Twenty-five (25) business owners and operations in the Southern Grenadines will this week be introduced to a new tool that will improve their knowledge and understanding of the financial aspects of their businesses.
The Centre for Enterprise Development Inc. (CED) will take its Micro Business Game Simulation Workshop to Union Island from May 7th to 10th at the Ashton Learning Resource Centre, 6:00 p.m. to 9:00 p.m. daily.
The overall objective of the Micro Business Game Simulation is to give participants the experience of how to manage a microbusiness effectively, using an experience-based approach.
CED will conduct the workshop as part of the Savings Banks Foundation for International Cooperation’s (SBFIC)/Eastern Caribbean Eastern Caribbean Central Bank (ECCB) endorsed project to support the strengthening of the financial sector and improvement of access to financial services in the Eastern Caribbean Currency Union (ECCU) by Small and Medium Enterprises (SME’s).
The workshop on Union Island comes one week after sixteen (16) students at the Barrouallie Technical Institute (BARTEC) were exposed to the MBG. Following this, from May 14th to 17th, nineteen (19) students at the Division of Technical and Vocational Education at the SVG Community College will also be introduced to the MBG Simulation training.
Since CED introduced the MBG last December here, fifty-five (55) persons have successfully completed the training.
According to CED Training and Education Coordinator, Keisha Phillips, the response to the MBG is encouraging.
“It is being hailed as “the best” training in business and financial management by those who have participated in the four workshops we’ve executed thus far. Although most participants came with the mindset that “it’s only a game” the intricacies of this particular simulation has surprised them, and has taught some fundamental lessons in business management.
It has also highlighted some of the common mistakes that we at CED have been trying to get local MSMEs to address such as: treating the business’ monies as their own; not paying themselves in their businesses; and not doing any proper planning and forecasting in their businesses,” Miss Phillips states.
“In addition, because this tool is such a practical one, we are seeing that persons are beginning to understand basic accounting principles and techniques much better and faster, and are now seeing how the way money is managed does in fact impact the life of a business.”