SMALL BUSINESS MANAGEMENT SKILLS Is it important for you to understand how your actions and decisions can both positively and negatively impact the performance of your business? • The ‘Feast or Famine’ nature of an entrepreneurial business and the challenges of managing during these different cycles. • The difficulty in transforming an entrepreneurial business into a sustainable enterprise. • Cash flow challenges that face an entrepreneur and difficulties associated with resolving cash flow problems. • The marketing challenges typically facing the entrepreneur and actions necessary to deal with these challenges. • Understanding the components of the industry value chain and the opportunities to manage and control value optimization. Today’s Entrepreneur A board-based simulation that enables entrepreneurs and potential entrepreneurs to run a simulated entrepreneurial business. In running their own business delegates will get the opportunity to deal with all of the issues typically confronting an entrepreneur and be able to evaluate the impact of different decisions on business performance and sustainability. www.businesstodaysa.co.za The issues facing Today’s Entrepreneur:
Transcript
SMALL BUSINESS MANAGEMENT SKILLS
Is it important for you to understand how your actions and decisions can both positively and negatively impact the
performance of your business?
• The ‘Feast or Famine’ nature of an entrepreneurial business and the challenges of managing during these different cycles.
• The diffi culty in transforming an entrepreneurial business into a sustainable enterprise.
• Cash fl ow challenges that face an entrepreneur and diffi culties associated with resolving cash fl ow problems.
• The marketing challenges typically facing the entrepreneur and actions necessary to deal with these challenges.
• Understanding the components of the industry value chain and the opportunities to manage and control value optimization.
Today’s EntrepreneurA board-based simulation that enables entrepreneurs and potential entrepreneurs to run a simulated entrepreneurial business. In running their own business delegates will get the opportunity to deal with all of the issues typically confronting an entrepreneur and be able to evaluate the impact of different decisions on business performance and sustainability.
www.businesstodaysa.co.za
The issues facing Today’s Entrepreneur:
BUSINESS TODAY Simulations gives entrepreneurs a unique understanding of how their everyday
activities and decisions will infl uence their future as an entrepreneur.
Key learnings that delegates discover during the simulation training:• Preparing a Business Plan and using it for planning purposes and attracting funds.• Understanding competition and the factors that have an impact on the competitiveness of a small
business operation.• Using effective techniques to competitively price products and services and to improve profi tability.• Drafting and interpreting fi nancial statements, and drawing up a budget and managing cost control.• Understanding the role of cash and managing working capital so as to improve cash fl ow.• Utilising fi xed assets to maximise existing capacity.• Understanding the implications of number and mix of staff, and analysing the time effectiveness of staff.• Using the 4 P’s of marketing (product, place, promotion and price) to determine an appropriate
marketing strategy.• Calculating basic fi nancial ratios, analysing business performance and identifying possible problem
areas.
The Simulation ExperienceParticipants are assigned teams, which manage their own company, and compete with other teams for market share and to produce the best company results. Following a realistic business process participants make all the decisions which they would typically confront during business operations, such as; when and if to recruit qualifi ed staff, to compliment or replace owner activities, pricing and customer targeting to maintain reasonable volumes and profi tability, allocating limited ‘owner time’ to the confl icting activities resources, funding growth and managing cash fl ow and fi nancial resources, funding growth and managing the resources required to achieve and control growth opportunities and fi nally accounting for the other business results.
Teams run a number of business cycles after which various analyses are drafted and fi nancial records compiled. Throughout the program the learning’s in the simulation are related to the participants’ actual working situation. The accounting documents used in the simulation are customized to use your own company’s fi nancial terminology and formats.
