Capstone: An Evidence-Based Business Report
This capstone brings Modules 1–5 together in the form postgraduate courses most often assess: a real decision, analysed with evidence and numbers, written up as a short report with a clear recommendation. By the end you'll be able to frame a business decision and analyse the organisation behind it; evaluate two or three options using scored evidence, break-even and payback figures; write and check a referenced report of about 1,500–2,000 words with a recommendation a decision-maker can act on; and choose which postgraduate course to take next. You'll build the report in the Business Report Builder (Business Report Builder), which gathers what every earlier tool produced. Write it on your own organisation: your employer, a past employer, a business you plan to start, or a local organisation you know as a customer. If none of those works, write Dan Whitfield's report for Kettle & Crumb, using only the case figures the earlier modules give and labelling anything you add as your own assumption; go beyond the worked example with the published source you scored, your own analysis and a sensitivity check on a different assumption from the one Dan tests. The worked example later in this module shows the key parts of Dan's finished report; read it before you start Lesson 6.2.
Business Report Builder
Build your capstone report section by section, from the decision question and analysis to the options, numbers, recommendation and references, ready to print.
6.1Frame the Decision and Analyse the Situation
A capstone is where the separate skills of a course become one piece of work. Here that work is a short business report: the form most postgraduate marketing and business courses use for assessment, and the form many managers use to make decisions. It answers one question for one reader, with evidence, numbers and a recommendation. You have already made most of its parts. Modules 1–5 each gave you a tool, and the Business Report Builder (Business Report Builder) has a section for what each one produced.
Start by choosing the decision. A good capstone decision is real, has two or three genuine options, and matters enough that someone would read a report about it: whether to open a new site, launch a service, take on a contract, change a price or switch a channel. Choose one you can find evidence and numbers for. If you are not working now, a past employer, a business you plan or a local organisation you know as a customer all work; so does Kettle & Crumb's growth decision.
Then name the reader. Dan writes for Maria Costa, who owns the business and will make the decision. Your reader may be a manager, a board, a funder or, for an assignment, a marker playing that role. Knowing who will read the report tells you what they already know, what will worry them and how much detail they need.
Write the decision question next, as you did in Module 3: who must decide what, by when, to achieve what. It becomes the first sentence of your introduction and the test for everything else. A paragraph that does not help answer it does not belong in the report.
The background comes from your Business Model Snapshot (Module 1), but only the parts the decision touches: which building blocks each option would change, and the headline numbers with their source. The marketing context comes from your Strategy & KPI Planner (Module 2): which customer segments the decision affects, which goal it serves and which KPIs would show whether it worked.
Finally, analyse. A short SWOT, plus the two or three PESTLE factors that really matter, gives you prompts; the "so what?" sentence after each entry turns them into analysis. Expect the analysis to change your question a little. That is the process working, not failing: rewrite the question and carry on.
2. A background paragraph on the business model, with the headline numbers and their source, drawn from your Business Model Snapshot
3. The marketing context: the customer segments the decision affects, the goal it serves and two or three KPIs that would show whether it worked, drawn from your Strategy & KPI Planner
4. A first-pass analysis: a short SWOT, plus any PESTLE factors that matter, with a "so what?" sentence after every entry
2. Is the background selected for this decision, rather than everything you know about the organisation?
3. Does every analysis entry end in a "so what?" that favours an option, raises a risk or names something to check?
6.2Options, Evidence and Numbers
This lesson builds the heart of the report, the part that earns most of the marks: options, evidence and numbers, brought together into a recommendation. Read the worked example later in this module first, to see how Dan does it for Kettle & Crumb, then do the same for your own decision.
Set out two or three options that are genuinely different, and keep carrying on as now as the baseline every option has to beat. Agree your criteria before you judge anything: up-front cost, risk, fit with what the organisation does well, evidence of demand, time to pay back. Writing them down first stops you choosing criteria that flatter the option you already like.
Next, the evidence. Bring across the sources you scored in the Source Credibility Scorecard (Module 3), including the published source you found yourself. Let the scores decide how much weight each source can carry, and say so in the text. A weak source can still appear in your report, as long as you name its weakness and no key claim rests on it alone.
