Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 2.0. |
Application
This unit describes the skills and knowledge required to formulate and implement actions to develop and sustain a small business.
It applies to individuals who run a small business that operates independently, or as part of a larger organisation. Individuals in this role interpret business information and numerical data competently to plan, direct and control a small business, make strategic decisions and take action.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Management and Leadership – Small and Micro Business
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Investigate opportunities and ideas for business development |
1.1 Conduct an internal assessment of the performance of the business and its operations to identify potential efficiencies 1.2 Review the external business environment and identify emerging trends, disruptions and potential threats 1.3 Consult with relevant stakeholders and specialist services or sources of advice to gain feedback on development possibilities 1.4 Consider development options specific to the type of business, market or industry life cycle stage utilising benchmarking, research and innovation |
2. Formulate strategies |
2.1 Based on the outcomes of the analysis, confirm or modify the business objectives 2.2 Develop a set of strategies and specific actions for both the short and long term incorporating regulatory, social, economic, ethical and environmental responsibility factors into the decision- making process 2.3 Align the strategies to the business resource and capability limitations |
3. Implement the strategies |
3.1 Access and allocate resources 3.2 Establish a framework for implementation that covers equipment, infrastructure and personnel 3.3 Design controls to monitor progress and take action to correct any issues 3.4 Demonstrate leadership by providing direction and motivation to others to encourage contribution to business success |
4. Monitor the implementation of the strategies |
4.1 Assess the outcomes of the strategies and actions against business objectives and performance targets 4.2 Consider further innovations or efficiencies that would contribute to business sustainability 4.3 Determine any adjustments to the strategies and actions to accommodate changes in the internal or external situation 4.4 Document and communicate the changes to relevant stakeholders |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.2, 1.4 |
|
Writing |
2.1-2.3, 3.2, 3.3, 4.4 |
|
Oral Communication |
1.3, 3.4, 4.4 |
|
Numeracy |
1.1, 1.4, 3.1, 3.3 4.1 |
|
Navigate the world of work |
2.2 |
|
Interact with others |
1.3, 3.4, 4.4 |
|
Get the work done |
1.1-1.4, 2.1-2.3, 3.1-3.4, 4.1-4.4 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBSMB415 Refine and strengthen a small business |
Not applicable |
New unit |
No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10