As you will see from the list of prizes there is a prize for Best Report.
It is very important for businesses to do up a business report as it helps evaluation the business, it is also a document which will demonstrate to others what your project is all about.
If you wish to print the 'Guidelines for the Report' please do so. The marking scheme is outlined for you, to give you an idea of how marks are weighed by judges.
GUIDE TO THE MARKING SCHEME
The following is a breakdown of how the judges mark each area of your business:
Product / Service: 50 Marks
In this section the judges will be checking the overall quality of your product or service. If your business idea is a product make sure that it is:
- Appealing & well-finished
- Suitable for its intended use
Also, don’t forget to have good quality control procedures in place at all times.
If your business idea is a service business make sure that you show the judges that you consistently deliver a high quality of service. Outline what checks and systems you have in place to guarantee this.
Marketing: 30 Marks
Marks are awarded for both your market research and your marketing plan.
Market research: Any research you carry out to find out if there is a market for your product or service E.g. questionnaires and surveys
- Have a clearly defined marketing plan
- Outline how you have adapted your marketing plan to more closely meet your customers’ needs i.e. how did you adapt your marketing plan once you got the results of your market research?
Innovation: 50 Marks
Marks are awarded for innovation in a number of areas of your business, not just the business idea:
- The level of innovation in the methods you used for coming up with your business idea e.g. brainstorming, identifying a problem and finding a solution etc…
- The level of innovation of your product or service
- Innovative methods used for marketing or selling of your product or service
In addition marks are awarded for product or service research & development
Sales: 20 Marks
The success and survival of any business will be in its ability to make sales. The more sales you make, the more evidence you have that people want to pay good money for what you have to offer! Think about your routes to market - how many places can you sell your goods/services? Impressive sales, and impressive sales campaigns themselves, will gain you marks.
Business Report: 30 Marks
Marks in this section are awarded for the following:
- The general structure of your business and the role each person played in the business e.g. Director, Finance Manager etc… Charts are a good way of illustrating this.
- Difficulties you came across and how you overcame them. All businesses will experience some difficulties. Marks are awarded for outlining the difficulties you encountered along the way and how you dealt with these.
Finances: 20 Marks
This is a very important section of the report. Marks will be awarded for:
- Cash-flow forecast or budget: this shows your projected income and expenditure for the business. While this does not have to match the actual performance of the business, it will help you identify where and how the differences arose.
- Profit & loss account: shows the actual performance of the business
- Pricing: marks are also awarded for clearly showing how your product or service was priced
Exhibition Stand & Interview: 30 Marks
- While only 10 marks are awarded for your stand display, this is still a very important area. A good display stand creates an overall impression of your business. Remember that there is also a special prize awarded for best display stand.
- 10 marks are awarded for the techniques used at your exhibition stand such as use of Powerpoint slides, use of video, CD player, demonstrations etc…
- 10 Marks are awarded for your interview skills at the stand. The purpose of the interview is to determine your knowledge of the project, the business and life skills you learned and if you are working in a team, how well you worked together.
Personal Development: 20 Marks
In this section you are marked on what you learned from your experience of running your own business.