Business SimulationIntroductionSimVenture is software that has over time allowed people to operate their own companies. Moreover, people are able to learn and discover new things in terms of entrepreneurship and business in an engaging and suitable way. This software is used in different places including colleges, schools and the voluntary sector as well. This is because it is a multi award winning software. In addition, the business simulation is a helpful resource in teaching and learning as it contains a wide range of applications in terms of settings in an academic manner.
In effect, young people can learn about the fundamentals of business and the older students can understand how to run and maintain a growing business as their level of knowledge and understanding is expanded. In the work environment, Sim venture can be used in training sessions as a way of developing skills and encouraging teamwork. The human resource department can also use this as a tool for recruitment when hiring new employees. Prepare a report to a bank manager in support of a loan application to convince him that the business is viable and credit-worthyThere a few details and documents that the team has to come up with in order to present their case before the bank manager.
Some of these documents include the following: Building a credit history- This is one of the documents that can actually show the bank how responsible the group has been in the past. In addition, the students can take advantage of the program of free credit report which is offered by the government to consistently monitor how the level of credit moves forward.
With time, the team of students should come up with business credit which is rather different from personal credit. It is very imperative for the team to keep both records so that the value of the business is established. The other documents that need to be presented are the financial statements for the business. The bank manager will definitely want to review how much the business is worth and how much money the same business is moving. Moreover, it is also crucial to prepare pro forma statements that are detailed to just prove the level of seriousness.
This is because the document can detect projections on how much the business is worth as it moves forward. Finally, a business plan that is updated should also be presented. The bank manager will be willing to give a loan to a business that has planned and spelt out all the necessary information. In the plan, names of business partners, track records and strategies for expansion should be included. In essence, with a business plan in hand, it becomes easy to analyze the various aspects and financial details concerning the business and therefore presents an image of order to the bank manager.
Reasons why the loan should be approvedPurchase Equipment- This sim venture business has several choices with regard to acquiring new equipment. In this context, there are enough reasons to take a loan to purchase equipment. In consideration of this kind of business, it would be necessary for the students to ask for a loan so that they can purchase more electronic devices to help in the expansion of business.
The more computers people have, the easier it is to access the software and this means that more students will grow in terms of business knowledge. Another option could include taking a tax write off of some certain amount of money in the first year of earning and ensure that the economic life for the equipment the rest of the time depreciates. A cost benefit analysis should be carried out in order for the decision to be made on whether to buy or lease the equipment. When a bank gives a loan for the purchase of equipment, normally it is an intermediate term loan which is roughly between ten to fifteen years.
With all this information presented, the bank manager should feel persuaded to grant this group a loan.