Dr.Ninko Kostovski

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 Work with companies and facilitation of their:

   Market Research,

   Strategic Planning,

   Growth and Restructuring,

   Access to Finance,

   ICT Systems Implementation  

Executive Training



 F1. Understanding Financials

The course is designed in two parts. During the first part, the participants are introduced into the fundamental principles and concepts of contemporary accounting in order to refresh (or acquire) the basic terminology. By the end of this part, they are capable to “read” standard income statement, balance sheet and statement of retained earnings, calculate and interpret the financial performance ratios, derived from these reports. Then, the course gradually moves from Accounting to Financial Management, covering the Cost Classification and Cost Behavior, Short-Run Decisions and Capital Budgeting. The last part of the course covers the Responsibility Accounting and Performance Management. 



 F2 Sources of Finance for Growth

Establishment and steady growth of a successful business requires considerable amounts of capital. How to obtain the needed financing for turning your idea into on going, profitable business? Are there preferred or most appropriate sources of finance for various stages of the business life cycle?

How and when to enter into a partnership? Is it wise to use the partnership as a source of finance your business. How and when to approach the external sources of finance? Advantages and disadvantages of various external investors, from informal up to institutional: family, friends, vendors, workers, business angels, micro-loans, development bunks, grants, equity investors...

What actually want to see particular investors in your applications, business plans and financial reports? What is the cost of capital for particular external investors? How to calculate it?

This course will help the participants, business owners and leaders, to obtain proper approach to the question of long-term financing and strategically use all available external sources for maximum growth of the businesses they lead. The course starts with the exploration of the business success. What is a real business success? What and when a business can be treated successful in terms to become attractive for external investors?

Then the course gradually goes over the common dilemmas such as having partner just for the sake of obtaining capital, and moves towards all Pros and Cons of particular sources.

Using the role play method, participants will be often in a position to assess the cases form the view point of the external investors. This will help them to position themselves and the businesses that they own or lead, towards the particular external sources of financing they target.   


 F3 Principles of Capital Budgeting or How to Wisely Invest


This course is introduction into the contemporary concepts and principles of the decision making process during the investment in long-term assets (property, plants, equipment, rights, businesses) and the specific differences in relation to the pure financial investments.

Upon the competition of this course, participants will be familiar with the objectives, procedures and principles of contemporary capital budgeting. They will be able to recognize some standard cases (decisions) in their every day operations and be able to apply the proper method for assessment.  They will become fully aware about the challenges and limitations of the capital budgeting in the contemporary business settings (globalization, free trade, extensive use of information and telecommunication technology for business). Special attention will be given to the specifics of the small businesses (challenges, limitations versus opportunities and advantages).   



 F4 Principles of Effective Working Capital Management


This course is designed to introduce the participants into the principles and techniques of effective management with the working capital: Inventories, Cash on Hand and Account Payable and Receivables. Who should attend? Owners/Managers of small and medium enterprises, procurement officers, operation managers, sales and marketing managers and staff, or all who with their everyday operations affect the level of working capital. The topics covered - Objectives of Working Capital Management, How to plan the level of inventories, Accounts Payable, Cash on Hand and Receivables. Why the Working Capital Management is inter-functional task.

After the course, the participants will know how to control and manage the Accounts payable, Accounts Receivable, Inventories, The process of collection of receivables and Arrears. They will become familiar with the general principles of effective Working Capital Management and be ready to apply them in their everyday decision making. They will know how the Working Capital Management is linked and dependent on the general strategy of the firm and be able to design policies that will lead into full compliance of the Working Capital Management with the general strategy of their firms. They will also learn how to set a system for monitoring the fulfillment of the objectives (Performance Management) of the Working Capital Management using financial, but also nonfinancial indicators. They will know the advantages as well as the perils of the subjective indicators and assessments, the importance of timely invoicing, follow up and communication with the customers who got the credit. The final part of this comprehensive training will introduce the participants into the principles and techniques of management of late payments, as will as with the principles and techniques for early warning (like Altman Z score), how and when to offer price reduction (discounts), how to make the basic calculations for price discounts, the related advantages and usual drawbacks.  



 C1 Manage Your Costs Effectively


Contemporary management is based on objective information and methodologically sound procedures. JIT (Just-in-Time), TQM (Total Quality Management) and the other advanced management concepts heavily exploit the principles of Cost Control. The contemporary financial information systems, based on close monitoring of the costs, should obtain the useful information that will allow continuous improvement and re-engineering of the business processes.

The Course is designed in a way to allow participants to obtain profound insight into the concept of costs and cost management, as well as into the various methods and procedures for decision making based on the analysis of their relevance. The course has two parts. During the first part, the participants will become familiar with the concepts of costs and cost object, direct and indirect costs, fixed, variable costs and C-V-P Analysis, primary and conversion costs, inventory and period costs. Participants will become familiar with the concept of operational income and its importance for responsibility accounting.

During the second part of the course, participants will become familiar with the traditional as well as with the advanced methods of cost allocation. They will learn how to make sound decisions based on their knowledge of the relevance of the costs. Incremental costs will get the necessary attention, together with the concepts of opportunity costs and the sunk costs. Participants will learn how to use these concepts in some standard business cases and situations.

During the third (optional) part of the course, an in-company workshop can be organized. During this activity participants, presumably from one company work on development a concept for gathering cost related saving proposals, for evaluation and project development for their implementation into the practice.





What is the difference between an “order taker” and a really remarkable and successful sales person? The old wisdom that it is all about the merchandise does not hold any more. Knowing how to read buyer personality, body language, hidden hints that they emanate, having remarkable listening and questioning skills, presentation skills and ability to make “impact” are the crucial prerequisites for successful career in sales, today.

