Учебно-методический комплекс дисциплины «иностранный язык (профессиональный)»
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РАБОТА ПО АСПЕКТАМЧТЕНИЕ И ПЕРЕВОД. Чтение осуществляется в двух формах: аудиторного и домашнего чтения. Для аудиторного чтения предусматриваются основные тексты каждого раздела учебного пособия объемом от 0.5 до 0.7 страницы каждый. Проводится в виде ознакомительного чтения (про себя) без помощи словаря, а также перевода со словарем. УСТНАЯ РЕЧЬ. Осуществляется в форме монолога и диалога. Этот аспект находится в центре внимания преподавателя и развивается на базе прочитанных текстов, как в аудитории, так и дома. Предполагается, что студенты используют при этом в ходе своих выступлений полученную из текста или иных источников информацию, а также свои знания и опыт. ПИСЬМЕННАЯ РЕЧЬ предполагает обучение составлению деловой документации (писем, факсов, аннотаций, отчетов, рефератов, электронной почты и пр.) Возможны также сочинения на заданную или свободную тему. АУДИРОВАНИЕ предполагает прослушивание аудио и видеозаписей с последующим обсуждением, диктанты под диктовку преподавателя или с магнитофона, восприятие речи преподавателя и пр. ПЕРЕВОД основан на знании терминологии, которая является языковой базой для развития речевых навыков и навыков чтения. Но поскольку коммуникативный метод диктует изучение всех аспектов языка в неразрывной связи и в речи, обучение переводу идет в этом же русле. Работа над терминологией пронизывает все этапы работы, активно внедряясь в речь. 1. СТРУКТУРА И СОДЕРЖАНИЕ ТЕОРЕТИЧЕСКОЙ ЧАСТИ КУРСА (18 часов) Theme I: THE FORMATION OF ORGARNIZATION (2 hours). The reasons for formation of organizations, the business Insurance Market, the life cycle of a business: 1. New or emerging business, 2. Successfully operating/growing business, 3. Mature/ successfully business. Theme II: FORMS OF BUSINESS ORGARNIZATIONS: Sole Proprietorship (2 hours). Eight primary factors that define how a business is structured and operated, Problems of closely held businesses, Choosing the forms of business organization, Business owner objectives, The distinguishing characteristics of sole proprietorship, The major advantages and disadvantages of sole proprietorship. Theme III: FORMS OF BUSINESS ORGARNIZATIONS: Partnership (2 hours). Background on Partnership, types of Partnership, Legal facts about General Partnerships Unlimited Personal Liability, advantages of General Partnerships, disadvantages of Partnerships, Limited Partnerships, Legal facts about Limited Partnerships, Family Limited Partnerships, Professional Partnerships, the difference between Partnerships, A key difference for Professional Partnerships. Theme IV: FORMS OF BUSINESS ORGARNIZATIONS: Corporation (4 hours). Chief Characteristics of Corporations, Advantages of Corporations, Tax Status, Income Tax Levels, Continuity, Limited Liability, Disadvantages of Corporations, Double Taxation, ease of Transfer, Regulations, creation of a Corporation, Taxes and Corporations, Powers granted to a Corporation, Corporate Management, Stockholders of Corporations, Corporation Officers, Capital Stock, Par or No- Par Value Stock in Corporations, Closely Held C Corporations, Characteristics of Closely Held C Corporations, S Corporations, Similarity to Partnerships, Similarity to Corporations, Distinct Characteristics of S Corporations, Why Use an S Corporation? Why not Partnership? Limited Liability Companies (LLCs), Membership in LLCs, Limited Liability of LLCs, Professional Corporations and Professional Associations, Personal Service Corporations. Theme V: FORMS OF BUSINESS ORGARNIZATIONS: Joint Venture (2 hours). Joint Ventures, Syndications, Income Taxation of Businesses, Taxation of Sole Proprietorship Partnerships, S Corporations, Taxation of