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Business English News 44 – Covid-19: Economic Impact

Business English, Business English Vocabulary, Business News, ESL Podcast / May 24, 2020

The world first heard about cases of a novel coronavirus on December 31st, 2019. In just two short months, the World Health Organization had declared a global pandemic. The impact on the world economy was instantaneous, as the World Economic Forum explains:

The COVID-19 pandemic has hit global trade and investment at an unprecedented speed and scale. Multinational companies faced an initial supply shock, then a demand shock as more and more countries ordered people to stay at home. Governments, businesses and individual consumers suddenly struggled to procure basic products and materials, and were forced to confront the fragility of the modern supply chain.

Now, as we approach summer, supply chains still don’t feel completely secure. Economic forecasts look pretty gloomy as nations emerging from lockdown attempt to kickstart their economies. The stock market, however, has provided some surprises amid the crisis.

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BEP 358 – English for Purchasing 4: Negotiating Terms

Business English, Negotiating, Purchasing, Sales English / May 10, 2020

Welcome back to Business English Pod for today’s lesson on English for purchasing and negotiating price and terms.

We’ve talked a lot about how important it is to find the right vendor. They can make or break your business. That’s why we put so much work into meeting, interviewing, screening, and qualifying potential vendors. But once you’ve found the right vendor, you still need to actually make a deal. Specifically, you need to agree on price and terms.

To set yourself up for success, it’s a good idea to do some research and preparation. If you know what things should cost, and you know what you need from a deal, and you can anticipate what the vendor needs, then you’ll be in a good position to negotiate.

In your discussion, you’ll likely make price comparisons in your efforts to get a deal. You’ll have to propose terms to the vendor, and show consideration for their position in the negotiation. Because things like delivery and quality are so important, you’ll also want to discuss penalties. And, like any negotiation, at some point you’ll probably suggest a compromise. With these skills, you should be able to get a price and terms that work for you.

In today’s business English conversation, we’ll hear Adam, a purchasing manager who works for a company that makes fitness equipment called XFit. He’s been talking with Jenny, a sales rep for a manufacturer that can make pulleys for XFit’s equipment. XFit has chosen Jenny’s company as a vendor, so Adam now has to negotiate the price and terms.

Listening Questions

1. What is the first issue that Adam brings up in the negotiation?
2. What does Adam first propose for delivery terms?
3. What is Adam willing to agree to if Jenny agrees to his suggestion about penalties?

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BEP 357 – English for Purchasing 3: Vendor Qualification

Business English, Purchasing, Sales English / April 26, 2020

Welcome back to Business English Pod for today’s lesson on English for purchasing and qualifying vendors.

Whether you’re buying raw materials, equipment, or services, purchasing decisions are high stakes. Make a bad decision, and it’ll cost you time, money, and goodwill. Make the right decision, and you can increase your revenue, improve operations, and gain more customers.

Because purchasing decisions are so important, companies invest a lot of energy into the process of vendor selection. In previous lessons, we’ve looked at sourcing suppliers and discussing vendor criteria. Once you’ve got a clear idea of what you need and you’ve had some discussions with possible vendors, then you need to qualify them.

Basically, vendor qualification is about talking to a vendor to make sure they’re the right fit. And that’s best done during a visit to their facilities. Vendor qualification includes asking for documentation and getting samples, as proof of quality and a clean track record. As you talk, you may try to identify any inconsistencies between what you have heard and what you see. It’s also important to ensure comprehensive quality management and to probe for proof of consistency.

In today’s dialog, we’ll hear Adam, a purchasing manager who works for xFit, a company that makes fitness equipment. Adam has just taken a tour of a potential vendor’s factory. He’s talking with the manufacturer’s representative Jenny, and asking questions to see if her company is a good fit to supply parts for xFit’s exercise equipment.

Listening Questions

1. Why does Adam want product samples?
2. Why does Adam mention that he didn’t see the equipment or a set-up for the “powder coating” process?
3. What does Adam want Jenny to provide in order to show proof of consistency?

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Skills 360 – English Interview Tips 3: Career Goals

Business English, Business Skills 360, ESL Podcast, Job Interview in English / April 14, 2020

Welcome back to Business English Skills 360 for today’s lesson for the final part of our series on English interview skills.

