There are a number of benefits achieved while using the Business Challenge. The most obvious and the reason why many of our clients utilise the simulation is the ability for their staff or clients to gain a better commercial awareness and greater financial acumen, without the risk.
As well as the financial learning, the Business Challenge can be a great team building exercise. many of the participants comment on how much fun participating in the Challenge was and how working with new team members gave them a greater understanding of who they are and what they did and the skills they bring to the organisation.
Additional Benefits Include:
- Decision Making: All teams and individuals are required to continually decide between various options and amounts. The time constraints add an extra element to the decision making pressure.
- Negotiation Skills: Individuals within the teams will be required to put their points of view across in team meetings and negotiate with others wanting resource to finalise a decision.
- Leadership Skills: Peoples natural leadership skills are shown to great effect under the Business Challenge. Even if they don’t typical have a leadership role in their normal working life.
- Team Building: By working together for an extended period of time, in a complex, competitive environment, where everyone has fun, team building is a natural result of the Business Challenge environment.
- Problem Solving: All teams have multiple problems to solve. Establishing effective tools and mechanisms to deal with these problems is essential to the success outcome of their team.
- Time Management: All teams have to manage their time effectively. They have specific deadlines to meet, that can not be altered. Managing their time within these timeframes is particularly important.