Is it important for your people to be building their business acumen, in order to improve your business’ performance?
Retail Today is a board-based, computer assisted business simulation which enables managers and staff to better understand, and improve, their contribution to the financial performance of the business. The programme takes the mystery out of finance and helps staff to understand the many inter relationships that exist within retail and to identify and evaluate the many trade-offs.
THE SIMULATION EXPERIENCE
The simulation involves teams of participants who manage their own retail company and compete with other teams for market share. Following a realistic business process participant make many of the major decisions involved in Retail, and visually see the consequences. Teams run a number of business cycles, and after each cycle they draft and analyse the financial records of their business.
The simulation gives participants the opportunity to face a range of issues which their company would typically confront during business operations, such as;
Retail Today enables all staff to discover how they personally can influence the performance of the business through their everyday activities and decisions they make. This understanding helps staff transcend traditional notions about functional barriers and ultimately leads to improved decision making and problem solving, and therefore improved company performance.
Key learnings that delegates discover during the simulation training
Draft Income Statements, Balance Sheets and Cash Flow Statements using a client format. Analysing these financial statements using diagnostic tools.
Analysing the financial consequences of the decisions that are made in the simulated business, and transferring this learning to their real numbers, with action plans.
If applicable to the client business, the management of debtors and creditors, and the impact of debt collections on cash flow.
Working Capital management, and its impact on cashflow Using client ratios to measure the key performance areas of the business, e.g. trading densities, sales growth, returns on stock, stock turns, stock cover, margins, sales per head etc
The absolute necessity of cross functional co-operation between buying and operations, in a highly competitive environment. Understanding how decisions regarding advertising and promotions impact on the business.
Analysing the impact of staff levels and customer service on profitability
Identify and measure the drivers of business performance and analyse the impact of actions on business performance, such as Shareholder Value and ROGA.