In previous lessons, we’ve gone over some of the fundamental questions about who you are and what you’ve done. Today I want to take a closer look at talking about your career goals and researching prospective employers. Interviewers don’t just want to know whether you’ve got the skills, personality, and qualifications. They also want to know that you’re a good fit, and that they are a good fit for you.

One important question you need to be ready for in an interview in English is “why are you leaving your current position?” This question makes a lot of people squirm. But it’s actually an opportunity to talk about growth and change. Nobody stays at the same job their entire life. And this question isn’t necessarily fishing for problems in your past.

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Skills 360 – English Interview Tips 2: Questions and Answers

Business English, Business Skills 360, ESL Podcast, Job Interview in English / April 1, 2020

Welcome back to Skills 360 for today’s lesson on tips for succeeding in a job interview in English.

In our last lesson, we talked about preparation for introducing yourself and questions about strengths and weaknesses. That’s all about you as a person, or your character. In this lesson, I’d like to home in on what you’ve done, or your actions and behavior.

The first big question you’ll get about what you have done pertains to achievements. As in, “what achievements are you most proud of?” Or “tell us about a recent achievement?”

Now, when you think back on your accomplishments, what should you choose to discuss? Well, rather than boasting about purely individual accomplishments, think of something that connects to the bigger picture. Or state why your accomplishment helped the company.

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Skills 360 – English Interview Tips 1: Preparing for an Interview

Business English, Business Skills 360, ESL Podcast, Job Interview in English / March 22, 2020

Welcome back to Skills 360 for today’s lesson on how to look at how to prepare for an interview in English.

When I say “prepare,” I’m not talking about making an appointment at the hair salon or picking out a clean shirt. I’m talking about doing some research, anticipating what you’ll be asked, and practicing how to respond. Yeah, I know I’m always going on about preparation, but this time it’s not just a suggestion, it’s essential. If you do it right, you’ll be able to head into the interview feeling relaxed and confident. And that will increase your chances of landing the job.

Now here’s the thing: most interviews cover the same basic territory. Sure, you might get a couple of curveballs, but for the most part you can predict what questions you’ll be asked. And that means you can plan your answers. I don’t mean script your answers. It’s pretty tough to appear authentic and natural while delivering a memorized response. But you can outline your answers and practice your delivery.

So how do we go about doing that? Well, let’s start by talking about how to introduce yourself in an job interview in English. The old “tell me about yourself” question. It’s amazing how many people are thrown by this question, or fumble through an awkward response as they wait for the real interview questions. But first impressions are important! And you need a good answer for “tell me about yourself.”

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BEP 356 – Accounting English: Discussing Taxes (2)

Business English, Business English Vocabulary, English Collocations, Finance and Accounting / March 10, 2020

Welcome back to Business English Pod for today’s lesson on accounting English vocabulary for discussing taxes.

Spring is a busy time for accountants in the U.S. and many other countries. That’s because spring is when corporations and individuals have to file a tax return with the government. It’s our yearly reminder that we don’t get to keep everything we earn.

Of course, those busy accountants aren’t just calculating your revenue and costs. They’re looking for ways to reduce the amount you – or your business – have to pay in tax. And that’s why the chatter around offices and board rooms is all about ways to avoid handing over too much money to the tax man.

Listen to these conversations and you’ll notice many useful expressions. For example, I’ve already used the phrase “file a tax return.” That verb “file” always goes with “return” when we talk about our annual submission to the government. You can learn those words together, as one expression or “collocation.”

A collocation is just a natural combination of words that native English speakers learn as a chunk. With English collocations, we don’t have to go searching for every word in our brain. Instead, we pull out a string of words that matches our intended meaning. Learning these strings of words is more efficient, and will make you sound more natural. As you listen to today’s conversation, try to pick out some of these collocations and we’ll discuss them later in the debrief.

In the dialog, we’ll continue with a conversation about the tax situation of a company called Brando Equipment. Christie has been giving an update to two senior managers: Glen and Ivana. Last time, Christie gave them an overall picture of the tax situation, and today she’s providing more detail.