Then the numbers, from the Break-even and Payback Calculator (Module 4). Give each option's set-up cost, annual profit, break-even, margin of safety and payback in one table, so the reader can compare them at a glance, and put the full working in an appendix. Label every assumption, such as a sales forecast you made yourself. Then run one sensitivity check: change the assumption you are least sure of, usually the sales forecast, and see whether the answer survives. The margin of safety tells you in advance how far it can fall.
Now judge. Test each option against each criterion, and notice where the evidence and the numbers point the same way and where they pull apart. A recommendation is rarely "this option wins on every count". More often it is "this option is better on the criteria that matter most, provided certain things are true". Those provisos are your conditions, and stating them is a strength: they tell the reader exactly what would change your advice, and what to watch.
Finish with the recommendation itself: who should do what, by when and why; its conditions; its two or three main risks, with what you would do if each happened; and the first steps. "Go with the contract" is a verdict. "Sign the contract only if it runs for at least 12 months, and review it after a year" is a decision someone can act on.
2. Your evidence scored in the Source Credibility Scorecard, including at least one published source you found yourself, with any weak source named as weak
3. One options table giving each option's set-up cost, annual profit, break-even, margin of safety and payback from the Break-even and Payback Calculator, with every assumption labelled
4. One sensitivity check, such as "what if sales are 20% lower?", and what it changes
5. A recommendation that says who should do what, by when and why, with its conditions, its main risks and the first steps
2. Does every figure recalculate from its inputs, and is every assumption labelled as one?
3. Does the recommendation follow from the evidence and the numbers, and does it state its conditions and risks openly?
6.3Write, Check and Choose Your Next Course
Now write the report. Use the structure from Module 5, and set a word budget before you draft. For 2,000 words, a workable split is: executive summary 200, introduction 150, analysis 600, options and numbers 550, recommendation, implementation and risks 400, conclusion 100. Draft each section from the matching part of the Business Report Builder (Business Report Builder), and write the executive summary last, when you know what the report says.
Then check it. Leave a day if you can, and work through the Report Readiness Checklist. Fix the high-priority items first: an executive summary that stands alone, a recommendation that says who does what by when, every figure recalculated and consistent, every citation in the reference list, and an honest AI-use statement. Then cut to the word limit and proofread.
Last, look back, then forward. Ask where your report was strongest and where it was hardest: framing the question, judging evidence, the numbers or the writing. Then use the table to choose a next course. Each of the Academy's five postgraduate courses builds on different parts of this pathway, but none requires it: you can enrol in any of them directly. The pathway's certificate records a completion you report yourself; it is not an assessed grade.
| Postgraduate course | Builds most on |
|---|---|
| Marketing Strategy and Planning | strategy and KPIs, case analysis, the numbers behind prices and budgets |
| Brand Strategy & Communication | strategy, the customer journey and KPIs, stakeholders, report writing |
| Social Media, Influencer and Digital Marketing | the customer journey, judging platform and industry claims, return on spend |
| Innovation and Change in Marketing | business models, analysing trends and issues, report writing |
| AI Strategy for Business Leaders | business functions, business cases, return on investment and cost models |
Choose for your gaps as well as your interests. If the numbers were the hardest part and you want to plan marketing, Marketing Strategy and Planning gives them more practice. If the business model was where your thinking came alive, Innovation and Change in Marketing builds on it.
2. A Harvard reference list and a short AI-use statement (or a statement that you used no AI tools)
3. A record of your draft checked in the Report Readiness Checklist, with its top three items fixed
4. A short reflection on your strengths and gaps, and the postgraduate course you will take next, with your reason
2. Is every figure the same in the summary, the text, the table and the appendix, and does every citation have an entry in the reference list?
3. Does your choice of course follow from the gaps you named, rather than from the title that sounds most interesting?
Dan's Final Report to Maria
Dan's report is due Friday 30 October 2026.
