the money" is another way of saying "talk is cheap." In other words, anyone can talk about things, but not everyone does someting about it. The individual making the statement "show me the money" wants to see action or progress.

Business Expression:
"Show me the money"

"Make it happen"

noreply@blogger.com (Anonymous) — Fri, 23 Jun 2006 16:03:00 +0000

In a general sense, "Make it happen" means to take immediate action now or very soon. It may be used as a directive from the superior to a subordinate. The phrase may be either postive or negative, depending on the tone and circumstances in which it is used. For example, if the superior is expressing disappointment that a project has not already been completed, then the sentence "I want you to make it happen now" expresses dissatisfaction and urgency for the subordinate to correct the situation. However, it can also be used in a positive sense to build team work. For example, after planning a project, the superior or team leader may say to the individual or team "We can make it happen!" Used in this way the expression conveys confidence in the team and a sense of group unity. Other variations of the expression are "making it happen" and "lets make it happen."

Business Expression:
"Make it happen"

"Cut your losses"

noreply@blogger.com (Anonymous) — Fri, 23 Jun 2006 15:59:00 +0000

"Cut your losses" generally refers to getting out of financial investments that are losing money. It means to take some action to stop losing money. Sometimes cutting your losses involves getting out of the investments such as selling the stock investment or closing the business. Other times, it means to protect your investment from any further losses by hedging. In a business environment, it may be used to refer to divesting or selling off a product line that does not produce a profit. In general society, "cutting your losses" means getting out of a bad decision of any kind. Usually it involves the lesser of two alternatives. To stay with the decision means to continue losing. To get out of the decision, means to accept the current loss. Both are difficult decisions.

Business Expression
"Cut your losses"

"Buyer beware"

noreply@blogger.com (Anonymous) — Sun, 18 Jun 2006 15:01:00 +0000

"Buyer beware" is a commonly understood expression, but not one that is often used verbally in business. Buyer beware means that consumers have the obligation to be skeptical or cautious when buying. It is not the company's responsbility to assure the consumer is getting a fair deal. Rather, it is the consumer's responsibility to make sure they are not being "ripped off" or "taken advantage of" in their purchase. If every consumer were cautious in this manner, then irreptuable or "less than honest" businesses would have little chance of surviving.

Business Expression:
"Buyer beware"

"Business is business"

noreply@blogger.com (Anonymous) — Sun, 18 Jun 2006 14:58:00 +0000

'Business is business" and "It's business, not personal" refers to having to make decisions purely for financial reasons and not personal reasons. The expressions are often used to refer to the fact that someone had to make a difficult or hard decision in favor of receiving a large profit potential rather than in favor of a personal relationship. For those who will gain financially from the decision, it serves as justification or rationale.

Business Expressions
"Business is business"
"It's business, not personal"

"Follow the money"

noreply@blogger.com (Anonymous) — Sun, 18 Jun 2006 14:56:00 +0000

"Follow the money" means seeking to understand what is going on in an organization by tracking how the money flows in and out of the organization or industry. Money leaves a trail which can be followed. By following the money trail, one can better understand particular courses of action within the orgainization.

Business Expression:
"Follow the money"

"Starting up a business"

noreply@blogger.com (Anonymous) — Sun, 18 Jun 2006 04:24:00 +0000

Starting up a business refers to the act of begining a new company. If you wanted to work for yourself, most likely you would "start up" a new business. "Putting up" a business is similar but makes more of a reference to physically building the business. The construction of a new building for the business involves "putting up" or building the walls. The act of building the walls is one of the first or beginning steps in the process of building the new business. However, the expression "putting up a business" is seldom used today.

Business Expressions:
"Starting up a business"
"Putting up a business"

Collusion

noreply@blogger.com (Anonymous) — Sat, 17 Jun 2006 21:09:00 +0000

Collusion is a secret agreement or an agreed upon cooperation between individuals to harm another. The other that is harmed may be an individual or a corporation. It is also considered collusion even when the purpose of the agreement is to help another. Why is this collusion? Because helping one person in a competitive situation is always done at the expense or detriment of another person. An example of usage is "ABC and XYZ corporations were found guilty of price collusion."

Business Term:
Collusion

Bribery, Bribe

noreply@blogger.com (Anonymous) — Sat, 17 Jun 2006 20:55:00 +0000

Bribery or a bribe refers to offering something of value to a person in an attempt to influence their judgment. While it may be a normal way of doing things in some countries, bribery is considered illegal in the United States or while doing business outside the US, if you are a US citizen. An example of the term in usage is "our company has a policy against accepting bribes."

Business Terms:
Bribery, Bribe

Ethics

noreply@blogger.com (Anonymous) — Sat, 17 Jun 2006 01:55:00 +0000

Ethics are the standards used to judge the rightness or wrongness of a person's behavior toward others. Business activities that are unethical include industrial theft or espionage, conflicts of interest, misleading advertising, collusion, and fraud to name just a few. Organizations want to be viewed as ethical. In the long term, it benefits them financially through higher trust by customers, employees, and other stakeholders. Many organizations today undertake ethics training for its employees. Example: Good ethics is the foundation of good management.

