“Why shouldn't I go with a simulation for my business acumen training?”
This is a question that we're asked frequently in our conversations with potential clients interested in corporate training. Simulations have been around for a while, and they’re commonly known and used in business training. However, I could give you 100 reasons why a simulation isn’t the smartest decision when looking to improve your team's business acumen.
But I won't bore you with all of them. Instead, I'll just highlight the biggest one - customization.
My major beef with simulations is that they do not provide you with the opportunity for the customized approach that most companies are looking for...if they allow for any customization at all. The customization part is really critical in allowing for the full impact of business acumen training. Would you tell your employees to go play Monopoly, and after assume that they'll be good at real estate investment? No! You need training that is specific to your company, organization, and industry to allow your employees to better take what they learn in the training, and apply it on the job.
If by some chance, you find a customized solution for business acumen training in the form of a simulation, it would likely be extremely expensive to keep relevant for your company, industry, and business year after year. Think about it, most customized business and financial acumen training should at least be updated annually with new financials, if not more frequently, and depending on the simulation, you won't get nearly the benefit out of it to justify the costs.
The founder and CEO of a well-known simulation company recently highlighted a few negatives to doing simulations which included:
Not enough time for in-depth training
No real accountability for learning or application of new skills - think about group projects in school, there was typically someone that carried the team, and others may have skated on by, not doing, or learning much
Difficulties integration into your day-to-day operations since there is no specific tie-back for you
While I can respect someone who is willing to express the negatives of their own strategy, these are some enormous risks. With these negatives, how can you expect to see an improvement in your organization and growth in your team's business acumen?
That's just a brief summary of why we suggest skipping the simulation for business acumen training. We promise, that there's a better and still fun way to learn all of the concepts to expand your team's business, finance, and strategic acumen.
To have a successful business and financial acumen training program, we think it's essential to become an expert in your industry and market. The trainer needs to know everything about you, your clients, and industry happenings. Why? Because that will all play a huge role in shaping how your team learns, understands, and implements their business acumen skills. Here are some benefits of team training -
Customized approach. It is relevant to YOU, and your team.
Great application strategies and opportunities
Training is updated before each course, so your team has the most up to date information to reference
Entertaining (nothing like your finance class in college)
Oh, and a big one - it's cheaper
These are just a few of the reasons we feel a customized business acumen course would be better for your company.
To learn more about our Building Business Acumen course and see if it'd be a good fit for your organization, visit our website.