2. Identify trends

Inventive business owners must look at current trends in the economy, population and industry to determine what agile steps to take in the future.

“Look at the demographics and whether they will change.” Ed Doherty says, “Will there be more people in the area? There is an increasing number of people age 50 and above. You have to pay special attention to those factors.”

3. Dig for up-to-date information

Information on population predictions, demographics and economic data can help in your efforts to plan for the future. There are numerous places to search for this information, for example, local governments/city halls, the Bureau of Labour Statistics etc.

4. Understand your practical limits

One of the strategies for long-range planning is to realize your business’ size and what it can accomplish in a given time period. For example, a sensible outlook is about five-years – although that might even be too long.

A safer bet is about two years, according to Ed Doherty, a counselor with SCORE, a national network of entrepreneurs and executives who provide free business counseling to up-and-coming business owners.

Size also affects the number of initiatives that can be taken on at one time, says Holm. She suggests only taking on a few items at a time. “It is much better to take on a smaller number of initiatives and take them up to their maximum advantage than spread limited resources so thin that they cannot make meaningful progress on any front,” she says.

5. Put logistics first

Realize that logistics expenses are not a waste of money anymore. An efficient integrated logistics strengthens a company’s bottom line through optimization of purchasing process, reducing order cycle time, improving service level and reducing operation cost.

(edited from http://www.allbusiness.com)

2. Agree or disagree with the following statements.

• An inventive business owner should take up a lot of initiatives at a time.

• The information on the present state of economy, population and industry is surely important.

• It’s better to search for demographic data at Civilian Registry Office.

• Ten years is always the right period of time for business planning.

• There is no need for a company to have an overall business plan.

• Counselors provide small entrepreneurs with the information on the history of economy.

• Logistics operations are a profitable investment.

3. In the text, find the words with the meaning opposite to these phrases.

• connected with one area only

• making no profit

• out-of-date, irrelevant

• very slow

• always false

• with a simple structure

• unreasonable, making no sense

4. a) In the text, find all the core components, the ‘bricks’ that make up the effective business.

b) In groups, state the ideas and decide upon 10 more components. Complete the pyramid.

Strategic thinking

Extensive planning

5. Now that you know the components of successful business organization, look back at the table (p.14) and see whether the efficient logistics process meets the requirements of present dynamic business scenario. Why/Why not?

• Language Focus: Pronunciation

1. Li

   entrepreneurs organization sophisticated advantageous

   beneficial international optimization indisputable interrelated

   sten to the tape and repeat the words with two stresses.

NB! Study the difference between British and American pronunciation

	British English	American English
circumstances	[´sə:kəmstənsız]	[̖sə:kəm´stænsız]
dictionary	[´dık∫ənərı]	[̖dık∫ə´nærı]
definitely	[´defınıtlı]	[̖defı´nıtlı]

2. Listen to the tape and classify the words into two groups: one-stressed words and two-stressed words. Practice saying them.

profit-oriented development bureau far-reaching integrated long-range realize executive understand purchasing economic information meaningful initiative population up-and-coming successful demographic

One stress	Two stresses
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-
-	-

Language Focus: Grammar

1. Study the sentences from the text. Each of them contains a modal verb. What does each modal mean? Choose one of the below.

1. Professionals need to know some key points to be profitable.

2. Companies can use additional planning to help with future success.

3. Inventive business owners must look at current trends in the economy to take definite steps in the future.

4. You have to pay special attention to demographic factors.

5. Five-year planning might be too long.

6. A small number of initiatives should be taken at one time and be taken up to their maximum advantage.

7. Logistics operations are not to be omitted as they optimize the company’s purchasing process.

• It’s a good idea

• It’s necessary to do it

• It’s possible

• It’s acceptable

• It’s not acceptable

2. a) Here are some more modal forms. Match the modals with their meaning.

b) Work with a partner. Choose any 2 structures and use them in meaningful context (3-4 sentences). Study the sentences. Complete the new ones using the given modal verbs. Pay attention to the forms of the infinitives.

3. Paraphrase the following sentences using the words in bold. Put the words in bold into the right form.

1. Perhaps the success of business depends on its accurate organization.

May It ____________________________________.

2. The business expert is sure the company has failed the project.

Must The company____________________________________.

3. I advise business owners to look at current trends in the economy.

Should They ________________________________.

4. It isn’t necessary to confirm this information. The manager has already phoned us.

Need You __________________________________.

5. It’s possible that they have already applied a new strategy.

Might They _________________________________.

6. It’s forbidden to change any aspect of cooperation agreement.