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Is there a more formal way of saying "let's get down to business"? I am not sure if I am mistaken, but the expression "let's get down to business" sounds quite informal, so I am wondering if there's a more formal or at least a more polite expression meaning the same thing or at least something highly similar.

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It sounds rather informal as it is a cliché. Avoiding clichés means you have to put together your own words rather than depend on fixed expressions. Be specific rather than general and avoiding the "Let's..." pattern can help.

Think about why you need to say anything. I assume it is because other people are not "getting down to business", so what are they doing instead? What actual business do you want them to do?

Well if everyone has finished their coffee, I suggest that we move to the conference room and start working on the school timetable for next year.

This is what I mean about being specfic: The speaker is talking about the actual situation (drinking coffee, using the conference room, working on the timetable) rather than just using a fixed expression.

Instead of "Let's..." you can use "I suggest... " "Shall we...?" (perhaps more polite) or "It's time to..." (more forceful)

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I don't think your Let's get down to business. is informal.

Nevertheless, there are other expressions for it.

Let's start to discuss our business.

Let's begin with our business.

Why wouldn't we start to talk about our business.

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