Corporations, Alternative Minimum Tax (AMT). Theme VI: KEYS OF SUCCESS: (2 hours). Follow a Process, Understand the Prospect, See Yourself as a Businessperson, Strategic Planning, Your Business Plan. Theme VII: WHAT IS MARKETING? (2 hours). The Definition of Marketing, Understanding of the Tool, The 4Ps, Product, Place, Place, Price, Promotion, Using the 4Ps marketing mix model. Theme VIII: RESOURCES IN PRODUCTION/OPERATIONS SYSTEMS: (2 hours). Physical view of production/operations system, Materials, Capital, Human Resources, A production/operations management, Distribution, Direct Sales to the Customers, Direct Sales to the Retailers, Direct Sales to Food Service, Distributors, Brokers, Industry Trade Show. 2. СТРУКТУРА И СОДЕРЖАНИЕ ПРАКТИЧЕСКОЙ ЧАСТИ КУРСА (18 часов) Theme I. Business Basics (2 hours) Reading the text: 1. What is business?. Active Vocabulary: nouns: production, distribution, sale, goods, services, profit, conversion, surplus, expenses; verbs: exchange, examine, classify, perform, remain, create; adjectives: technical, various; others: for instance, on the other hand. Business is a word that is commonly used in many different languages. But exactly what does it mean? The concept and activities of business have increase in modern times. Traditionally, business simply meant exchange or trade for things people wanted or needed. Today it has a more technical definition. One definition of business is the production, distribution, and sale of goods and services for a profit. To examine this definition, we will look at its various parts. Theme lI. Distribution and Delivery (2 hours) Чтение текста: 1. “Thinking of selling your product abroad?” Лексика: nouns: soft drink, packaging, trade fairs, mode; verbs: assume, deal with, look after; adjectives: local, overseas, responsible; others: in general. Theme lII. Transport (2 hours) Reading the text: 1. Singapore Airlines. Active Vocabulary: nouns: brand, emphasis, crew, sarong, hospitality, quality; verbs: skim, launch, deliver, avoid; adjectives: domestic, detailed, core; others: particularly, fully Prereading Activity: You are going to read an article about a famous brand in the air travel industry. Imagine you work in marketing for another airline company and you are particularly interested in the items listed below (1-4). Skim the first two paragraphs and tick the boxes if the following aspects of the brand are mentioned. 1 logo □ 3. color scheme □ 2 staff uniform □ 4. slogan □ Theme IV Types of Business Organizations (4 hours) Mini-Seminar: Sole Proprietorships. Partnerships. Corporation. Private Limited Companies. Public Limited Companies. Franchises. Subsidiary. Joint Venture Active Vocabulary: nouns: volume, receipt, lawyer, vacation, responsibility, tax benefits, accountant, laundromat, franchise, franchiser, franchisee, approach, royalties, site, stock market, public, benefit, debt, stock certificate, shareholder, procedure, stockholder, equipment, research, profit, law, insurance, stockbrokerage, real estate, background, advantage, disadvantage, loss, reverse, deal owner; verbs: review, account for, own, hire, fire, declare, adopt, run, raise from, trade, exist, subscribe, transfer, offer, establish, issue, expand, incorporate, reinvest, follow, apply, elect, choose, supervise, obtain, vote decide on, arrange, attract, combine, distribute, invest, share, carry on adjectives: governmental, financial, annual, educational, religious, charitable, nonprofit specific, encouraging, responsible, evident, limited, unlimited, common, technical, same, principal, private, major, personal; others: first of all, as usual, by the way, freely, both, while, quite, in fact, at first, exactly, generally, else, although, as well, like, really, equally. Speaking: 1. prepare a role play: