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The Task Is On - Challenge
The fun is over and now the contestants are ready for some serious business. Considering the prizes at stake, who would not be serious? The contestants were given the opportunity to run their own pen manufacturing businesses using a board based simulation. The final part of this task took place at the Alisa Hotel on Friday 30th November 2007.

The task provided them with a unique hands-on learning approach enabling them to learn by engaging in practical business decisions.

They were split into four teams and each team ran a pen manufacturing business in competition with the other teams. The teams made decisions on marketing, operations and financial strategy in order toinfluence the performance of their businesses.

The contestants were given intensive business management training over the two days. Suganthan Allotey of Bizliteracy Solutions Ltd. (www.bizliteracy.com) introduced them to basic principles in business management to help them understand the following:
  • The impact of marketing strategy on business performance.

  • How to measure and generate cash and profit.

  • How to interpret key financial statements.

  • How to utilise key business performance indicators.

  • How business actions and decisions add or destroy value.

  • How to plan and forecast to drive business performance.

  • How to appraise capital projects with confidence.
  
Some contestants giving their presentations
By the end of the training period, the contestants were eventually speaking the language of business.

The task was designed to test team work, strategic thinking, logical decision-making, business performance and attention to detail.

As part of their task, they coined fascinating names for their businesses such as; WRITERITE Ltd, INKREAZE Ltd, WEB and JET CORP for their various companies. They also came up with very enviable positions like Finance Director, Marketing Director and Operations Director among others.

The decisions translated into business performance and this was measured using their financial statements and key performance indicators.
 
This task is just one out of the many tasks they will be undertaking to prepare them for the various eviction shows.

Assessing the contestants on their various tasks were members of the elite faculty in the persons of Grace Obeng (CEO FC Group of Companies), Ebow Spio (President Spio & Spio Consultancy), Delores Acolatse (CEO, The Options Group) and Suganthan Allotey (Director, Bizliteracy Solutions Ltd).

Based on this task, the faculty will put up the weakest team for eviction. Watch the eviction show on TV3 on Thursday 8pm and vote to keep your favourite contestant in The Challenge House.
         
Fri, Nov 30th 2007
 
 
Bizliteracy Runs Business Simulation Workshop for Ashesi Students
Bizliteracy Solutions a knowledge management consultancy registered in Ghana and dedicated to helping organisations create value through knowledge, has run its first student-targeted business simulation workshop in Ashesi University. The two day workshop was viewed as community service and forms part of Bizliteracy Solutions’ social responsibility programmes. Students from all classes and majors who had diverse levels of financial knowledge took part in the programme.

Participants were taken through the introduction of business concepts and operations, followed by a controlled sequence of activities including purchasing of raw materials, manufacturing and trading of finished products. Students also practically went through the process of taking financial records of all transactions, which were reported in the financial statements and balance sheet at the end of every assumed quarter of the financial year. This aspect was aided by a set of tools that not only simulated every activity but also gave a physical perspective to the seemingly abstract world of business.
 
Real life aspects of challenges faced by businesses on a day to day basis were the challenges the work teams faced when formulating and implementing their business strategies. These challenges included managing brands and production of products whilst contending with the market demand, and competitor strategies and reaction within industry.

At the end of the third financial year, an end of year report was prepared using benchmarks such as: performance outlook at the start of the year, trends in financial performance over the years and the actual financial position at the end of the session.  In addition accounting ratios were used to tell, among other things, how efficient assets were being put to use and the return on shareholders’ investment.

At the end of the programme participants commented positively on the knowledge gained. Participants who as part of their objective want to own their own businesses expressed satisfaction on useful insights gained into practical aspects of business management.
Romeo Owusu-Aning (BA Student Ashesi University) - May 2007
 
 
     
 
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