Executive summary. "How should Kettle & Crumb grow over the next three years? This report compares a fourth café in Hillsborough (Option A) with a wholesale contract with Peak Pantry (Option B). Option B would make £22,000 a year from a £25,000 set-up, paying back in about 1.1 years with a 36.7% margin of safety, using spare bakery capacity. Option A would make more, £44,200 in its first year, but needs a £180,000 fit-out, pays back in about 4.1 years and has a margin of safety of only 16.7%. I recommend Option B now, on two conditions: a contract of at least 12 months, and keeping Peak Pantry near the 35.6% share of wholesale revenue the contract would bring. Option A should be revisited in autumn 2027, with a year of footfall data."
| Option A: Hillsborough café | Option B: Peak Pantry | |
|---|---|---|
| Set-up cost | £180,000 | £25,000 |
| Annual profit | £44,200 (forecast) | £22,000 |
| Break-even | 1,250 transactions a week | £95,000 revenue a year |
| Margin of safety | 16.7% | 36.7% |
| Payback | about 4.1 years | about 1.1 years |
| 20% lower sales | loss of £8,840 | profit of £10,000 |
Why Option B now. At a 5.0% operating margin, Kettle & Crumb's whole FY2025/26 operating profit, £90,000, is half Option A's fit-out. Option A's 1,500 transactions a week is Dan's own assumption (about 77% of the existing café average), the only evidence from the site itself is two days of footfall counts, and 20% fewer sales would mean a loss. Option B uses a bakery running at about 70% of capacity, and stays profitable after the same shortfall. Its risks, one large customer and the buyer's unsourced "up 30%" claim (Peak Pantry, 2026), explain the conditions.
First steps. Maria agrees a minimum 12-month term before ordering the second deck oven; Dan asks the buyer for the source, period and base of the claim; Femi plans the extra baking and deliveries; and Dan keeps counting Hillsborough footfall for the 2027 review.
Checking. The Report Readiness Checklist flags two gaps. His first draft's "Kettle & Crumb should pursue Option B" named no one and no timing, so he adds the first steps, and writes the missing AI-use statement. He recalculates every figure against his appendix.
Knowledge Check
Recall break-even from Module 4. Suppose, purely as an illustration, the Hillsborough rent rose by 10%, from £52,000 to £57,200 a year. What happens to Option A's break-even, and what does it mean for Dan's advice?
Fixed costs rise to £226,200, so break-even rises to 226,200 ÷ £3.40 = about 66,529 transactions a year, or about 1,279 a week; against the 1,500-a-week forecast the margin of safety falls from 16.7% to about 14.7%, profit falls to £39,000 and payback stretches to about 4.6 years (£180,000 ÷ £39,000), so a rent rise makes Option A riskier still and strengthens the case for gathering more evidence before committing to it.Option A would make twice Option B's annual profit. Why is that not enough to recommend it now?
Profit is one criterion among several: Option A's £44,200 rests on Dan's own forecast with only a 16.7% margin of safety, so 20% fewer sales would mean a loss, and it puts £180,000, twice Kettle & Crumb's £90,000 annual operating profit, at risk for about 4.1 years; Option B's £22,000 survives the same shortfall and pays back in about 1.1 years, so on risk it is the stronger choice for a business with a 5.0% operating margin.Why does Dan make his recommendation conditional rather than simply saying "choose Option B"?
Option B's main risks lie outside its numbers: a contract of at least 12 months covers a full year's van and driver costs and repays about £22,000 of the £25,000 set-up, whereas a shorter one could end with most of the new deck oven unpaid for, and keeping Peak Pantry near 35.6% of wholesale revenue stops one customer becoming even more of the business; stating the conditions tells Maria exactly what would change the advice.Why does Dan add a "20% lower sales" row to his options table?
It is a sensitivity check that shows risk in one line: Option A would lose £8,840 while Option B would still make £10,000, as their margins of safety (16.7% and 36.7%) predicted, so Maria can see how each option behaves if the forecast is wrong, not just if it is right.A learner spends 500 words of a 2,000-word report describing all nine building blocks of their organisation's business model. What is wrong, and how should they fix it?