However, maybe the most critical issue that salespeople encounter revolves around the confusion between assertiveness and pushiness and aggressiveness. Learning how to be assertive is the very bottom-line of any successful sales professional.

The interactive approach to these training will give to the participants a unique opportunity to easy differentiate between the positive, assertive behavior and negative, aggressive selling approach.



 I1. Know Your Market


Knowing the market and the competition is one of the key prerequisites for business success. However, market research often is not getting the needed attention. Many executives think that “the market will be there” once they will have a product or service to offer.


 I2. Going Abroad


This course introduces the participants to some of the fundamental tools for environment analysis in a country, like the PEST model of political, economical, socio-cultural and technological environment - climate in the target country, and the OT part of the SWOT analysis, revealing the opportunities and threits of the move.

After this course, participants are familiar with the basic concepts of foreign market entry and able to perform the needed analysis for their own companies and businesses.

The course uses specially developed case studies of fictional typical small business and a country. Participants will in groups, study the case and work using the suitable model. They will develop PEST model, and will classify the factors by their magnitude and speed of introduction. In other exercise, they will reveal the opportunities and traits of the proposed entry, in a similar case. The findings of the groups are presented in a plenary session, experience and view points are matched, and common conclusions are extracted and agreed.





Systematic approach to the fundamental concepts of management in business and in other domains of human organization. This course focuses on the development of basic skills and functions of management, with special attention to managerial responsibility for effective and efficient achievement of an organization’s goals.

After a successful completion of the course, participants will be able to: (1) Understand the fundamental concepts and principles of management; (2) be knowledgeable of historical trends, theoretical aspects and practical applications of managerial process; (3) be familiar with the interactions between the environment, technology, human resources, and organizations in order to achieve high performance of the organizations they run, and last but not least, (5) be aware of the ethical dilemmas of the managers and the social responsibilities of the organizations they manage.



 M2. Conquering the Management Process


Essentials of strategic management for a contemporary leader. Participants will become familiar with the entire process of strategic management (i.e. strategic planning, implementation and control). If the participants are from a single company or a group then the course involves a workshop on actual design of the strategic plan.  

PREREQUISITES: Discovering the Management, Understanding Financials, Knowing the Market ...  



 M3.  How to make  BANKABLE Business Plan


Investors are aware of the paramount importance of the systematic planning efforts for achieving a sustainable business success. This is why a poor and sloppy business plan is a very common reason for rejection of proposed financing of a business concept.  

This course is designed to help participants to develop right perception of a good business plan intended to obtain external finance. After the competition of the course, participants will be familiar with all underlying concepts and will be able to perform systematic activities of improvement of the original draft. They will be fully familiar with all virtues of a good business plan in all its parts.           

The details of a standard business plan will be examined in due detail in terms of their content and their importance for the investors: what particular parts of the plan should address, in order to add to the overall chances for achieving an external financing.  

The second part of the course is designed as an effective workshop in which the participants will work on their draft business plans for business idea that will choose. At the end of this part, their work in groups will be presented to an evaluation committee, made of selected participants-volunteers. 



 PM1. Project Management Fundamentals


This Course is a comprehensive introduction to key concepts of Project Management. The participants (senior managers, team leaders) will review the policies and procedures needed to manage the successful execution of a project through the development of a project plan. They will learn how to set goals, manage time, assess resources, balance budgets and plan strategies for project implementation.

After a successful completion of the Course, the participants will understand and use the PMBOK, be able to describe and understand the purpose of each component of a project plan, demonstrate competency in creation and management of a project plan and especially to effectively develop a project schedule and budget, track project progress, share best practices and tools related to project management.

Topics covered are: Concept and a Project, Project Work versus Repetitive Work, Phases of a Project, Management of a Project. Functional areas of Project Management and needed expertise. Concept of Project Life Cycle and the change of the needed expertise with project progress through the PLC. Stakeholders, identification and management. Requirements Analysis (techniques) and Negotiation of Stakeholders Individual Requests. 

Building the team, stages of team formation, principles of good team formation. Team Management - styles, assessments of personal styles and principles of delegation, accountability and responsibility. Progress Tracking and Evaluation Principles and Techniques, Scope Control, Schedule & Budget Control.

Participants will work in groups. They will simulate all stages of project development from conceptualization, planning (scope, schedule, and budget) and closure, on randomly chosen areas and will present their work to the other participants interchanging the experience.

After the competition of this course, participants will be able to introduce project work in their organizations and thus significantly improve the overall prospects of the success of their one time activities, usually in the areas of capital budgeting, introduction of new operational procedures and change management in the organizations they own or run.    



All courses are delivered through facilitated discussion (app. 30% of the time), group work on case studies (app. 30% of the time) and presentation of the findings of each of the groups to the other participants and  (app. 30% of the time). The remaining 10% are used for introductory and wrap up sessions. 


Ideally, the venue should be far from the regular job setting of the participants. Ideal places are business areas of fairs and convention centers, hotels and motels. By choosing appropriate venue for the course, a positive perception of the entire event is created and the learning and acquiring of the skills process turns into an extremely pleasant experience for the participants.


For the listed courses with essential customization we charge two trainer-days for a day of delivery, for significantly customized content and cases three days for a day of delivery and for originally developed courses four days for a day of delivery.

The price covers up to two meetings on needs assessment and agenda design and final report of the course with evaluation data processed, trainers’ feedback and recommendations for further topics.