Top 5 Tips for Business Simulation Success
30.05.11
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!
