Income/Outcome course content supports development of key competencies, including:
- Accountability: There is no “chance” element in Income/Outcome simulations. All events are the direct result of decisions made and actions taken. Provides tools for reporting progress and results.
- Ability to form strong relationships: Clarifies the function of each department within the organization. Gives an appreciation for the needs of other employees in the company and the challenges they face.
- Business expertise: Provides working knowledge of business terms and definitions. Includes standard financial reports and common business metrics. Gives practical experience using financial planning and analysis tools.
- Customer focus: The competitive market reinforces the underlying importance of meeting customer needs. Includes quality, customer service, reputation, niche markets, as well as price and terms.
- Business decision making: Emphasizes the importance of cash flow, clarifies the need to manage separately for profit and cash. Provides the tools to track revenues and expenses, and for forecasting, planning, and execution of business strategy. Requires constant decision-making and action regarding the allocation of resources. Looks at how metrics impact behavior, and how new metrics can change results.
- Flexibility: Requires constant monitoring of competitors, and frequent adaptation of business plan in response to changing market conditions. Addresses problems from several points of view, reflecting diverse departmental views and the numerous financial aspects of running a business.
- Open communication: Clarifies the need for a common language and a shared understanding of business. Develops a standard business vocabulary with company specific elements. Provides a forum for the exchange of ideas in a cross-over context with interdepartmental concerns and priorities.
- Taking initiative: Demonstrates the need for constant improvement. Provides a risk-free environment in which to try out new ideas and approaches.
- Organizational skills: Creates a matrix for organizing business concepts, encourages the use of this matrix in prioritizing financial information. Provides a visual model for remembering all the factors that need to be considered in developing a plan or making a decision.
- Project planning skills: Provides a “big picture” understanding of the business. Provides working knowledge of planning tools such as forecasts and budgets (level-specific).
- Working with other team members: Demonstrates the need to work together to meet time deadlines and financial targets. Practice in shared decision-making in a risk-free environment. Provides a forum for the exchange of ideas. Team size is designed to maximize participation by team members.
- Focus on shareholder value: Presents the view of the shareholder. Experience investor risk and reward.
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