MANAGING YOUR MONEY
Similarities between
managing household finances and running a
business are explored
• in a household income
- expenses = savings or debt
• in
a company income - expenses = profit or loss
• The need for budgeting to ensure a profit
(or savings)
STARTING
A BUSINESS
An
awareness of what goes into the planning and
setting up of a
business and the reasons why people take the risk
are discussed.
• manufacturing, selling
and service businesses
• ownership and risk
• funding a business
• the profit motive
STAYING
IN BUSINESS
The
importance of making a good profit in order to stay
in business
is explained, motivating trainees to contribute to
the business
with enthusiasm and understanding.
• destination of profit - government,
shareholders, retained
earnings
• the need to increase income and to control
expenses
• the importance of customers and how to serve
them well
• internal and external
customers
IMPROVING
THE BUSINESS
The importance of
continuous improvement to stay ahead of
the competition is emphasised.
• quality, cost effective
goods and services, result from the
effective utilisation of Manpower, Machines,
Materials, Methods and
Measurement.
BUSINESS
GAME
Employees learn about
the Transformation Process through
participating in a challenging game that
realistically simulates
a production environment. Teams develop their
production plans
and compete to manufacture hollow dice, according
to the
customer's requirements. Time constraints,
bottlenecks, waste
control, quality, productivity, profit and loss,
teamwork,
continuous improvement and more are confronted
during this
fun learning experience.
