For those of you taking part in the Executive business training simulation, and for those of you looking for ways to succeed in both real-life business situations and realisitic models, here is another tip from the creators behind Executive on how to get the most out of your experience and create a successful company with viable business propects.

In the real world, no business exists without some form of competition; these days there are many similar companies offering the same types of service or products. This charactistic of the current business climate is modelled in Executive through the use of competing teams in the same marketplace or ‘world’. A successful business will differentiate itself from the other corporations in the same sector through use of marketing, product differentiation and product placement. The same is true within a business simulation, where, just like real-life, the markets can become saturated and it becomes very difficult to squeeze out a profit.

With this in mind, our top tip for you is to differentiate your company. Whether you do this by company image and branding, targeting specific market sectors or offering exclusive features, find a way to make your business stand out from the crowd. Just like car manufacturers such as Porsche, Ford and Jeep, find a niche that your company can fill and there are high profits to be made.

If you are currently taking part in an Executive simulation; whether as part of a university course, corporate training or within a school or sixth form, this post will give you another handy hint from the creators to help you on your way to business success. As everyone knows, a key aspect of a viable business is profitability – no-one will think you’re a good businessperson if your company doesn’t have the capacity to make money! If you want to succeed in Executive, a clear monetary strategy is vital and will set you apart from your colleagues. So, when you’re planning your route through Executive, make sure you think carefully about margins, as these will unlock the potential to achieve great results.

In order to get the maximum results from the company you build up, make sure to keep a good record of all costings; don’t just rely on the system but work it out for yourself. This will make sure that you stay 100% on top of all your spending throughout the simulation. It’s easy to let costs run away from you, and this can have disastrous consequences for your finances at the end of the round. Keep a tight hold on the reins and you’ll sail through each round with ease.

Executive is a very realistic business simulation, so when your group are making decisions, make sure to plan your finances carefully. You could even appoint a specialist ‘Finance Manager’ to make sure that your team keeps an eye on this crucial aspect throughout the course of the simulation. For many instances of Executive, the overall placements of teams are heavily influenced by the financial performance of their companies throughout the rounds (check your briefing documents for more details and specific information for your programme), so this is a very important part of running a successful company.

Good luck! Check back soon for more handy ideas.

First you need the basic knowledge:

For a high technology business these days, this may mean a university education or equivalent in the right area. If you are studying Engineering then make sure you also pick up the basics of business. One very effective method is the use of business simulations. The best ones provide excellent experiential and quantitative learning of the key ingredients, profit and loss, balance sheets, marketing, financing the business and most importantly – bringing all the skills together by team working.

You need the skill base.

Anders Ericsson postulated the 10,000 hour rule – that works out to be 5-10 years working in the relevant technology. Specific examples; The Beatles and Microsoft’s Bill Gates are given in the book Outliers by Malcolm Gladwell.  The key element here is that you need long enough to know what works and what does not. Interestingly this period will probably include some initial failed attempts – very important learning. Frank Williams at Williams Grand Prix engineering is just one a classic example; early failures did not deter him.

You need your team

Invariably you alone will not have all the detailed skills required, or the desire to do all that is needed to be successful in business. Building your team is extremely important as they can make or break the venture. They can also “steal” the business so great care is needed (and a fair dose of paranoia).  Choose the skills you need carefully – typically you may need, finance, marketing, sales, manufacturing, technology, logistics etc. Try to get the best there is and don’t be afraid to pay them more than yourself- this is not about pay prestige, it is about results. Short term consultants can also work.

Clarification of team roles, rewards and time scales is very important. One very important, rarely mentioned reality is the transient lifetime of any team. A successful venture will grow quickly and as it evolves will require new and different skills. Some team members will need to go and new ones to come in, at all levels, perhaps eventually even you. Be prepared for this, plan ahead and keep on learning, regular sessions on the business simulator will always be beneficial – like sessions in the gym.

Finally

Goes without saying that you also need a clear vision for the business, along with drive, ambition, courage and determination.  Most importantly, you also need to conduct your business ethically, with concern for your employees, customers, suppliers and the society and environment you operate in.

The aim of business simulations is to gain a better understanding of how it feels to run a corporation and attempt to produce a retained profit. Unfortunately that’s not as easy as it sounds, so here is a list of 5 top tips to do well in any business simulation:

5. Understand as much of the terminology as possible before the simulation starts. This will give you more time to concentrate on planning your decisions rather than attempting to decipher unusual business terms. Help is available, so use it wisely!

4. Make a business plan to give your team a definite strategy. This will make sure that all your decisions have sound logical reasoning behind them, and allow you to get the most out of the simulation in terms of understanding and knowledge.  Also, know what you’re trying to achieve. This will help to start the ball rolling, so make a list of core values that your company should have and design your products and marketing strategies around this. This is a good stepping stone on the way to building a company image.

3. Do some research. Investigating the current real-life market can give you clues and insight into how the simulation will progress, giving you  the opportunity to get ahead with sales and profits.

2. Read up on the facts and how the simulation works. If you know what information you have been given and how to use it, you are guaranteed to avoid silly errors that can creep in through lack of understanding. This will allow your team to concentrate on a cohesive business strategy to build up your business.

1. Most importantly, communicate with your team members! This is vital for success in simulations just as it is in real-life situations. If you consult other members of your team and make decisions diplomatically based around as much knowledge as possible, you are far less likely to make mistakes. This will result in a far more successful business as well as encouraging team spirit and good working relationships.

