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Financial & Commercial Awareness

One-Day Workshop based around our Business Simulation, in-person or online for 6 to 12 people (price is per group)


Virtual Village Pub Limited

Summary

Price
£1,200 - £1,800 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

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Overview

This one-day workshop develops the business acumen of participants and helps them to understand how commercial organisations make money and how they report their financial performance.

By building the workshop around a business simulation, the process of learning is made more engaging and enjoyable and thus more effective.

The workshop covers the basics of accounting from first principles but also looks at the drivers of financial performance - markets, customers, products, competitors - and explores how our decision-making flows through into our financial performance.

This workshop is held either at your premises or in a virtual classroom. It is typically played with 3 or 4 teams of 2 or 3, giving a group size of 6 to 12 people.

Course media

Resources

  • One Day Booklet (generic) -

Description

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.

The rounds of the simulation are interwoven with structured tuition. Each time a chunk of theory gets introduced, it is immediately demonstrated with reference to one of the village's 'autopilot' pubs, before teams get the opportunity to apply the new learning to their own pub. Specifically, we cover:

  • Profit & Loss Accounts
  • Balance Sheets
  • Cash Flow Statements
  • Key Ratios

A final review examines each team’s strategy and brings together the key learning points.

Although the simulation is ostensibly about pubs, it is really just a familiar setting with which to learn how businesses make money (or don't). Our clients are drawn from manufacturing to financial services, transport to retailing, charities to government agencies.

We are always keen to tailor the content for in-house programmes. This may involve:

  • tweaking the terminology ("I call it operating profit, you call it EBIT")
  • adding elements to the tuition ("this is what Gross Profit means for your organisation")
  • sourcing relevant examples for the commercial learning points ("so what efforts do you make to raise spend per head in your business?")

You may also choose to slim down the finance theory and just focus on the Profit & Loss and a few profit ratios like Gross Profit %. This could make sense for businesses that have a multi-branch structure, where managers are unlikely to see a Balance Sheet. We then use the extra time for exercises and tailoring.

Participants receive a spiral-bound booklet of around 30 pages. This provides information to help them in the simulation (a map of the village, points they should consider in their decision-making) and reference material on the finance theory. Online participants receive this as a pdf.

Over the last few years, we have been pleased to deliver this one-day workshop for, among others...

Barratt Developments, Benenden Health, Castle Bingo, CBRE, Computacenter, Dimensions, Easyjet, Global Payments, H Samuel, Indigo Parking, Jack Wills, Kuehne & Nagel, Molson Coors, NEC, Pinnacle and Vanquis Bank.

Who is this course for?

This programme is useful for anyone whose decision-making can affect the financial performance of their organisation, be they generating revenue, incurring costs or managing resources.

Because it assumes people haven't done accounting before (or have forgotten it), it is particularly appropriate for junior and middle management, graduate trainees and 'rising stars'.

Requirements

There are no pre-requisites, beyond having a working knowledge of English. The simulation does all the numerical heavy-lifting, so the number work is more about interpreting figures than crunching them.

Previous experience of the inside of a pub may be advantageous.

Questions and answers

Certificates

Certificate of completion

Digital certificate - Included

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FAQs

What does study method mean?

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.

What are CPD hours/points?

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on Reed Courses, many of which can be completed online.

What is a ‘regulated qualification’?

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.

What is an ‘endorsed’ course?

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.