a visit to a lawyer to consult about starting one’s own business (sole proprietorship), 2. interview the employee who works in a joint venture company and ask him or her who contributes capital and resources and shares responsibility for their specific project, 3. prepare a role play between representatives of a subsidiary company and a “parent” company, 4. speak about one of the famous fast food franchising companies, 5. speak of one of the world-known private limited corporations, 6. speak of one of the world-known corporations,7. prepare a role play: a visit to a lawyer to consult about starting one’s own business (partnership) . Writing: 1. develop a questionnaire and interview local residents about their attitudes toward imported products. 2.take an interview of certain products and note which domestic products are and which are imported ones. Speaking: answer the questions Theme V. The Global Marketplace (2 hours) Reading the text: 1. Marketing. Active Vocabulary: nouns: marketing, producer, consumer, user, distribution, transporting, storing, storage, product planning, pricing, promotion, traffic, marketing research, trend; verbs: predict, influence, go up, raise the price, schedule, merchandise, competitor, market; adjectives: main, expensive; others: according to, on the other hand, through. Theme VI. Financial Aspects of Business Operations (2 hours) Reading the text: 1 Accounting Overview Active Vocabulary: nouns: party, status, procedure, financial statement, agency, fee; verbs: communicate, interpret, monitor, reflect, allow, earn, fulfill, hire, maintain; adjectives: informed, standardized, rigorous; others: while, independently, solely, whereas. Theme VII. Finance (2 hours) Reading the text: 1.Why Finance. Active Vocabulary: nouns: consideration, funds, capital, investment, finance, credit extension, charge account, arrangement; verbs: purchase, utilize, start up, support, acquire, last, obtain, expect, repay; adjectives: primary, external, short-term; others: similarity. Theme VIII. Human Aspects of Business Organizations (2 hours) Reading the text: 1. Management Functions Active Vocabulary: nouns: management, team, manager, function, position, staffing, direction, supervision, phase; verbs: fit into, establish, move in, revise, allocate, attain, guide, motivate; adjectives: overall, organizational, ongoing, interpersonal; others: regardless of, adequately. УЧЕБНО-МЕТОДИЧЕСКОЕ ОБЕСПЕЧЕНИЕ ДИСЦИПЛИНЫ Основная литература 1. “Business Benchmark”: Whitby Norman, / Norman Whitby, - – First published 1994, - Sixth Edition, - The Edinburgh Building, Cambridge CB2 8 RU, UK, Cambridge University Press, 2009. – P.183 2. “Business Organizations”: Richards Margaret / Margaret Richards – First published in 1987 as Business Organization by John Gray. – the National Computing Centre Limited, Oxford House, Oxford Road, Manchester M1D 7E, England, 2008. – P.225. 3. “Decision Support Systems for Production and Operations Management” (DSSPOM): Lotfi Vahid/ Vahid Lotfi - Boston, Massachusetts, Harvard Business School Publications, 2008. –P.358 4. “The Entrepreneurial Venture”: Sahlman William A. and Stevenson Howard H./ William A. Sahlman and Howard H. Stevenson – Boston, Massachusetts, Harvard Business School Publications, 2008. - P.430 5. “Business Concepts”. For English Practice McDougal Arden Marianne and Tolley Dowling Barbara./ Marianne McDougal Arden and Barbara Tolley Dowling, – Second Edition. –Boston, Massachusetts, 02116 USA: Hein and Hein Publishers A Division of Wadsworth, Inc., 2008. – P. 214. 6. “Business Benchmark” Whitby Norman./Norman Whitby, - First published 2003, Sixth Edition. 