Finance of Non-Finance
Finance Department speaks their own language and use several reports that other managers may have trouble interpreting. It takes a professional not in the finance field many years to understand budgeting, financial control and reporting methods and requirements. Even with this exposure it is still difficult to develop a sense into how each function impacts the others and the eventual financial statements.
In our Blended Learning Programs, participants from Finance or non-Finance backgrounds can practice playing executive roles other than their specialty, as they run a simulated company over several rounds. With short lectures before each round the participants are introduced to how each functional decision is reflected and represented in Financial Results and KPI’s, thereby forming the Balanced Scorecard. While Finance will be at the forefront all functions are reviewed in relation to Finance. The simulation allows the participants to make mistakes and have learning moments in a safe environment. Participants will develop a disciplined and consistent approach to better understand Finance, as they finally witness the mystique vanish in reading and using Balance Sheets, Ledgers, Income Statements and especially Cash Flow.
Teams will make a final presentation reflecting their simulation company performance using the Balanced Scorecard, referring especially to how Financial Results are formed.They will also speak to their learning experience and how they will share the wisdom they obtained with their teams back in the company. Presentations will be made to a representative Board of Directors which may include senior executives of participants’ real-life companies.
Blended Learning Program Sequence:
Self Study on Simulation Platform and basic Finance Exercises (Platform is opened to all participants two weeks prior to in-class experience)
In class sessions:
- Practice Round – debrief and leveling the playing field
- Strategy and Finance – Competition Round 1 and Debrief
- Sales-Marketing and Finance – Competition Round 2 and Debrief
- Operations and Finance – Competition Round 3 and Debrief
- IT and Finance – Competition Round 4 and Debrief
- HR, TQM and Finance – Competition Round 5 and Debrief
- Financial Statement Review for each simulation company – Competition Round 6 and Debrief
- Board of Directors Presentation