Eager, smart-suited management, financial, marketing and advertising students from Central Queensland University have provided real-world strategic consulting services to three local businesses, potentially increasing operating performance and adding to the local economy.

"It's one example of how CQU engages local business on many levels to identify opportunities and cooperate on projects that, in the end, build a stronger, self-sufficient community," said a university spokesman. A university-wide competition sponsored by CQUs Faculty of Business and Law and the Australia Institute of Management (AIM) teamed students with local business owners and operators who recently expressed a need for comprehensive business plans.

The Young Entrepreneurs Initiative challenged students to identify points of weakness and exploit areas that would enhance product offerings and increase efficiency. Following independent work with Rimrock Agencies, St Vincent's de Paul, and The Top Shop, the students submitted extensive marketing, financial, and human-resource plans at a formal dinner presentation at the Waterfront Restaurant Wednesday evening.

First prize ($3000) was awarded to Dwayne Honor, Brendan Lecieg, Daniel Partridge, Miranda Hill and Andrew Maloney for their work with Rimrock Agencies, the region's leading supplier of specialist garden and lawn-care equipment. Their research indicated there was room for expanded retail operations and more specifically recommended the inclusion of an operational and stock management system.

Sarah Gordon, Debbie Sear, Rubayet Chowdry and Michael Beck, who tied for second place, worked with St Vincent's de Paul and made a number of suggestions. These included a more appropriate positioning of signage, an updated inventory procedure and increased investment in local volunteer recruitment. Sharing second prize, the team consisting of Craig Litherland, Warwick Fletcher, Ingrid Murphy, Christy Heneberg and Rachel Hobbs recommended that The Top Shop differentiate itself by promoting its convenience and commitment to customer satisfaction. The convenience store/fast food outlet caters to professionals and families who work and live near the Base Hospital.

Although the businesses are not obliged to act upon their new business plans, the hard work, advice and recommendations made by the students were well received.

"It's a win-win for our students and their clients," said Paul Hyland, of CQU. "Our students work closely with leaders of the Central Queensland business community... it's real experience and know-how. And the businesses - who I thank for their cooperation -- form a strong bond with the people and resources available at CQU." .

The Competition was supported by a grant to Central Queensland University from the Innovation, Venture Capital and Commercialisation Branch of the Department of Industry Science and Resources (ISRD) John Jackson of CQU's Faculty of Business & Law, Amanda Brumpton of Rockhampton Regional Development and Rick Palmer of the Rockhampton City Council judged the competition.

Pictured: Students Debbie Sear and Sarah Gordon consulted with St. Vincent's de Paul