Release 

Comments 

Release 2

This version first released with BSB Business Services Training Package Version 2.0.

Version created to clarify intent of unit

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Ascertain own financial position and ability to provide capital or equity for the business

1.1 Realistically detail personal, family or community financial situation showing funds available and commitments already incurred

1.2 Determine equity finance and assets available for micro business from personal, family or community sources

2. Determine projected cash flow for the business

2.1 Determine level of forecast business activity over a year and the business mix

2.2 Estimate establishment costs for the business and repayment schedule for borrowings

2.3 Calculate monthly variable and fixed costs needed to conduct business activity over a year

2.4 Estimate personal drawings needed from the business

2.5 Estimate monthly income generated by the business for a year, based on price per unit item or hourly charge rate for labour

2.6 Develop a cash flow budget for the first year of business operation

2.7 Seek professional advice to estimate goods and services tax and operating finance required for the business

3. Source required funds to establish the business

3.1 Estimate required funding to establish and run the business based on expected sales and activity levels, available finances and commitments

3.2 Investigate methods of accessing alternative sources of finance

3.3 Identify strategies for meeting financial obligations

3.4 Implement plans to access available funds as required

4. Monitor business profitability

4.1 Maintain and review monthly expenditure and income records

4.2 Compare equity at beginning and end of a year to estimate business performance

4.3 Assess financial viability of the business after a year of operation

4.4 Seek professional advice on depreciation, insurance and tax implications of the business

Skill 

Performance 

Criteria 

Description 

Reading

1.1, 2.1, 3.2, 4.1-4.3

• Gathers, interprets and analyses a variety of textual information from a range of sources and identifies relevant and key information

Writing

1.1, 2.6, 2.7, 3.4, 4.4

• Uses factual information and industry related terminology to complete required workplace documentation

Oral Communication

1.1, 2.7, 4.4

• Articulates clearly using vocabulary and tone suitable to audience
• Uses listening and questioning techniques to seek information and confirm understanding

Numeracy

1.1, 1.2, 2.1-2.7, 3.1, 4.1-4.3

• Analyses numerical information to calculate revenue and expense forecasts and estimate funding required to run the business

Navigate the world of work

1.1

• Uses a systematic process for developing career, identifying personal commitments and accepting realistic possibilities

Get the work done

1.1, 1.2, 2.1-2.7, 3.1-3.4, 4.3, 4.4

• Understands and explicitly applies some basic principles of analytical and lateral thinking
• Uses main features and functions of digital tools to complete work tasks and access information
• Usually seeks input and expert advice when decisions involve unfamiliar issues
• Determines priorities and sequences steps involved in clearly defined familiar tasks, and identifies and assembles resources required.

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBSMB303 Organise finances for the micro business Release 2

BSBSMB303 Organise finances for the micro business Release 1

Minor edits to clarify intent of unit

Equivalent unit

Release 

Comments 

Release 2

This version released with BSB Business Services Training Package Version 2.0.

Version created to clarify intent of unit

Release 1

This version first released with BSB Business Services Training Package Version 1.0.