Business Term:
Ethics

Organizational Mission

noreply@blogger.com (Anonymous) — Sat, 17 Jun 2006 01:45:00 +0000

Organizational mission is also known as the mission statement of an organization. We will examine this and other strategic concepts in greater detail later when we address terms related to strategic management. In the meantime, we will define the mission of an organization as the fundamental reason why the organization is here. It answers the questions, what is the purpose of the organization? Who are its customers? And, what products or services will it serve? These are not easy questions to answer, especially is a concise manner.

Many organizations do not clearly understand their purpose. Therefore, they have no guide for determining the appropriate course of action for the future. Without a clearly defined mission or purpose, there is no basis for developing objectives, strategies, or measuring progress. Think about it for just a moment. What is the purpose for your organization? I do not mean just making money. I mean what uniquely justifies your organization's existence? What are your organization's objectives? What products and services are offered to help meet those objectives?

Business Term:
Organizational Mission

Download Blog Audio Files

noreply@blogger.com (Anonymous) — Fri, 16 Jun 2006 04:09:00 +0000

If you like listening to the Learn Business English Blog audio files, but want the ability to transfer them to your MP3 player, then download selected audio files here through Paypal.

It's a great value too, especially when you consider you're getting 28 audio files covering 56 Business English topics on management. You get The 28 audio files covering a variety of management topics, such as:

Brainstorming
Buy In
Chain of Command
Cost containment, Cost cutting, Cost management
Decision Making, Empowerment
Downscoping
Downsize, Rightsize, Reduction in Force
Drill Down
Follow up on, Focus on
Give a comment, Give a talk, Speak on a topic
Globalization, Global competitor
Going forward, Move on, Get moving on
Layoff, Downsize, Leaner
Management by objectives
Management, Manager
Merger, Acquisition, Takeover
Organization, Company, Firm
Oursource, Insource
Planning, Strategic Planning
Policies, Procedure, Rules
Proactive, Reactive
Problem, Issue, Situation
Program, Project
Social Responsibility
Stakeholder, Shareholder
Strategic Business Unit
Synergy, Corporate Raider, Takeover
Tipping point

If you wish to have the audio files delivered to you instantly via an email download, click here or n the following button. You will be instructed how to proceed with your purchase.

Files Size: 12.2 Mb
File Format: ZIP
Audio Format: MP3
Audio Files: 28

Efficiency, Effectiveness

noreply@blogger.com (Anonymous) — Thu, 15 Jun 2006 13:08:00 +0000

If you understand the difference between efficiency and effectiveness, it will help you understand the issues behind many managerial decisions. But first lets look at the meaning of each term. Efficiency refers to how well resources are used in pursuing objectives. Effectiveness refers to management's ability to establish the appropriate objectives and the appropriate strategies to achieve them. Another way of understanding these differences is to borrow from the concepts of reenginerring. Reengineering distinguished between "doing things right" and "doing the right things." At first these two concepts may sound identical, but it was simply a new way of presenting the efficiency-effectiveness distinction. To be efficient means to "do things right" or, in other words, to use resources well. But just because resources are being used well, does not mean the organization will succeed. If the organization pursues the wrong objectives or the wrong strategy to achieve those objectives, then the organization will not be effective. To truly be effective means the organization must "do the right things" in terms of establishing objectives and strategies. For an organization to succeed in the long-run, it must be both efficient and effective.

Business Terms:
Efficiency, Effectiveness

Organizational Objectives

noreply@blogger.com (Anonymous) — Thu, 15 Jun 2006 13:03:00 +0000

Organizational objectives are the end results an organization seeks to obtain in order to achieve its mission. The objectives or end results become the focus of the organization's activities. Strategies are formulated and implement to assure the activities of the organization are coordinated to achieve it objectives. The word "goals" is often used interchangeably with objectives. Some of the areas in which organizations set objectives include profitability, management performance, competitive performance, productivity, and social responsibility.

Business Term:
Organizational Objectives

Short-, Intermediate-, and Long-Range Plans

noreply@blogger.com (Anonymous) — Wed, 14 Jun 2006 15:42:00 +0000

Lets review our understanding of plans. Simply, a plan is establishing objectives and developing how best to achieve them. One difficulty in business English is understanding what is meant by the terms short-range plan, intermediate plan, and long-range plan. In general, a short-range plan is a plan for less than a year. It could be a daily plan, weekly, or monthly plan. An intermediate-range plan generally looks one to three years ahead, while a long-range plan involves outlining objectives and activities three or more years in the future. Keep in mind, these are only estimates. In fast moving industries such as telecommunications, short-range plans may be three months, intermediate plans three months to a year and half, and long-range plans anything over 18 months. In contrast, in the slower moving electric power utility industry, a short-range plan is anything less than three years, an intermediate plan three to seven years, and a long-range plan as long as 25 years. You must be aware of the speed at which the industry is changing. Fast moving industries have compressed planning cycles.

