You're listening to Business English Pod, the business English podcast for professionals on the move.
Hello and welcome back to Business English Pod.
My name is Edwin and I'll be your host for today's lesson on collocations for discussing business strategy.
Look behind any successful business and what will you find?
Good strategy and wise planning.
Good strategy involves understanding the environment, the market, the customers and the competition.
And good planning means taking all that knowledge and deciding how to compete now and into the future.
In this lesson, we'll hear how the executives in a food company discuss business strategy.
And as they strategize, the speakers will use some useful expressions that we call collocations.
Learning collocations will help you improve your vocabulary and sound more natural.
So, what exactly is a collocation?
Well, it's just a group of words that we commonly use together.
For example, we often say, reach a goal.
It sounds natural because that's what people say.
But what about grasp a goal or arrive at a goal?
Well, those don't sound natural because they're not common combinations or collocations.
As you listen to the discussion, try to pick out some of these collocations and we'll discuss them later in the debrief.
In the dialogue we'll hear Anne, Jenny and Max, executives at a food company called Healthy Organics.
The speakers have gone on a weekend retreat to try to create a good strategy for moving their company into the future.
They'll talk about their vision and a strategic plan for growth.
As you listen to the dialogue, try to answer the following questions.
1.
What does Anne say they have managed to accomplish so far during the retreat?
2.
What does Max say is the goal over the next two days?
3.
What does Jenny want to figure out first?
Okay, well guys...
I think we've got a great start to our little retreat here.
I mean, I think we've managed to articulate a vision for the company and we're pretty clear on where we want to be right.
Definitely.
I like it.
Personally, I think we've set some pretty lofty goals, which is what I wanted out of this, and I'm glad our backers are on board with them.
I'll second that.
It's important to have a shared vision, but now comes the real tough work as far as I'm concerned.
Yeah, right.
The question now is how do we map out a strategy that will help healthy organics make that vision a reality?
Right.
And, like we briefly touched on in yesterday's session, our goal in the next two days is to get a long-term plan in place.
Just wanted to confirm that we're talking five years out, right?
Yes, five years was the idea.
We talked about shooting for an IPO by 2020, so I think we need a strategic framework that gets us to that point.
Agreed.
And there's something that I'd like to bring up first, if I may?
Sure thing, Jenny.
Well, I want to figure out how we are going to accomplish growth.
There's been pressure from investors to take a more aggressive approach, but we've resisted this pressure in the past right.
By that, I mean the buyout of green foods we passed on last year.
Sure, Jenny, and I stand by that decision.
And just so we're clear, are you saying we should reconsider this cautious approach?
Yeah, well, I just wanted to address these issues up front.
We have to be sure we're on the same page philosophically.
I'm not saying we need to be more aggressive, necessarily, but...
I agree, Jenny.
We can't set the direction together unless we first agree on an approach.
Okay.
So, in terms of approach, then, here's my two cents.
We've got to where we are now organically, so to speak.
That's how we've evolved.
And I think it's how we should continue to evolve now and in the future...
Now let's go through the dialogue again and look at the collocations that Anne, Jenny and Max used in their discussion.
Okay, well, guys, I think we've got a great start to our little retreat here.
I mean, I think we've managed to articulate a vision for the company and we're pretty clear on where we want to be right.
Anne begins this discussion on a positive note by emphasizing that they've had a great start to their retreat, which is a quiet or private place you go to for relaxation, meditation and, more recently, business discussions.
More specifically, Anne mentions that they have been able to articulate a vision for the company.
A vision is an idea of where you want to be in the future.
And when we articulate a vision, we decide on it, define it, and describe it for others.
Articulating a vision is an important first step in building a good strategy.
So let's practice some more ways of using this expression.
Shareholders are very hopeful that the new CEO can articulate a vision that will help the company become profitable again.
Before discussing specific strategies, the facilitator led us through a session to articulate an overall vision for the company.
So, do the others agree that they are clear about the future vision?
Definitely.
I like it.
Personally, I think we've set some pretty lofty goals, which is what I wanted out of this.
Jenny clearly agrees.
She uses the word personally to introduce an opinion, which is that they have set some pretty lofty goals.
Goals are what you hope to achieve, and when we set goals, we are deciding on or determining what those goals are.
How else can we use this collocation to set goals?
Let's go through a few more examples.
During my performance review, my manager helped me set clear goals for the next year.
I think we've set unrealistic sales goals and need to change them to reflect the current economy.
Jenny has mentioned the goals they've set.
