Business Management Experience simulation
team-based simulation for fast-track commercial awareness
“The BME has been successfully embedded in the Financial Leadership Development Programme for the past 5 years. The simulation has proved effective developing participants in the programme using a realistic business environment and helps develop the core competencies we are looking for.”
Finance Development Manager,
This popular team-based business simulation is typically included as part of corporate clients’ early career development or on-boarding programmes.
It offers participants the challenge to make all of the commercial and operational business decisions that impact on the performance of a business.
The Business Management Experience simulation programme has an embedded Business Management Experience simulation, which is designed to enhance and develop business acumen demonstrated when participants become the board of directors of a manufacturing company.
Team decisions run through the simulation business model and teams see the results of their decisions in terms of a business management report, balance sheet and trading statement.
The challenge is:
Which team can run their company most profitability and have the highest stakeholder index?
The simulation can be run competitively for maximum engagement and learning.
Content & Format:
The Business Management Experience simulation is designed to be easily incorporated within early career development programmes.
Activities for participants:
- Understand current financial position of the simulated business
- Develop a pricing, manufacturing and marketing strategy
- Work in cross-functional teams to reach consensus and make decisions
- See impact of decisions on financial measures and customer satisfaction
- Implement pricing, manufacturing and marketing decisions
- Participants see their workplace business decision making in a broader context
- Participants see how their own business decisions impact on the performance of their company
Specific skills and competencies developed:
Management & Strategic Awareness: Understanding the complexity of business. Evaluating key measures of business performance and how they impact on decision making. Identifying stakeholders and their ability to impact on business decisions and performance.
Influencing Skills: Developing the ability to influence one or more members of a team. Knowing how to influence opinions and decision-making against strong opposition. Influencing others to remain motivated when faced with adversity or failure.
Analytical skills: Information analysis, recognition of key information and use of information to influence decision-making in team situations.
Leadership: Developing an appropriate leadership style in order to gain commitment from others working as a team.
Planning and Organising: Dealing with time pressures in order to meet deadlines. Workload delegation and setting priorities.
Team working: Learning to reach a workable compromise amongst a peer group and sharing responsibility for team-based decisions. Respecting team roles and individual contributions/styles.
A results-driven approach: Understanding strategies for achieving specific business goals and performance indicators.
Financial awareness: Managing and measuring the financial performance of a business. Understanding financial statements in order to make business decisions that drive profitability.
Innovation in problem-solving: Using innovative and creative skills in solving problems relating to the business itself or the way the team works together.
Managing the customer relationship: Understanding the importance of managing customers and how poor customer service impacts on business results and competitive position.
This simulation can be delivered on-line via the simulation platform with all resources including team briefings being downloadable.
Run over 5 weeks with decisions each week.
Team decisions and results are also submitted and reviewed via the on-line simulation platform.
A comprehensive team briefing, an explanation of decisions to be taken each week, time table for decisions and results, helpful hints & tips, on-line coach and email helpdesk
Live Event alternative:
As an alternative to on-line delivery, the simulation can be run live over one or two days to fit the programme timetable, either facilitated by LD or by the client company talent development team if preferred.
Simple and practical simulation platform with the following resources:
- teaching notes for the facilitator team
- introductory slides
- comprehensive participant briefing
- company management report
- self-assessment options: MCQs, peer review and a reflective account
- plus notification of team results
- participant mentoring guidance
- plus telephone helpdesk.
Participant resources include:
Engaging simulation platform with the following resources:
- comprehensive team briefing
- explanation of decisions to be taken
- timetable for decisions
- notification of weekly results
- helpful hints & tips including explanation of financial & operational terms
- plus email helpdesk.