Achieving precision of Danzza’s business report sounded very scary before it actually started to be tailored. As a group, we realized that what was being presented had a lack of important information and that in fact we had many sources related to our research which we could have included in our project.
Observing past years students’ reports, we divided the parts related to our previous individual pitch parts and started to write in relation to that specific subject. We then realized that the finance sector was clearly one of our weaknesses and our mission was to develop it in addition to the inclusion of graphics, profit expectation, costs related to our product and how much we would have to sell to then brake even.
We initiated by identifying the costs of the materials needed to develop our product. With the price set, we made an assumption on the manufacturing costs and relevant time needed to produce each product. Adding all the factors together, we concluded what would be the final price to produce our Danzza top. However, observing it now from a different and improved stage, we identified that there are other costs directly related to a business and to the manufacturing of a product apart from what we had already discussed.
Moving forward, we encountered a problem when trying to understand how the break-even point works and how we should calculate it. The break-even point happens when the point at which total of fixed and variable costs of a business becomes equal to its total revenue, nor earning any profit or suffering any loss (Break-even point analysis, n.d.). After carefully calculating our costs and deciding what would be out selling price, we managed to successfully identify our point.
Another lesson learned during the process was the way the tasks are divided between a group. Teamwork is clearly essential, but when it comes to building a business report individual responsibilities and ownership when writing needs to be followed. Understanding that each person has to be a hundred percent sure of the content they are delivering, including grammatical structure is crucial, as in our case we ended up spending a lot of time correcting each others parts. After the parts are put together and everyone is confident to conclude the work, revising the whole content of the report is also a very important step that should be done by all members of the group as there can always be something missing or perhaps incorrect.
After explaining our mission and representing most of our content through images, we assured our report would be easy to understand and would clarify any questions regarding our product and the structure of our business. Last but not least, our personal profile were included and we were ready to send the report.
And by the way.. don’t think you will manage to send the report in the last five minutes before the deadline. We made this mistake and when uploading our file, it was very heavy and took around 15 minutes to send! The last thing you want is to lose points for late sending after so much hard work…