If you're looking to become a global professional, mastering Business English is an absolute must. Learning UK specific business vocabulary can open up a world of opportunities, both professionally and personally. With this English language learning lesson, you'll be able to start to gain the skills needed to effectively communicate and work with UK businesses. Don't let the language barrier hold you back from reaching your goals - learn UK business English today!
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This English language learning lesson is also designed to be beneficial for those who are looking to work in the UK, or for those who engage with UK businesses. Whether you're looking for a job in the UK, or if you need to communicate with a UK-based company, this lesson will give you the tools to navigate the world of UK business English with confidence. With this knowledge, you'll be able to communicate effectively and make sure your message is understood.
At Adept English, we use a system of language learning based on language acquisition, just as children learn their first language. This method has been proven to be more effective than traditional language learning. With this system, you can enjoy the cognitive benefits of language learning such as higher standardised test scores, improved analytical skills, and enhanced memory and multitasking abilities. Learn more today and unlock the opportunities that come with mastering UK business English.
✔Lesson transcript: https://adeptenglish.com/lessons/english-phrases-master-uk-business-english/
studies have demonstrated the cognitive benefits of language learning. For example, a study conducted by the British Academy showed that learning a second language increased critical thinking skills, creativity, flexibility of mind and empathy. A 2007 study in Harwich, Massachusetts, also showed that students who studied a foreign language in an articulated sequence outperformed their non-foreign language learning peers on the Massachusetts Comprehensive Assessment System (MCAS) test after two-three years. Additionally, a study conducted in Canada with young children showed that those who are bilingual developed the concept of “object permanence” at an earlier age.
- Outperformed: Did better than others.
- Barrier: Something that blocks the way.
- Plumber: A person who fixes pipes and water systems.
- Profit: Money you make after paying all costs.
- Partnership: Two or more people working together in a business.
- Cognitive: Related to thinking and understanding.
- Liability: Something that is a disadvantage or a financial debt.
- Accounts: Records of money going in and out.
- Multitasking: Doing many things at the same time.
- Business: A way to make money by selling goods or services.
- Sole: Only one, like a "sole owner" means only one owner.
- Tax: Money you must pay to the government.
- Private: Only for certain people, not for everyone.
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Hi there, and welcome to this podcast from Adept English. Do you want to learn Business English and do you struggle with Business English? There's a whole set of words and phrases and vocabulary that you need to know.
Well, today I'm going to go through the different types of businesses, how they're structured, what they're called. And these words are the same in UK English and US English as well. So that's really useful to you.
The maxim of the British people is 'Business as usual.'
⭐ Winston Churchill
There are a lot of English language podcasts that say they'll teach you Business English, but when I listen to them, they don't sound very useful to me. So let's change all that today and do a really useful podcast on Business English.
This is very practical. If you ever want to live or work in the UK or the US, then this sort of language, these sorts of words are the kind of thing you really need to know. They'll also help you understand life in the UK and the US better too.
Hello, I’m Hilary, and you’re listening to Adept English. We will help you to speak English fluently. All you have to do is listen. So start listening now and find out how it works.
Don't forget, if you are enjoying our podcasts, but you get through them really quickly, two per week is not enough for you, then you can buy one of our podcast bundles. If you go to our website at adeptenglish.com and our Courses page, you'll find lots of podcast bundles. For a small fee, you can access 50 or a 100 or 150 or 200 Adept English podcasts to help you on your way with your English language learning. They're really good value for money and it will give you as much practice as you need.
Okay, so what are the types of business that exist in the UK?
Well, there are of course, large businesses and small businesses.
And lots of people are employed by business, so B U S I N E S S. It really means 'a state of being busy', but we use the word 'business' for an enterprise, an organisation that's set up in order to make money. And we talk about the plural as well, 'businesses', so B U S I N E S S E S.
We use different phrases to describe the difference between organisations whose main goal is to make money, and those organisations that exist to give the public, to give people a service. Services, which are government funded. ' Government funded' means 'paid for by the government'.
So if we're talking about businesses, organisations in that first category that are set up in order to make money, then we say they're in the 'private sector'. That's P R I V A T E, 'private' and ''sector, S E C T O R.
And if we're talking about those organisations that are set up and funded by the government in order to provide services that we all need - like schools and hospitals and the police, then we call that 'public sector'. So it's funded by, paid for by public or government money.
That's a really important distinction between different types of organisation.
And if you look at people's employment in the UK or the US, it divides neatly into those two sectors. It determines to some extent your priorities in your working life. Are you there to make money or are you there for another reason?
Clearly, there's some crossover. You do get private hospitals. You get private schools, and they're there as profitable, money-making organisations, of course. You also get strange crossover. I remember someone telling me about a 'Business Development Officer' for Surrey Police. I'm not sure what business it is that Surrey Police do, but that was a job title apparently within the police force.
But it's really not a business. It's a service. And of course there's a big difference.
So of course if we're looking at hospitals, then the 'public sector' in the UK, that's the National Health Service, the NHS. A huge employer! And of course there are private hospitals that you can pay t o have your treatment at. And similarly, there is schooling, which is paid for by the government. We call that 'state schools' or schools in the 'state sector'. So that's the free schooling that most of us receive.