The background should be selected for the decision: only the blocks the options would change, with the headline numbers and their source, in a paragraph or two; long description earns few marks and takes words from the analysis and options, where most marks are earned.Why does Dan recommend revisiting Option A in autumn 2027 rather than rejecting it?
The case against Option A now is thin demand evidence (two days of footfall counts and a survey of loyal customers only), not proof that it would fail; a year of footfall counts would test the 1,500-a-week forecast properly, so the recommendation says what evidence to gather and when to decide again.
Resources & Further Practice
- Referencing your report: Pears, R. and Shields, G. (2025) Cite Them Right: The Essential Referencing Guide, 13th edn, London: Bloomsbury Academic — the Harvard guide Module 5 follows, including unpublished documents, personal communications and AI-generated material; check which version of Harvard your institution uses.
- Writing up a case decision: Ellet, W. (2018) The Case Study Handbook: A Student's Guide, revised edn, Boston: Harvard Business Review Press — how to analyse decision cases and write a recommendation that is argued, not described.
- What a master's degree expects: QAA (2024) The Frameworks for Higher Education Qualifications of UK Degree-Awarding Bodies, 2nd edn, free at qaa.ac.uk — read the master's (level 7) descriptor alongside your reflection to judge which skills you already show and which you still need to build.
- Structured reflection: Gibbs, G. (1988) Learning by Doing: A Guide to Teaching and Learning Methods, Oxford: Further Education Unit, Oxford Polytechnic — the source of Gibbs' reflective cycle (description, feelings, evaluation, analysis, conclusion, action plan), widely used in UK universities and a fuller model than this module's Checkpoint.
- Choosing your next course: the Academy's catalogue at hirst-academy.vercel.app lists Marketing Strategy and Planning, Brand Strategy & Communication, Social Media, Influencer and Digital Marketing, Innovation and Change in Marketing, and AI Strategy for Business Leaders; read each course's overview and outcomes against the gaps you named before you choose, and remember that each can be taken directly.
- [[tool]]: the Business Report Builder — gather your Business Model Snapshot, Strategy & KPI Planner, Source Credibility Scorecard, Break-even and Payback Calculator and Report Readiness Checklist results into one report, section by section, then print it.
Your Report and Your Next Step
- What I produced: name the organisation and decision your report covers (or Kettle & Crumb's), your recommendation in one sentence, and its main condition or risk.
- My strengths: name the part of the report you did best (framing the question, judging evidence, the numbers or the writing) and the evidence in your report that shows it (or draw on a past role, a course or a business you plan, if you are not working now).
- My gaps: name the part that was hardest, and one thing you will practise before or during your next course.
- My next course: choose one postgraduate course from the table in Lesson 6.3 and give one reason that links it to your strengths or gaps; the pathway is recommended preparation, so you can enrol in any of them directly.
Did this module make sense?
Thanks for saying so: the Faculty sees every “not really”.
Which part lost you? (optional, anonymous)
Thanks: that tells the Faculty exactly where to look.
In the meantime:
Another way in
If the report feels like too many parts to hold at once, shrink it to one reader asking one question. Imagine Maria stopping Dan in the corridor: "Should we do A or B, and why?" He has three sentences before she walks on. First, the answer: "Option B now, and look at the café again next autumn." Second, the main reason, with one number: "It puts £25,000 at risk instead of £180,000, and it stays profitable even if sales come in 20% short." Third, what would change his mind: "As long as Peak Pantry signs for at least a year and doesn't become too big a share of our wholesale."
Those three sentences are the report. Everything else grows outward from them. The first becomes the recommendation and the opening of the executive summary. The second becomes the options table and the analysis that backs it, with the evidence scored so Maria can see why the reason holds. The third becomes the conditions, risks and first steps. The background, the SWOT and the reference list are there only so that a sceptical reader believes the three sentences.
So write your own three sentences before you write anything else, for your own reader. If you can't, the problem isn't your writing; it's that the decision isn't clear yet. Go back to your decision question and your numbers until you can.
Key terms in this module
- Recommendation
- The course of action a report advises, with the reasons, the evidence and numbers behind it, the main risks and what to do first.
Thanks. Good to hear.