I design and run business simulations used in leadership development and other training programs across the globe. However, I’m often asked, “What is the best way to use a business simulation within business acumen training?” It’s a valid query, and the answer isn’t as straightforward as you imagine.
It might sound odd and perhaps even unorthodox, but using a simulation as part of business acumen education isn’t always a good idea. These tools are incredibly entertaining and assist in strengthening the training in business acumen. But they can be a huge distraction that could turn excellent business acumen training into a massive confusion program.
In the end, using business simulations used in business acumen training can become complex. Based on my experience, learning managers tend to go overboard with the training simulations. Still, they fail to take charge of the essential need for particular and well-organized training content. Businesses may choose to hire the services of an external business education company to handle the training since they feel they lack the capabilities to manage this in-house. Training that’s not developed by the company itself with a simulation of business that is either created at home or acquired from an outside company can quickly produce a disjointed and highly complex, and intricate business acumen education program which can result in a repetition of information that is either too complex or not pertinent to the needs of the students.
Your Roadmap To Effectively Using A Business Simulation Within Business Acumen Training
Step 1: Determine your target audience’s actual business acumen education requirements.
You do it naturally, but the issue when it comes to business acumen is that most people immediately think that financial statements. I’m almost sure that the requirements are much more extensive than that. The most likely conditions are the management of income statements and strategic thinking, collaboration across functions, creativity and organizational resilience, and leadership. As you will observe, financial expertise is usually too deep and isn’t necessary.
Step 2: Design the course or find an expert who can customize it.
Training for business acumen today isn’t as difficult as it seems. The past was when creating sophisticated financial statements training was difficult. However, you may already have most of the current definition of business acumen required in terms of training. A lot of companies already have access to leadership materials. Just flip it upside down to remove or trim the components and then include income statement management and strategic thinking training content. Harvard Business Press has a strategic thinking book and an accounting-for-managers book. If you’re looking for outdoor business acumen education, ensure that the company you choose to work with isn’t teaching financial literacy by using a strategic thought and simulation addition. They are usually the last resort and not very effective.
Step 3: Design the simulation for your business or find an expert who can.
This one can be a bit tricky. Creating an effective business simulation is difficult, but it doesn’t necessarily have to be. The best way to engage in discussions about business acumen scenarios can be a simulation, which is very effective. Three ways to build a business simulation that can be used for business acumen training include:
- Think about paper. Many of the most effective simulators are made of paper. Don’t be pressured to develop a computer-based system. A case study of your company is a great way to begin.
- Consider the small things. Simulators should only be a reinforcement of what you’re teaching and not add any more. A small simulation can ensure that it is practical and feasible.
- Think 80/20. When you think about a sim, the size should not be more than 20 percent of the time spent by the program and not more than 20 percent of the program’s budget. If it’s higher than this, the sim may be too large. If you need to expand the rules, they will apply. Make sure you use a service that can customize the solution for your application’s specific needs (and not more).
Training for today’s business acumen program is much easier than even in the last few years. Are you able to do it? Nope. Is it doable? Absolutely. There’s a good chance that you could take elements of your existing training or can access and mix them with readily available sources to build a powerful business-oriented training program.
A crucial point to remember: the business simulation is merely used to reinforce the training process. One of the biggest mistakes I’ve seen when using business simulations is to allow the simulation to turn into a training program. This is the reason that a lot of businesses fall apart. The business simulation must be wholly aligned with the goals and goals that you have set for your business education program to serve as a reinforcement tool. Below are three additional Forbes articles that I’ve written that could also assist in creating your business acumen training curriculum.
It is essential to take the time to make sure you have the appropriate business acumen topics for your training is essential. The creation of the content and business simulation tool is a matter of reviewing what you have and then taking the time to design an easy tool to reinforce. It’s more achievable than you might believe.