But of course there's also private schooling. It's often that parents pay or grandparents pay for their children to go to private school because they believe that that will give them a better education.
So that's public and private sector. That's an important distinction.
So I mentioned of course, that there are lots of small businesses in the UK as well as large businesses. The smallest type of business where there's just one person who sets themselves up in a business. We call this type of business in English, 'a sole trader'. That's S O L E, 'sole', which means 'only one person'. And 'a trader', T R A D E R just means 'someone who trades'. And 'to trade', the verb, T R A D E, just means 'to do business'. You're 'trading' if you are doing business.
So a sole trader? They may sell products or they may give people a service. So a plumber, P L U M B E R may set themselves up as a sole trader.
A plumber is the sort of person who will come and fix the pipes in your house. If you've had a leak of water or if you want a new shower to be plumbed in, to your bathroom, you would need a plumber. Notice the silent B in that word. You don't say 'plumber', you say 'plumber'. A profession like hairdressing, you might be a sole trader or someone like me who's a psychotherapist. A sole trader, is the easiest way to set up your business in the UK or the US.
So in the UK, anyone over the age of 18 can set up a sole trader business. You have to keep accounts. That's A C C O U N T S. That means a record of all the money coming in and going out. Those are your 'accounts', and every year you need to tell the government about your accounts, how much money you've made.
Of course, that's so that they can take tax from you, T A X. In the UK they also take something called 'National Insurance', which is separate from tax, but it's pretty much just another tax.
And of course the tax goes to pay for all those lovely public sector organisations like the NHS. That's why we pay tax. It's all very topical for me, this. I've just done my tax return for the year because it's January. So if you're a sole trader or self-employed, as we call it - 'you employ yourself', in other words - then in January, you 'submit your tax return'. That's the report on your accounts for the year. So the government know how much tax you need to pay. Lots of joy! You pay in the UK in January and again in July, so they try to spread the cost of the tax bill. This whole process, if you're self-employed, it's called 'self-assessment'. That's the process for tax. That's the process to declare how much tax you have to pay - 'self-assessment'. So self-assessment is done by sole traders who are 'self-employed'.
Now the government body in the UK that collects your tax is called HMRC, His Majesty's Revenue Collection. I'm still getting used to saying 'His Majesty', not 'Her Majesty'. It's all very strange. And in the US it's called the IRS. 'Revenue' means 'how much money you make', so that refers to the fact that the government is collecting money from the people. So those two organisations are who you pay your tax to.
Another type of small business that people might set up is called a 'partnership'. That's P A R T N E R S H I P. So 'a partnership' is a type of business. And in a 'partnership' there will be two or more partners, P A R T N E R. We also use that phrase 'partner' because it's quite common in the UK for couples not to be married.
So they're not husband and wife, but they are 'partners'. They will refer to one another as 'partners'. So sometimes when you hear someone speak in the UK, and I'm sure this is the case in the US too, they might refer to their 'partner' and you don't immediately know whether they mean their 'business partner' or 'the person that they live with'.
Now partnerships as a business, they're slightly more complex to set up than sole trade of businesses, but they're still relatively simple. So as 'partners', you share the risk of the business. And the word in English for a 'business risk', that's R I S K, that word is 'liability'. L I A B I L I T Y. 'Liability'. So that's the business term that we use for 'risk' and partners share 'liability' for a partnership.
So a typical business that might be set up as a partnership would be a 'firm' that's F I R M, another word for a business, a firm of solicitors or lawyers - a legal firm might be a partnership. Or it could be a firm of accountants. A C C O U N T A N T S. An 'accountant' is someone who helps you with your tax or 'does your accounts', your finances for you. So a partnership might be a common business structure for an accountancy firm.
So partnerships can be set up so that the partners are only liable for a particular share of risk or 'loss', if the business goes wrong. And a 'loss', L O S S is when you lose money. So you hope when you set up a business that you're going to make money, you're going to make 'profit', P R O F I T, but you might actually make a 'loss' if things go wrong. So 'Limited Liability Partnerships' mean that you state how much risk each partner has and an ordinary partnership - everybody shares an equal liability. It's probably very motivating when you're in business that!
A photograph of a UK accountant working at a desktop computer. Take your professional career to the next level with UK business English - start listening today and unlock the opportunities it can provide!
So, of course there are other types of business. Many businesses are set up as 'limited companies', sometimes called 'private limited companies'. And many larger businesses you will know are PLCs or 'public limited companies'. If you would like me to do a similar podcast on those types of organisations, and I'll perhaps cover NGOs and charities and different business structures - there's another one called 'a cooperative'. If you're interested in all of that, then please let us know and I'll do some more podcasts on Business English that's actually useful to you!
Give us some feedback and also don't forget to subscribe to our channel. It really helps us and it helps more people find Adept English.
So a lot of business vocabulary there, particularly if you listen to the news or you're interested in business. Knowing this sort of vocabulary will enable you to understand the news in English much better.
I hope you learned some words that you didn't know. As ever, listen to this podcast a number of times until it all becomes clear to you.
Enough for now. Have a lovely day. Speak to you again soon. Goodbye.
Thank you so much for listening. Please help me tell others about this podcast by reviewing or rating it. And, please share it on social media. You can find more listening lessons and a free English course at adeptenglish.com
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