Would you like to try to manage your own business?
In today’s world the business acumen is a necessary skill, which is not only the prerogative of successful entrepreneurs, it is possible to learn it. A person with an entrepreneurial spirit and an overall view of business has a competitive advantage in any profession and on any position. You just need to understand how the business world works and then apply this knowledge to a variety of everyday decisions. Business simulation is an experiential training that will teach you how to make decisions on:
- Strategy of the company,
- Pricing policy,
- Production capacity of machinery,
- Financing investments,
- Expansion into foreign markets.
- Development and quality of new products.
Everyone will take away something else from the training – some people will understand how important it is to prepare a budget, others will find the need to have the right information in order to make proper decisions, and for others the simulation will serve as an eye opener when they try to be in somebody else’s shoes by having the experience of working in other professions. Employees of the Finance Department will experiment with the role of the production or sales director, and employees from the department of production, sales and logistics will learn how to prepare and analyse financial statements.
All of them will receive the proper overview about how business operates in a market environment and they will understand the importance of proper alignment of the procurement with production, production with selling, and all functions together with financial capabilities of the company.
Business simulation simulates real situations in managing the company. Participants are divided into groups, each group has its own business and all businesses are competing with each other. The participants make strategic and operational decisions and then see the consequences of their decisions.
The simulation provides in every moment and almost at a glance the overall picture of the company, everything is displayed on the board: factories and production lines, storage of materials and finished products, investments in new markets or products, receivables, payables, loans, money and other financial information.
At the end of each quarter, each team prepare a balance sheet and profit and loss statement and then team results are compared.
The training is suitable for 15 to 20 participants who are divided into teams of three or four team members. This training is beneficial for employees at all levels from new hires to senior management.
Gallery from training
Participants become directors (managing, financial, sales or production) of company that has been in business for some time. Rules of the simulation are explained and all teams go through the steps of the first quarter together.
After the end of the 1st quarter every team gets a chance to develop its own strategy, purchase market researches, make pricing and production capacity decisions or decide to extend the product portfolio. Then real market is simulated, where teams compete in tenders, then they manufacture and supply goods according to contracts they had won, they repay obligations and loans, etc. After the end of the second quarter, the comparison of team results takes place. Then subsequently teams plan the 3rd quarter.
Preparation for the third quarter, a possible correction of strategies, evaluation of tenders and the whole cycle of the third quarter. Afterwards results of the teams are compared and they prepare the budget for the fourth quarter.
A similar procedure is in Q4, after which teams can see all the consequences of their decisions, and whether the selected strategy was the right one. Towards the end teams present their companies and final evaluation is done through simulation of investing on the stock market.
Facilitators of the Simulation
Mgr. Tatiana Hargašová FCCA
Tatiana studied at the Faculty of Mathematics, Physics and Computer Science at the Comenius University, Department of Mathematics – management. She worked in the department of analysis ING Bank and as an auditor in the department Financial Services Group of KPMG in Slovakia. She is a member of ACCA, and since 2005 has worked in the company BPP Professional Education as a lecturer and Managing Director. Since 2016, she continued with training activities in her company DATAVIT Trainings.
Tatiana provides courses in Slovak and English language and she does preparatory trainings for ACCA exams, FIA and DipIFR. She specializes in international standards for financial reporting, management accounting, business simulations and human resource development. She has authored and co-authored numerous training courses tailored to the requirements of specific clients.
Mgr. Pavel Hrivnák FCCA
Pavel studied computer science at the Comenius University in Bratislava and also completed a three-year study programme at the State Academy of Management in Moscow, Russia. He worked in international consulting firms Deloitte and KPMG at the position of senior manager and has over 15 years of experience in consulting and audit in several countries. Since 2011 Pavel has devoted his career to professional education, currently through his own company Educat Service Ltd.
Pavel provides a wide range of courses in the area of management and financial accounting, IFRS and auditing, as well as personal development covering various managerial skills such as team leadership and communication skills. He is the author and co-author of several courses tailored for various companies, including special versions of the business simulation for different departments, for example for credit control or sales department.