Now she emphasizes that she's glad that certain other people agree with them.
And I'm glad our backers are on board with them.
I'll second that.
It's important to have a shared vision, but now comes the real tough work as far as I'm concerned.
Jenny has said she's glad that their backers are on board.
Backers are the company's funders or investors, and being on board means you agree with something, especially a plan.
Max agrees, since he believes it's important to have a shared vision.
We know that a vision is an idea about the future.
So a shared vision is an idea about the future that everybody agrees on.
Of course, this is an important part of strategic planning.
You want everybody to come together to create a shared vision.
Let's run through some more ways of using this expression.
With so much disagreement, executives and investors have had difficulty establishing a shared vision for the company.
At Amstar, staff and management have a shared vision for how the company should operate.
Max is happy they have a shared vision but he also noted that next they have some tough work to do.
Let's hear how Anne responds.
Yeah, right.
The question now is how do we map out a strategy that will help healthy organics make that vision a reality?
They've got a vision, but now, according to Anne, they have to map out a strategy to make the vision a reality.
The vision is about what or where you want to be in the future, but the strategy is about how to get there.
And when you map out a strategy, you are deciding exactly what that strategy involves.
It's like a plan for achieving the vision.
You might also hear devising a strategy, which is the same idea as mapping out a strategy.
Let's practice a few more ways of talking about mapping out or devising a strategy.
Senior executives are meeting over the weekend to map out a strategy for dealing with the current financial crisis.
Before we move into the European market, we need to devise a long-term marketing strategy.
So why is Anne telling everybody what they have to do?
Now she is introducing an overall goal for this part of their retreat.
In other words, she's stating their purpose and reminding the group what they need to do next.
It's a good idea to start any meeting, discussion, or planning session by introducing the goal.
So let's try some more ways of doing this.
So what we need to do is put together a sales strategy for the next three years.
Our purpose here today is to agree on a vision for a manufacturing division.
The goal of this meeting is to develop a five-year plan for the company.
What we want to see from all of this is a clear strategy for growth in Asia.
Anne has stated their overall purpose and Max responds by mentioning more precisely what mapping out a strategy means for the group.
Right.
And, like we briefly touched on in yesterday's session, our goal in the next two days is to get a long-term plan in place.
Just wanted to confirm that we're talking five years out, right?
Max explains that their goal is to create a long-term plan.
When you create a plan, you can create a short-term, medium-term, or long-term plan.
In this case, the term is the time period.
So a long-term plan is typically for several years.
Max wants to confirm or check they are talking about five years out or into the future.
In other words, he wants to be sure that their purpose is to create a five-year strategic plan.
How else can we use the expression long-term plan?
Let's try a few more ways.
Before approving the mine, the government wants to see a long-term plan for dealing with waste from the mine site.
So, is Max right about a five-year plan?
Yes, five years was the idea.
We talked about shooting for an IPO by 2020, so I think we need a strategic framework that gets us to that point.
Anne confirms what Max has said and provides a bit more explanation, mentioning that their goal for the year 2020 is an IPO.
An IPO is an initial public offering, which means a company becomes public and begins selling shares on a stock exchange.
That's clearly one of the goals they've set for the company and Ann says they need a strategic framework to get the company there in five years.
A framework is an organized set of ideas, rules or principles.
A strategic framework is basically a strategic plan or a clear outline of the strategy for the future.
Let's look at some more ways of using this collocation, strategic framework.
Dual Power Core's strategic framework for growth involves enhancing partnerships in the green energy sector.
You need to make sure that all of your separate business activities and plans fit into a larger strategic framework.
Now, let's get back to the dialogue as the group gets further into discussing their strategy.
Agreed.
And there's something that I'd like to bring up first, if I may?
Sure thing, Jenny.
Jenny wants to bring something up. which means introducing a topic or idea.
Notice how politely she says this, beginning with there's something that I'd like to bring up and adding, if I may, which is a way of asking for permission.
Talking strategy requires diplomacy or careful and polite speaking, especially around sensitive topics.
And we can hear that Anne responds positively, saying, Sure thing, Jenny, to prompt her to continue.
So, what does Jenny want to bring up?
Well, I want to figure out how we are going to accomplish growth.
Jenny's concern is how to accomplish growth.
Growth is a noun form of the verb grow.
And growth is what all companies are aiming to accomplish.
Accomplishing growth very simply means growing as a company, and how to do that is a big part of strategizing.
Let's try a few more ways of talking about accomplishing growth.
We see strategic partnerships as a faster and easier way to accomplish growth than going it alone in new markets.