2008, - The Edinburgh Building, Cambridge CB2 8 RU, UK, Cambridge University Press 2009. – P.183 7. “Business Organizations” Richards Margaret./ Margaret Richards - Sixth Edition. – Manchester M1D 7E, England, the National Computing Centre Limited, Oxford House, Oxford Road, 2008. – P.225. 8. “Advanced Language Practice”. Vince Michael./ Michael Vince – First published 1994, Sixth Edition. 2008,- Macmillan Publishers Limited, The U.K., - 2008.- P. 326. Дополнительная литература 1. “Интенсификация обучения иностранному языку в высшей школе через умение аннотировать научные статьи и развитие навыков говорения” Калытяк Л. А./Л. А. Калытяк. «Инновационная активность вузов: состояние, проблемы, перспективы: материалы региональной научно-методической конференции: Сборник научных трудов – Владивосток: Изд-во ТГЭУ, 2009, СТР. 140-142. 2. “О подготовке к экзамену по иностранному языку студентов магистратуры экономических направлений” Калытяк Л. А./Л. А. Калытяк. “Совершенствование образования, теория и практика таможенного дела”: Сборник научных трудов – Владивосток: РИО Владивостокского филиала Российской таможенной академии, 2012, стр.136-138. 11. “Academic Writing” Morosova L./ L. Morosova. Materials of VIII International Scientific-practical Conference. “European Science of XXI Century”- Przemysl: Nauka i studia, 2012, p. 99-102. Электронные ресурсы
М  ИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РОССИЙСКОЙ ФЕДЕРАЦИИФедеральное государственное автономное образовательное учреждение высшего профессионального образования «Дальневосточный федеральный университет» (ДВФУ) ШКОЛА ЭКОНОМИКИ И МЕНЕДЖМЕНТА КОНСПЕКТЫ ЛЕКЦИЙ Направление подготовки 080100.68 «Экономика» профиль «Международная практика и системы регулирования бухгалтерского (финансового) учета и аудита» Квалификация (степень) выпускника: магистр Форма подготовки - Очная г. Владивосток 2012 Theme I. The Formation of Organizations Lecture 1. Learning Objectives An understanding of the material in this lecture should enable the student to 1. Describe the Formation of Organization. 2. Understand the need for Organizations. 3. Identify the Reasons for Formation of Organizations. 4. Distinguish between Formal and Informal Organizations. 5. Appreciate the Principles of Authority and Responsibility. 6. Describe the business Insurance Market. 7. Describe the life cycle of a business. 8. Explain how the advisor is a businessperson who shares many common concerns with business owners. Of us either are, or eventually will be, employed by an organization. The organization may be a commercial enterprise, that is one which is operated for profit, or it may be a government department or charitable concern, both of which exist only to provide service and to give help. In other words, an organization and as such must be businesslike: systematic, practical and well- ordered - organized. From the noun we progress to the verb “to organize”, the dictionary definition which is “to give orderly structure to, to frame and put into working order” For our purposes, the definition of an organization is “group of working together over a period of time to achieve a common goal or objective”:
We should have some understanding of people and their work – their attitude, behavior and relationships at the workplace. In an effort to help you achieve such understanding, part of this covers aspects of industrial psychology – behavioral science.
Time is one of the resources of organizations. The other resources are the people themselves, together with capital and can provide, such as land, buildings, equipment, machinery, and raw materials. The way in which resources can be used more effectively should interest us all, but it is the task of managers to plan, organize, and control resources effectively. Time, naturally, is strictly limited: it cannot be increased or reduced to suit our needs, so we have to make the very best use of what there is.
