In this module, you are the general manager of a company that is producing exclusive designer silverware, mainly for high-class restaurants and hotels. Forknello has been on the market for a while, but from time to time it has faced various crises. You have recently joined the company, and you will have to resolve three different life-stage crisis situations.
In this module, you will learn more about crisis management through three different simulations.
We are going to face:
What crises can arise in a business' life cycle?
What can cause a liquidity crisis, and what are the solutions?
What are the biggest risks of such crises?
In this simulation, you are the manager of an exclusive designer silverware company.
The name of your product is Forknello.
Forknello has become one of the most famous designer silverware producers on the market. So far, you have sold in some European countries, and you have couple of distributors, but not all of them are successful. The company is up and running, and you have all the necessary machines and employees for production. Even though the products are popular, you still face continuous challenges.
The company's previous management was fired, and the owners have appointed you as the new Managing Director. Your task is to manage your business's operations, determine and find solutions for the upcoming crises, and stabilize your business's economic status.
You will manage the business in three different life stages. Each stage will last for a couple of months, in which you will face different challenges. The solutions to these problems depend on you. Your aim is to lead the business through all three of the situations, identify the crises, and find a solution for them in order to stabilize the company. Get experience in crisis management through lifelike decision-making procedures. Be brave, and experiment with different strategies!
Chapter 1 - Liquidity crisis
At the beginning of the simulation, virtual colleagues will visit you to tell you what kind of problems can be experienced at the company, which should be solved quickly. After this, you will start to manage the business with the aim of making your way out of in this crisis. You take over the company in the 7th month, after 6 months of operation.
You have € 53 029 on your account
Accounts receivable is € 1 737 390
Chapter 2 - Technology crisis
Due to stricter healthcare rules you cannot continue your operation based on your previous technology. You need to decide on introducing new technologies, selling old assets and old raw materials, the fate of existing inventory, and supporting the new product's introduction with marketing tools.
Chapter 3 - Crisis related to sales channels
The third crisis situation occurs after an inefficient operation of the foreign sales office. You can decide on the reorganization of this office. You need to revise the budget of this office, and also revise the general terms and conditions.
Parallel to this, the sales channels go through a significant change, which requires active management from you! The goal is to stabilize the sales activity of your company.