If you’re competing in the SimVenture Global Challenge 2023, these 10 top tips for the business strategy game, Evolution, will help you win!
The SimVenture Global Challenge 2023 is the ultimate business strategy game competition for individuals around the world, sponsored by our friends at Glean.
There are two parts to the global business simulation competition. The first few days consist of a practice round so everyone can get to grips with how to play the business strategy game. Then the formal competition starts and entrants will be keen to figure out how to win the business strategy game while they build their simulated bicycle business in the startup scenario (we call it the Seed Scenario).
Now, while we can’t tell you how to win (that would somewhat defeat the purpose), we have spoken to three of our in-house Evolution experts for some business strategy game tips. Here’s what they said…
Business strategy game tips from Cerys
Our Product Support and Engagement Executive, Cerys Goodwin, supports Evolution clients with their account set-ups and used Evolution during her Masters degree. She offers three tips for the business strategy game, which are…
Tip 1: Brand your simulated business
Coming up with a unique name for your simulated business and spending a few minutes designing a creative logo might seem trivial, but putting your personal stamp on your company can be fun! Seeing your logo soaring up the leaderboards can be a great motivator to help you win the business simulation competition!
Tip 2: Credit doesn’t come easy
Just like real life (unfortunately), the easiest time to borrow money is when you have money. Plan ahead and don’t expect lenders to extend you credit when you are heavily in debt.
Tip 3: Don’t put all your eggs into one business department
Don’t focus all your efforts into one section of your simulated business in Evolution. It can be easy to focus on just one part of your business at a time, but that’s not how a real business would works. Try to give your attention equally and fairly in the business game.
Business strategy game tips from Mike
Our Learning Development Manager, Mike Ashwell, has over 12 years’ experience teaching and training with our business simulations and strategy games. Mike is also a highly experienced finance professional having worked for 30 years as a management accountant. As such, here are Mike’s four business simulation tips that will help you successfully grow your simulated startup.
Tip 4: Make decisions based on research and strategy
Make sure that you gather information, define a strategy, and then finally make decisions! It’s very easy to be over-enthusiastic and do these in the reverse order – which doesn’t work well in the business strategy game.
Tip 5: Remember to produce your product
Once you have a product design in Evolution, remember your bicycle must be put into production before you can sell it to customers.
Tip 6: Quality control is worth it
Manufacturing is rarely perfect in real-life and in the business strategy game online. In Evolution, time and money spent on Quality Control is usually very effective.
Tip 7: Consider your credit control policy
Are your customers paying their invoices on time? It’s worth checking your Credit Control policy – it will certainly help your cash flow in the business simulation.
Tips for business strategy game from Ben
Ben Guthrie is also one of our Learning Development Managers and is the judge of our SimVenture Global Challenge 2023. His final three tips for the business strategy game to help you win the competition are…
Tip 8: Monitor your premises size as your simulated business grows
Remember to plan ahead when it comes to the size of your premises. If you scale up too quickly, this can lead to you outgrowing your premises, and your staff will not be able to perform efficiently due to lack of room to work.
Tip 9: Ensure your market research informs your promotions strategy
Use the available market research to ensure that you are using the most effective promotions strategy for your target demographics.
Tip 10: Staff morale has a big impact on your virtual business
Requiring your employees to work unpaid overtime will understandably lead to a drop in morale among your workforce, which will also impact their efficiency. Happy staff are more productive!
More business strategy game support and top tips
For more support and top tips, don’t forget to explore our resources and video guides for the business strategy game, Evolution. Good luck to all the participants in the SimVenture Global Challenge 2023, and huge thank you to our sponsors over at Glean for supporting the ultimate business simulation competition and providing a fantastic prize pool for our winners.