In other words, how the means in 1. and 2. above are used to meet goals, to achieve the organization sets out to achieve. This brings us back to the first major section of the syllabus, the reasons for the formation of organization. The Reasons for Formation of Organizations Any workmanlike or businesslike activity arises as a result of a need but few people can satisfy their needs directly. Instead, they recognize the selective and special talents of others and rely upon their co-operation. In making use of individual skills, specialization occurs. The combination of money and skills enables a more sophisticated system to develop – within which buying, selling, and distribution take place for profit. Organizations therefore exist to meet needs or supply demands. At this point, we should emphasis that in order to make a profit, a business must cost less to run than it gain in income. This is not always the case, and when expenditure exceeds income, any enterprise will fail, unless it is subsidized. Why should any organization be subsidized? There are services which are essential to the community so that its basic needs are met. There are some services which are essential to a country for the support of its economy. In such cases, nationalized organization exist which use the taxpayers’ money to sustain their activities because they are run at a loss, or deficit, and even if they break even (that is, if income equals their expendure0, they still need capital to maintain and develop their service. Do any other types of organization operate without the motive of profit? Consider the activities of charitable organizations as well as private clubs or associations. Each is interested in fulfilling the needs of a particular group of people, in the former case those who are unable to help themselves and in the latter those who share hobby or social or sporting activity. These organizations do not profit, although they do need to raise money to fulfill their purpose. In considering the workings of any organization, examine your own or your family’s income and expenditure. Just we all need to be warm, to have lighting, shelter, clothing, and food, so business needs to have heating, lighting, and premises, together with which combine these resources and utilize them efficiently and effectively. The essential and fundamental components of all organizations are as follows:
Organizations are formed in order to achieve particular goals. They do this by following certain rules and adopting patterns of behavior which accommodate those rules. Behavior is determined by a status structure, which determines how authority is distributed, and how communication should take place. Consider some formal organizations and whether their individual goals are being achieved. Is a hospital curing its patients? Is a manufacturing company making goods and selling them to customers at a reasonable profit? An organization will tend to be composed of several distinct departments or functional areas. Each one will be responsible for performing a range of duties which will make a contribution to the overall goals. We can easily imagine a manager being so intent on his or her department’s own goals as to lose sight of the overall aim of the organization. An example is the enthusiasm with a sales department’s staff may gain orders, only to discover that the production department does not have the capacity with which to honor these orders. Obviously, the customers would quickly become disenchanted with the organization as a whole! If customers are lost to competitors, the entire business could fail. The situation may be quite the reverse: the production department may eagerly increase output only to find that the sales department cannot find enough customers to buy the mounting stock. There are may be different groups and their different goals. Different groups within one organization may each pursue different goals. These need not be incompatible, but sometimes are. Managers want profit maximization, greater productivity, and lower costs. In order to achieve goals, they introduce new technology, implement a redundancy programme, and award smaller increases in pay to employees. Trade unions want security of employment, better working conditions, and higher pay. Consequently the unions resist change, (for example, to new technology), they oppose reduction in manpower levels and consequently urge substantial wage increases. A compromise has to be reached, so that each side is able to meet some of its goals. Further examples of goals, this time with emphasis on the individual rather than a group are: to gain status and power, to seek company and build up friendships, to make as little effort as possible for as much money as possible, and to present management with a challenge. Roles Within organization, we each have roles. When a stranger asks you what you do, what do you say? Your role should be based on achievable targets which you have understood and agreed with your employer. When all roles within your organization are put together, they should equal the sum of the corporate objectives; in other words, what the organization has decided it will achieve. This is often embodied in a corporate plan, which is a document looking ahead perhaps five years, but regularly updated. The problem is that your role, may never see the plan! So: It has been mentioned that each employee’s objectives should be considered with corporate aims and that they should be achievable, agreed and understood: the latter implying that they are effectively communicated. All organizations on people and the actual structure and functioning of the organization is a reflection of the initiatives on the part of those not officially in charge of the organization. People cannot be designed to fit perfectly into the system. Unlike