Despite the general economic downturn, Turco Oil has managed to accomplish growth in all divisions.
Jenny continues by introducing one of the key issues related to accomplishing growth.
There's been pressure from investors to take a more aggressive approach.
The issue is about how to accomplish growth.
How you do something is your approach, and we say that you take a certain kind of approach to something.
As Jenny says, their investors want them to take a more aggressive approach to growth.
An aggressive approach is one that involves intense effort, attacking the competition and possibly buying other companies.
What are some other ways we can use take an approach to something?
Let's practice a few more.
Young people don't connect with our brand, so I think we need to take a more innovative and modern approach to marketing.
Now listen as Jenny explains how they have resisted or tried not to take an aggressive approach in the past.
But we've resisted this pressure in the past, right?
By that, I mean the buyout of green foods we passed on last year.
Sure, Jenny, and I stand by that decision.
And just so we're clear, are you saying we should reconsider this cautious approach?
Jenny has mentioned their decision not to buy out or purchase another company.
At this point it's not clear whether Jenny thinks that was a good idea or not, or whether she thinks their overall approach has been effective or not.
And Max wants Jenny to be clear about this.
He asks if she's suggesting they reconsider or possibly change this careful approach.
Let's hear Jenny make her intentions clear.
Yeah, well, I just wanted to address these issues up front.
We have to be sure we're on the same page philosophically.
I'm not saying we need to be more aggressive necessarily, but In fact Jenny isn't saying they need to be more aggressive.
As she says, she just wants to address the issues up front.
That is, she wants to deal with the problems or key topics before moving on.
She wants them all to be on the same page, which means in agreement.
When you map out a business strategy, you often have to address issues like your approach to growth.
Let's run through some more ways of using this collocation, address issues.
It's important to address minor issues with employee dissatisfaction right away, before they become major problems.
One way to address this issue of declining profits is to get serious about cutting costs.
Now let's get back to the dialogue.
I agree, Jenny.
We can't set the direction together unless we first agree on an approach.
Anne supports Jenny's idea saying they need to agree on an approach before they set the direction for the company.
We've already looked at setting goals, and now we have setting a direction.
In this case, the direction is the way to get to the future vision.
So mapping out a strategy and setting a direction are very similar.
Let's try a few more ways of using set a direction.
The job of a business leader is to set the direction for the company and motivate team members to follow it.
I think our new strategic plan sets very clear direction for each of our corporate divisions for the next five years.
So the group needs to talk about their approach to growth.
And at the end of this dialogue we can hear Max give his opinion or his two cents about how the company should grow.
Okay, so in terms of approach then, here's my two cents.
We've got to where we are now organically, so to speak.
That's how we've evolved.
And I think it's how we should continue to evolve now and in the future.
Max wants to emphasize how the company has grown in the past, which he says is organically.
In business, growing organically is kind of the opposite of growing aggressively.
While aggressive growth might involve buying other companies, growing organically means developing the company and its products steadily and internally.
So, will the group decide to continue growing organically?
And what kind of strategy will they devise for achieving that growth?
We'll have to wait until the next lesson to find out.
Now it's your turn to practice some of the collocations we've studied in this lesson.
In a moment, you'll hear a series of sentences with a word replaced with a beep.
Repeat the whole sentence, including the missing word.
Remember a collocation is two or more words that we commonly use together, so pay close attention to the words before the beep.
For example, if you hear, I think developing new products is how we can accomplish in the future.
You can say, I think developing new products is how we can accomplish growth in the future.
After each response, we'll provide the correct answer.
Ready?
Let's give it a go.
We all need to sit down together and develop a shared for the future of this company.
Answer.
We all need to sit down together and develop a shared vision for the future of this company.
In our planning session, we set some clear... for our new marketing campaign.
Answer.
In our planning session, we set some clear goals for our new marketing campaign.
We've got some great new ideas, but we need to map out a... for taking them to market?
We've got some great new ideas, but we need to map out a strategy for taking them to market.
My advisor is telling me to take a very cautious to the stock market during the crisis.
Answer.
My advisor is telling me to take a very cautious approach to the stock market during the crisis.
We hired a consultant to help us address with safety in the factory.
Answer.
We hired a consultant to help us address issues with safety in the factory.
That's all for this lesson on collocations for discussing strategy.
We've learned lots of vocabulary and collocations for talking about vision, strategy, and planning.
And we'll cover lots more of these useful expressions in our next lesson.
Thanks for listening and see you again soon.