Good luck!

If you want to know the best way to succeed in any of our business simulations, whether you’re running Executive, Retailer or Entrepreneur, our team at April Training have put together a short list of the most important things to remember in business. If you apply these skills and techniques to our simulations, you should be well on the way to success!

1. One of the key things to remember when running a business is to make a firm strategy that is flexible enough to account for unpredicted changes. If you have a clear idea of where you would like to be, it’s much easier to get there.

2. Another important thing to think about is time-scales. Within the simulations, just like in the real world of business, there are often time limits. This means you have to think on your feet and make quick but informed decisions. Also make sure to incorporate these limits into your initial plan.

3. Keep on top of the figures. The most imporant aspect of a business is its abillity to generate income, so make sure that you understand the finances and know how you’re going to get the most out of what you start with. Always keep your eyes open for new opportunities!

4. Finally, be aware of the market. If you know there is a gap in a particular sector, there could potentially be money to be made so don’t lose the advantage and let it go to waste. Market sizes are also absolutely key when it comes to profit-making, so market research can prove to be invaluable (both in real business and within simulations).

Good luck!

Here at April Training, we often get people contacting us asking similar sorts of queries, so we thought we’d dedicate a post to explaining some of our most frequently asked questions. If you want to know more about something that isn’t answered here, feel free to email us on info@trainingsimulations.com or give us a ring on 01928 735 868.

What is a business training simulation?
A business training simulation is a computer program designed to emulate the business world
so that participants can gain useful experience in a safe and risk-free environment.

Why should I use business simulations?
Business simulations are regarded as one of the most effective and lasting methods of teaching the techniques of business and management. The hands-on learning style has been proven to be far more memorable than standard lectures with participants being more likely to remember, and then implement, the skills they learn.

Who are April Training Executive?
April Training Executive is one of the most established providers in the simulation market with clients including many of the top universities and corporations. We have a dedicated and experienced team who are available at all times on our 24 hour support line.

Who are April Training Executive’s simulations aimed at?
The simulations are aimed at anyone who wants to learn the art of making great business
decisions. They have also been used successfully to teach management, strategic and financial skills, as well as to develop interpersonal competencies e.g.team-building; by students at all levels and companies and corporations of all sizes.

How do I order one of April Training Executive’s simulations?
You can order any of our products or arrange for a FREE demonstration by contacting us
via email or by telephone.

How long does a course last?
Courses can be run in one day or over a number of days. Some organisations, including many universities, use the simulations over a period of months. This is often the case if an April Training simulation is used as an integrated part of a teaching module.

Can I try one of the simulations before I purchase it?
Our FREE demonstrations are designed to show you the extent of our simulations’ capabilities and provide an opportunity to discuss how they can be used to meet your specific requirements.  For in-depth evaluation there is the option of running a pilot event as a live trial, 50% of the cost of the pilot is refunded against the fee for any licence that is purchased within 30 days of the pilot event.

What will I learn?
A wide variety of topics can be covered by our simulations, including:

Commercial/business awareness
Overall management development
Finance
Strategy
Marketing
Cross-functional understanding
Team building
Leadership
Negotiation
Presentation skills
Stock control
Accounting

Can I focus on specific areas of business?
Within Executive our Finance, Marketing and Quality modules allow tutors
to focus on specific areas of business and for participants to develop particular skills. There are also various scenarios within the Retailer simulation that allow the tutor to focus on specific areas in more depth. The data edit facility in both Executive and Retailer means that April Training’s simulation can be tailored to most business markets.

How can I evaluate the progress of the participants?
Tutors can assess development and progress using the company reports that the simulations
produce. In addition to this, a special tutors report is generated that provides more detail and a summary comparing the performance of the teams.

What preparation is needed?
It is usual for a handbook or scenario reports to be provided to teams along with concise user manuals, both can be provided by April Training. As the simulations deal with industries that the participants are familiar with, there is no need for the “rule leaning” stage required by other similar products.

Can I license one of the simulations?
A one- or three-year licence can be purchased for the Executive and Retailer simulations.  Entrepreneur can be purchased outright.

How much does it cost?
Prices vary depending on your requirements and we would suggest calling us on 01928 735 868 for a quotation. Prices vary from £300 for Entrepreneur to £5,000 for a full annual licence for Retailer and Executive. (Educational discounts are available on all our simulations).

If you are currently taking part in an Executive simulation, whether from a corporate or academic background, look out for our handy hints to help you on your way to becoming a business star!  Executive is based on the current European car industry, meaning that it’s a dynamic and competitive training simulation.  Results depend on good business decisions, which is what makes it such a brilliant learning experience for students and employees alike. Our number 1 tip for how to succeed in Executive is to make use of the “what-if” facility. This handy tool is a brilliant way to investigate the impact of your decisions on the scenario and give you a hint as to whether the current round will be a profitable one. However, please keep in mind that this is a prediction tool only, and other events can occur to change your results (sometimes drastically); also the decisions made by other teams will also impact on your projections when they are included in the processing. Many tutors also charge teams for the privilege of using this facility, so make sure to check your briefing document before using excessively. Overall, “what-if” is be a useful way to test your strategy as it gives you the opportunity to tweak and edit their decisions before finally submitting them to the simulation for processing.

Check back soon for another hint from the experts!