machines, each person is unique. Their differences are in: sex, age, physique, health, education, training, experience, intelligence, aptitude, interests, personality, motivation, domestic circumstances, and problems. A system A system is defined as “a complex whole”, “a set of connected parts” “an organized body”. It therefore follows that all organizations must be systems. Formal and Informal Organization If we accept that organizations depend upon people, so we must expect that some of these people, given that have individual differences, may deviate from officially expected forms of behavior. Consequently, rules may be broken and informal rules devised. Informal organizations may arise in response to formal organization. It is often the case a development may be favorable to the organization, so management may decide to adopt the informal rules, making them part of the formal set up. The process could develop along these lines: - Formal organization lays down regulations which may be unacceptable to employees. - Informal organization develops in response to this, eg. longer rest breaks, job sharing. - This may lead to improved production. - Some managers incorporate the informal procedures into formal ones. - Some managers may become more authoritarian and conflict arises. - Some managers may simply “turn a blind eye”, recognizing that the informal way has its advantages, such as increased morale, increased job satisfaction, reduced fatigue, promotion of group cohesiveness, relief of monotony and tension, reduction of stress and frustration, encouragement to use wider skills, easier communication. Authority is the given right to discharge responsibilities. It is legitimate power. There are situations where de facto power is used, where power is exercised in fact but without authority. Such situations constitute informal organization or communication, where official leaders are ignored and unofficial leaders are respected. De jure power is the legal right to exercise power – in other words, it is official, formal authority. For simple examples, consider the gang of criminals and the police or military forces! Lines of authority must be clear; it is vital not only that someone has authority but also that each person within an organization knows who has the authority. In this way, they receive instruction and obtain decisions, knowing the decider has authority. If one person is put in charge of another pr others, or is given control of another pr others, he or she has responsibility for those others. Their results are the responsibility of their superior. “Carrying the can” is an expression commonly used for a person with responsibility, or “the buck stops here”, meaning that the actions may be those of others, but the person put in charge is responsible for them. This can work two ways: the superior may be given credit for good performance, or be taken to task for poor performance, So the process of delegation must be approached with care. Delegation means transferring responsibility to someone else. This may be for one special task or for decision-making in a specific area. Delegation is only successful if the delegator gives full authority to carry out his or her responsibilities. The delegator still retains responsibility for the results and has to be sure that the person to whom authority was delegated can exercise that authority in order to carry out the job. Some managers find it hard to accept the principle of delegation; they lack confidence in others. Other managers may delegate but are inclined to blame the subordinate if something goes wrong. Points towards successful delegation. - The authority delegated should be related to the degree of responsibility for it. - The delegation should be clear and specific. - The person to whom the work has been delegated should be given freedom to get on with the work. - Expected results should be stated. - The method of operation should not be interfered with. - The best person for the delegated job should be selected. - Feedback from the delegate should be encouraged, especially if there are problems in achieving results. - Managers and supervisors should know their staff and the potential of their staff. This is helped by staff training and appraisal systems. The importance of delegation - managers are released for more significant tasks - work is fairly distributed - work is achieved in a shorter time - subordinates are developed and encouraged - decisions are more likely to be made “on the spot” - absence are more readily covered When to delegate - if the business is expanding - when subordinates have the ability to take on the work - when there are bottlenecks When not to delegate - if there is no one capable of doing the job - if the work is too sensitive to delegate - where the delegated work would be incompatible with a subordinate’s other duties A point to remember: that everyone likely to be concerned should be informed of the delegation, thus giving credibility to the person doing the delegated work. Inherent in responsibility is span of control. It is unreasonable to assume that any one person can directly control a large group of people effectively. It is impractical by sheer weight of numbers, the more so with more complex subordinate job. Therefore, five or six individuals are considered to be maximum that one person can effectively supervise or manage directly. Centralized and Decentralized Decision-Making A highly centralized organization is one where a small group of senior managers exercises authority, whereas in case of the decentralized organization, authority is dispersed throughout the organization. In this context, centralization is of decision-making, rather than of functional activities. The advantages of decentralization - More staff have the opportunity to use their judgment, so