ECCB 2018-2019 Annual Report and Statement of Accounts

GROWTH, COMPETITIVENESS AND EMPLOYMENT

Expand Access to Financing for the Private Sector Where Possible and Consistent With the Bank’s Safety and Soundness Mandate Micro-Business Simulation Workshops Small business owners and aspiring entrepreneurs in Grenada and Antigua and Barbuda were the first to benefit from the ECCB-German Savings Bank Foundation for International Corporation Micro-Business Game Simulation Workshop held over the period 18 - 29 March 2018. The German Savings Bank Foundation for International Corporation developed the Micro-Business Game as a tool to give entrepreneurs and business owners the experience of: ƒ ƒ managing and growing a small business; ƒ ƒ understanding basic business and accounting principles; ƒ ƒ developing an in-depth customer understanding and basic marketing knowledge; and ƒ ƒ understanding the interface between financial institutions and their clients as well as the respective implications. The Do-Reflect-Apply-Implement approach is used to help participants understand these key concepts. Participants play the game in teams where they manage a fictitious juice store. Their operation includes: purchasing raw material, dealing with events and consequences, handling staffing matters, selecting options for improving their operatiions and preparing financial statements. Each of the four rounds of the game is followed by “Know How” sessions, which cover the key concepts from the respective rounds. These include: forecasting, supplier management, know your customers, technology, staffing/personnel, competition and financial consideration. A key component of the simulation is the preparation of financial statements: statement of financial position, profit and loss statement and satement of cash flows. Each session ran for two days. The participants said it was time well-spent from their businesses and welcomed the hands-on approach to learning. They also said that playing the game helped them to understand and appreciate the importance of record keeping. Feedback From Participants 1. The information was thought-provoking and helpful. The interactive and “fun” method of presentation made the two full days of learning both enjoyable and applicable. 2. Thank you for sharing and demonstrating the importance of planning and forecasting and also the fundamental steps of how we should carefully apply and manage funds to ensure profitability. 3. It was indeed very productive training session. The applied learning methodology I have found most effective. 4. I am now putting into practice what I have learnt.

Micro-Business Simulation Workshops in session in Antigua and Barbuda and Grenada

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