Business Terms:
Short-, Intermediate-, and Long-Range Plans

Strategic Business Unit

noreply@blogger.com (Anonymous) — Wed, 14 Jun 2006 13:17:00 +0000

A strategic business unit, also known as an SBU, is a unique company which is part of a larger organization. The larger organization may own several businesses or SBUs. Each strategic business unit is a unique and separate company loosely affiliated with the larger one. A good example is General Electric which has a financing business called GE Capital. GE Capital is a separate strategic business unit within the larger parent organization called General Electric. Strategic business units have their own mission, products, services and strategic plans separate from the parent organization. However, the objectives of the strategic business unit are consistent with the objectives of the parent company.

Business Term:
Strategic Business Unit

Business English Economic Vocabulary Guide

noreply@blogger.com (Anonymous) — Wed, 14 Jun 2006 02:51:00 +0000

Are you looking to improve your Business English knowledge of economic words? The Business English Economic Vocabulary Guide is a 32 minute audio guide (MP3) containing 96 commonly used terms related to the general economy. Here are just some of the words you will learn from the Business English Economic Vocabulary Guide.

Agribusiness, antitrust law, asset, balance of payments, balance of trade, bear market, bond, budget deficit, budget surplus, bull market, capital, capitalism, capital market, central bank, commercial bank, common market, common stock, consumption tax, demand, depression, discount rate, dividend, dumping, economic growth, electronic commerce, exchange rate, exports, fiscal policy, fixed exchange rate system, free trade, futures, gross domestic product, human capital, imports, income tax, inflation, investment, labor force, laissez-faire, market, market economy, monetary policy, money supply, monopoly, price discrimination, price fixing, price supports, privatization, productivity, protectionism, recession, regulation, revenue, securities, socialism, standard of living, stagflation, stock, stock exchange, subsidy, tariff, trade deficit, trade surplus, venture capital.

You can listen to a one minute excerpt by clicking the above link. In addition to the 32-minute audio download, the Business English Economic Vocabulary Guide comes with a 9 page written guide (PDF format) transcribing each of the economic terms. This will make it easy for you to follow along with the audio.

To purchase your copy of the Business English Economic Vocabulary Guide click here or on the "Buy Now" link below.

Specifications:
File size: 30 Mb
Audio Format: MP3
Written Format: PDF
Delivery Method: Download only

Management By Objectives

noreply@blogger.com (Anonymous) — Wed, 14 Jun 2006 01:59:00 +0000

Management by objectives, or MBO as it is called, was originated by management guru Peter Drucker. Management by objectives is when the superior and the subordinate jointly set objectives for the subordinate. In other words, through the MBO process, the supervisor and the employee mutually agree on what the employee will work to accomplish in a future period. These objectives will also be used to evaluate the employee at the end of the period. Ideally, the goals should beneficial to both parties.

The theory behind MBO is that when the employee jointly participates in the process of establishing objectives, then they will be more motivated to achieve those objectives. Furthermore, the MBO process should help assure that the professional goals of the employee are linked with the objectives of the organization. Management by objectives also requires the objectives to be specific and measurable. Without such specificity, it will be difficult to measure progress and take appropriate action.

Business Term:
Management By Objectives

Chain of Command

noreply@blogger.com (Anonymous) — Tue, 13 Jun 2006 15:11:00 +0000

The chain of command represents the authority-responsibility relationships within an organization. Examples of authority-responsibility relationships are superior and subordinate, supervisor and employee, and board of directors and Chief Executive Officer (CEO). The chain of command is best illustrated by an organizational chart. Organizational charts are pyramid shaped, graphical representations showing the hierarchial relationship within the organization. Thus, the term "chain of command" refers to going through the proper management channels for a course of action. As an example, lets suppose a supervisor gave the following advice to an employee. "This is an important project. Go through the chain of command before making any changes to the work order."

Business Term:
Chain of Command

Policies, Procedures, Rules

noreply@blogger.com (Anonymous) — Mon, 12 Jun 2006 13:37:00 +0000

Policies, procedures, and rules are closely related but have distinct meanings. In general, these words involve providing managers and employees guidance on a course of action. However, the specific level at which guidance is provided and the degree of freedom allowed varies. Corporate policies are used to address employee, customer, and company issues. They provide general guidance to managerial decision makers. The guidance is usually in the form of broad statements which allows the manager considerable flexibility in interpretation and implementation. Policies provide stability and consistency for the organization.

When accuracy or the sequence of steps be followed is important, then procedures are developed. Procedures establish a method for handling routine matters. Rules (and regulations as they are also called) are the most specific. Rules specify exactly what can and cannot be done under certain circumstances.

Business Terms:
Policies, Procedures, Rules

Program, Project

noreply@blogger.com (Anonymous) — Mon, 12 Jun 2006 13:24:00 +0000

A program is similar to a business or organization. It involves a significant commitment of financial, physical, and human resources. A program has a specific purpose or mission like a business. In addition, programs have objectives, strategies, policies, rules, and job assignments to achieve its mission and objectives. However, a program may have a specific lifespan, unlike a business which is designed to continue indefinitely. To carry out its mission, programs require the implementation of several projects. These projects are shorter-term in nature relative to the program. Projects are planned and implemented separately but contribute to the overall program's mission and objectives.

Business Terms:
Program, Project