more are motivated. - Managers are allowed to use local knowledge so their part of the organization can readily adapt to local conditions. - managers are brought closer to the realities of cost versus profit. - Senior managers are allowed freedom from operational decisions, so that they can turn their attention to policy issues. The disadvantages of decentralization - Senior managers are allowed freedom from operational decisions, so that they can turn their attention to policy issues. - Different standards develop within one organization, so that a cohesive image is not presented to the public. - The organization relies more heavily upon junior management and their readiness to take on the extra responsibility. - Communication techniques must be sophisticated so that senior management will very quickly become aware of any problems or potential problems. We have mentioned status and authority and the fact that managers are needed in order to plan, organize, motivate, and control. These are widely accepted as the functions of management . It makes sense to look at the levels in the pyramid not only in terms of numbers of people but in terms of their status, authority, and responsibility and in terms of their functions and how these relate to one another. Functions of Management Planning The manager who tackles work by taking each day at a time and simply trying to accomplish as much as possible in each day is merely managing by crisis. This is highly stressful – to the manager and to the subordinates. The manager should be anticipating problems and taking remedial action to avoid them. In order for the organization to be successful, the opportunities which are available should be exploited; comparisons should be made with competitors; plans for achieving the aim of the organization should be made five y advance, in consultation with other managers; plans should include evasive action to threats to the organization. Planning is a matter of being prepared. Organizing Think once more about the resources available to each organization - money, people, land, buildings, equipment, machinery, and time. These are also available to the manager and should be used in a way which reflects the direction in which the organization intends to go. Each resource should be available at the right time in the right place and in the right quality, and should have the capacity and capability for completing the job in hand. Motivating Every manager should understand something of sociology and psychology. Motivating is the will to do something and a motivated manager has that will. Similarly, if he or she is to motivate others, then this is by encouraging or promoting the will in those others. In very simple, sociological terms, people are persuaded to conform to expectation if they are rewarded or punished. If behavior is acceptable, rewards are given. If behavior is unacceptable, punishments are the result. There is every reason for a similar system to be used at the workplace; this is commonly known as “carrot and stick” approach. Of course, the atmosphere at the workplace is much more pleasant if carrots prevail. Carrots: promotion, praise, more responsibility, status symbols, eg office carpet, bigger desk, bonus, extra holiday. Sticks: verbal reprimand, allocation of unpopular tasks, tightening up on punctuality, breaks, etc, dismissal, public reprimand. Remember that some donkeys will simply dig their heels in and refuse to cooperate, even with the stick treatment. Controlling Managers have their particular goals set for them by their superiors. In order to achieve these managerial goals, they must monitor the progress being made. If there are variances (in other words, deviations from planned progress), it is the manager’s responsibility to identify these and to rectify them. An acceptable level of variance is known as tolerance. If management by exception is operated, managers will be consulted only when variances are outside established tolerances. This is an excellent way of using managers’ valuable time. It may be that the targets originally set were too high and expectations must be lowered, or it may be that there is frequent machine breakdown. Perhaps the workforce is not well motivated so that the rate of absence is high, causing production problems. Whatever the situation, the manager should be aware of it and work towards an improvement so as to attain goals. This lecture looks at the business owner and the challenges facing the financial advisor who enters the business insurance market. It asks you to view yourself as a business owner and realize you have much in common with the business owners you wish to approach. It looks at the life cycle of a business and discusses 10 forms of business ownership, examining the advantages, disadvantages, and tax implications of each form. The Business Insurance Market There are over 23 million small businesses in the United States, according to the U.S. Census Bureau. That means there are 23 million prospects with business insurance needs. In this book we will examine those needs and discuss how you can successfully help businesses meet them. The complex business environment is filled with the pressures of running a business, such as product or service considerations, profit margins, government regulations, constant decision-making, worry about the future, changing market conditions, and countless other things. Each type of business also has its own unique challenges. A dry cleaning firm is different from a car dealership; an architecture firm is different from a physician’s practice, a manufacturing plant is different from a consulting firm. This book focuses on what a financial advisor (see Special Notes to Advisors page for an explanation of the terms financial advisor and advisor as used in this book) needs to know to work