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Financial and Commercial Awareness cover image

Financial and Commercial Awareness
DWM Financial Training

A one-day workshop presented in-house for 4-12 people, featuring the Virtual Village Pub Business Simulation

Summary

Price
£960 - £2,160 inc VAT
Study method
Onsite
Duration
1 day · Full-time
Qualification
No formal qualification
Certificates
  • Certificate of Completion - Free
Additional info
  • Tutor is available to students
1 student enquired about this course

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Overview

This one-day workshop, new to Reed Courses, develops people's business acumen and builds their confidence in dealing with financial and marketing data.

To make the training more interactive, effective and memorable, the learning is based around the Virtual Village Pub business simulation.

Competing in pairs or small groups, participants take over a tired and neglected pub in the village of Little Chadwick and are tasked with knocking that business into shape and setting it off on a more profitable future.

Each round they must decide on their pub’s pricing, stock range, staff requirement, entertainment, marketing and capital expenditure. Our computer model then produces accounts, key performance indicators and market data in respect of each pub and this is used to help the teams make their next set of decisions. They will be guided by a series of inputs from the facilitator, who will keep them updated on the competition and, more importantly, will clearly explain how to use and interpret the accounting and market information they are receiving. A final review examines each team’s strategy and brings together the key learning points.

This workshop is available to be staged at your premises or online using Microsoft Teams. Although usually run over a single day, it also lends itself to two half-day sessions (which can be useful if your group are in different time zones).

The ex-VAT cost is £800 to £1800 depending on group size. Prices include course materials (soft copies are provided for online courses).

  • Excellent course - engaging, informative and I strongly suspect it will be memorable. (Chris Gallagher, ComputaCenter plc)

  • I really enjoyed this program. Certainly a good way to trigger commercial thinking and to learn and understand the essentials of the financial and commercial world. (Vaidas B, Abellio)

  • This was a brilliant course and I really enjoyed the interactivity throughout the day, which kept the whole group engaged and focused. I appreciated that the trainer had amended the content to reflect the mutuality of Benenden and how that differs from a profit-making company. (Tor Petersen, Benenden Health)

Certificates

Description

Throughout the workshop, a 3-stage approach is used:

  1. The theory is explained from first principles
  2. The theory is demonstrated by reference to one of the 'autopilot' pubs
  3. The latest accounts are distributed so teams can immediately apply the new learning to their own pub

Session 1:

  • Introduction to the simulation
  • Teams study scenario, agree their market positioning and make Round 1 decisions (Summer)
  • Facilitator explains Profit & Loss Account

Session 2:

  • Teams review Round 1 accounts and make Round 2 decisions (Autumn)
  • Facilitator explains the Balance Sheet
  • Teams review Round 2 accounts and make Round 3 decisions (Winter).

Session 3:

  • Facilitator explains the Key Ratios and shows how the overall contest can be broken down into four mini-contests:
    • growing market share
    • managing margins
    • controlling costs
    • managing resources
  • Teams review Round 3 accounts and make Round 4 decisions (Spring)
  • Facilitator explains the Cash Flow Statement

Session 4:

  • Facilitator revisits the key points about the accounts and tests understanding
  • Teams review Round 4 accounts and make Round 5 decisions (Summer again)
  • Facilitator presents Final Review, drawing out commercial learning points and revealing results
  • Underwhelming prizes are awarded.

Who is this course for?

This workshop is for anyone who's day-to-day decisions can affect business profitability without them knowing exactly how.

Although the simulation is set in the world of hospitality, it is relevant to organisations in any sector where there are sales to achieve, costs to control and resources to manage.

This workshop has been regularly used by organisations such as easyJet, Computacenter, the NEC, Cammell Laird, Lincolnshire Housing Partnership, WHSmith, Barratt Developments, Premier Foods and Inn Collection Hotels.

Requirements

The workshop assumes no prior knowledge of accounting.

Each team requires a laptop. Online delivery is through Microsoft Teams.

Questions and answers

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Legal information

This course is advertised on Reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.

FAQs

Study method describes the format in which the course will be delivered. At Reed Courses, courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

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A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body's logo if they wish. Certain awarding bodies - such as Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.
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