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.