with business owners in planning for the continuation of their businesses in the event of the death or disability of an owner or key employee. Working in the business market is not easy. It takes an understanding of accounting principles, tax law, and employment law. It takes an understanding of businesspeople and their psychology: what makes them tick. It also takes time. Developing a business case is not a one-interview process. It takes weeks—sometimes even months or years to bring a case to conclusion. But for those who are successful, it is well worth the effort. The Business Life Cycle In working in the personal market, you learned that there is a life cycle common to most of your clients. It begins when they are young singles and continues through retirement to their long-term care needs. You learned that at each stage in the life cycle, their needs are different. For the young single person, disability insurance is the greatest need. A young couple with children needs life insurance. Empty nesters focus on saving and investing for their retirement. Like individuals, businesses also experience a life cycle. The over 23 million small businesses in the United States are operating at varying stages of the business life cycle. A newly started business has different needs than a well-established, mature one. Understanding the general business cycle of different businesses can help you understand the insurance needs of a particular business and help you focus your prospecting efforts. The life cycle of a business has three stages: 1. new or emerging business 2. successfully operating/growing business 3. mature/successful business New or Emerging Business A new business operates in a survival mode. It is the culmination of an idea put into action. With the original investment used simply to open the doors, the business is often short of cash. It is fast-paced, with the owner(s) and a few key people often doing everything because the business is understaffed. Its primary focus is to develop customers and meet their needs. Insurance needs are likely to be a secondary consideration to the other financial demands of the fledgling business. Owners of new businesses are not looking ahead to retirement. They are working hard to make it to the next week. There are, however, some insurance plans they should consider. For a new business with employees, group insurance plans make sense. They provide a valuable benefit for the employees and for the owners. They also make employment with the business more attractive, enabling it to hire the employees it needs to succeed. For the individual entrepreneur, personal disability and life insurance coverage can be critical. Often the success of the business depends on the efforts of the owner. If he or she becomes disabled or dies, the business will almost certainly fail. While it may be impossible to insure the success of a new business, personal policies can protect its owner and his or her family. Successfully Operating/Growing Business As the business achieves success, its complexion changes. With positive cash flow and established customers, it may hire additional staff, spreading the workload. And as it grows, its insurance needs change. The group plans initiated in stage one need to be reviewed and improved. Options for employees offered by a cafeteria plan may be appropriate. A qualified retirement plan should be considered as should nonqualified salary continuation and deferred compensation plans. For the owner(s), increased cash flow and salary may cause personal needs to grow. Personal policies need to be supplemented with additional business life insurance using executive carve-out and executive bonus plans. The continued success of the business will also become an issue, leading to consideration of a buy-sell agreement and key employee insurance. A business overhead expense policy should be put in place to protect against losses associated with the disability of an owner. Mature/Successful Business As the business continues to grow and prosper, its insurance needs also grow. As the owners approach retirement age, their focus changes to securing retirement and stabilizing the business. They must then begin to address the eventual transfer of their business to others. The business’s insurance needs may become more complicated and sophisticated in this stage. Cafeteria and medical expense plans need to be reviewed and should be updated when necessary. Benefit packages must be matched with those offered by competitors. Key employee insurance and deferred compensation plans may also need review and updating. Comprehensive retirement planning is needed for the owner(s) and the key employees who are reaching retirement age. The owner(s) must also address individual estate planning goals. These are just a few examples of the changing needs in the life cycle of a business. As such, your ongoing advice and service are valuable components of the sales process. In addition to the life cycle of a business, there may also be an annual business cycle. This is the cycle that controls a business’s cash flow and workload. Many businesses are seasonal in nature. Many retail stores depend heavily on the December holiday season for their success. A landscaping business will be extremely busy in the spring and summer and may have relatively little to do in the winter months. Understanding the annual cycle of a business you are working with is important in your planning. Does an appointment with a retailer a week before Christmas make sense? How about an appointment with an accountant in early April? Do you think you will get their undivided attention to your proposals? Understanding the annual business cycles of different businesses can help you focus your prospecting attention. |
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