What are Virtual Practice Firms?

Practice or Virtual Firms do not exchange real goods or real money but silhouettes all business procedures and functions. The principle function of a Practice or Virtual Firm is to allow trainees/employees to work in shadow companies using all documentation, systems and protocols needed to run a business. Trainees/employees receive first hand experience of what it is like to trade, as well as actively learning business processes such as how to run a sales department/office, organise personnel functions, operate accounts, stock control and administrative systems. In this dynamic environment students gain positive outcomes and key skills.

Practice Firms encourage entrepreneurialship as the business is set up like a real enterprise, encompassing directors with a number of departments such as marketing, finance, personnel ,sales, purchasing etc. The Practice firm will select a particular trade eg producing or selling particular products or services and will then start to market their products or services to other Practice or Virtual firms within the National and Worldwide network.

They will be registered with EGNI, UK Central Office, who act as' Companies House', 'Post Office', 'DVLA', 'Inland Revenue', and provides a banking facility.