Guidelines for the Business Report & Marking Scheme
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 documentent 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.
· 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.
Risk Management 20 Marks
One of the keys to success in any business is the ability to clearly identify and manage risk. A risk can be defined as anything that takes you out of your comfort zone.
You should be able to identify the risks associated with your project and clearly explain how you managed these risks.
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.