Listening Questions

1. What does Christie say is one factor that increased their reported income?
2. What helped reduce the company’s reported income by about $50,000?
3. What important issue does Ivana want to discuss in more detail at the end of the dialog?”

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BEP 355 – Accounting English: Discussing Taxes (1)

Business English, Business English Vocabulary, English Collocations, Finance and Accounting / March 1, 2020

Welcome back to Business English Pod for today’s lesson on accounting English for discussing taxes.

There’s an old saying in English that “nothing is certain except death and taxes.” But, although taxes are certain, the exact amount you have to pay isn’t. Just ask any accountant. For both companies and individuals, there are all sorts of ways to lower your tax bill. And a lower tax bill means more money in our pockets, or in our shareholders pockets. For this reason, tax is a popular topic of discussion, especially in the spring when most taxes are due.

In this accounting English lesson, we’ll listen to three managers at Brando Equipment discuss their tax situation. During the conversation, the managers use a lot of common expressions related to taxes. We call these expressions “collocations.” A collocation is just a group of words that go together naturally.

Some English collocations, such as “take a chance,” are widely used. But many collocations are particular to a certain field of work or topic. And to work in that field or discuss that topic, you need to know these special expressions. When it comes to taxes, for example, you need to know that we use the verb “file” with “taxes” to talk about our yearly report to the government. Learning collocations like this in different fields will develop your vocabulary and help you sound more natural.

In the dialog, we’ll hear Christie, Glen, and Ivana discuss the tax situation at Brando Equipment, a subsidiary their company has recently purchased. Glen and Ivana are corporate managers, while Christie is an accountant. The three colleagues use many English collocations and vocabulary specific to taxes as they talk about how much tax Brando Equipment owes.

Listening Questions

1. What does Ivana hope that they finish by the 30th of the month?
2. Near the start of the conversation, what does Christie say is higher than they anticipated?
3. What key piece of information does Glen want to know?

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Business English News 43 – Climate Change

Business English, Business English Vocabulary, Business News, ESL Podcast / February 18, 2020

Change is a constant, and the earth’s climate has never been perfectly stable. But in recent years the pace of climate change has accelerated to the point of crisis. Scientists around the world are sounding the alarm, and more and more people and institutions are realizing that drastic times require drastic measures. Business is not immune. According to the New York Times:

The Carbon Disclosure Project analyzed submissions from 215 of the world’s 500 biggest corporations. They found that these companies faced roughly $1 trillion in potential costs related to climate change in the decades ahead, unless they took proactive steps to prepare. By the companies’ own estimates, the bulk of those financial risks could start to materialize in the next five years or so.

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BEP 354 – Business English Coaching 3: Reviewing Progress

Advanced, Business English, Human Resources, Training / February 9, 2020

Welcome back to Business English Pod for today’s lesson on reviewing progress in a coaching program.

Do you set goals for yourself? More than likely, right. And this is something we hear a lot about, especially in the New Year. Setting goals is a fundamental part of success. And if you are in a coaching role, you have probably helped other people set goals for themselves. But the real work isn’t in setting the goals; it’s in following through and putting energy into meeting these goals.

And as someone’s coach, your work isn’t done once you help someone decide on some objectives. The next step is following up, which typically means sitting down with the person you’re coaching to review progress. You ask them how things have been going, and listen as they describe what they’ve done. But sometimes, the person hasn’t really followed through. What then?

That’s when you prove your value by holding the person accountable. And that might include reinforcing your company’s values, as you try to hold the person to their commitments. Of course, the person might have encountered barriers, which you can ask about and discuss. Still, those barriers shouldn’t serve as excuses, and you may have to push the person a bit to reach their potential. And, of course, a good coach remains supportive throughout this kind of process.

In today’s dialog, we’ll continue listening to a conversation between two lawyers, Marion and Rachel. Marion has been coaching Rachel as she adapts to her new job as a young attorney. They’ve discussed some of the problems Rachel faces, and set some goals. Now Marion is following up and reviewing progress toward those goals.

Listening Questions

1. What does Marion say when Rachel blames Jeff for some problems?
2. What barrier does Rachel identify to improving her profile and network?
3. After challenging Rachel to do better, what does Marion offer?

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