Release 

Comments 

Release 1

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Determine growth objectives

1.1 Clarify reasons for pursuing growth

1.2 Identify key areas for growth

1.3 Review current business plan and establish new goals and objectives

2. Identify options for pathways to growth

2.1 Assess the suitability of main options to pursue growth including market penetration, product development, market development and diversification

2.2 Investigate funding options to support business growth

2.3 Analyse the business capacity to manage growth including legal and compliance implications and disruption to existing business

2.4 Determine the risks, challenges and benefits of chosen pathways

3. Develop a strategy for growth

3.1 Research selected growth options and tactics to determine potential return on investment

3.2 Consider the role of the business owner and determine any adjustments to the function, structure and roles of business personnel required

3.3 Consult specialist services and sources of advice

3.4 Prepare a business case for growth in a suitable format for stakeholders

3.5 Identify specific interests and objectives of relevant people and seek and confirm their support of planned business growth

3.6 Integrate growth strategy into business, operational, marketing strategic, financial and production plans where relevant

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.3, 2.1-2.4

• Identifies, analyses and evaluates a range of textual information to determine goals and objectives, options, opportunities and risks, as well as legislative and compliance implications of pursuing growth strategies

Writing

1.1-1.3, 2.1, 2.3, 2.4, 3.4, 3.6

• Researches and documents growth strategy according to organisational requirements
• Creates texts using formats and language appropriate to the audience and context

Oral Communication

3.3, 3.5

• Presents information and seeks advice using language appropriate to audience
• Participates in discussions using listening and questioning to elicit the views of others and to clarify or confirm understanding

Numeracy

2.2, 3.1,

• Interprets and uses mathematical equations to calculate numerical information relating to forecasting, resource use, costs, funding options and revenue streams

Navigate the world of work

2.3

• Develops and modifies organisational policies and procedures in accordance with legislative and compliance requirements and organisation goals

Interact with others

3.3, 3.5

• Selects and uses appropriate conventions and protocols when communicating with specialist advisors and other stakeholders to seek or share information
• Strategically seeks out relevant individuals to gain their support

Get the work done

1.2, 1.3, 2.1-2.4, 3.1, 3.2, 3.4-3.6

• Organises information and own workload; and plans growth that supports the goals and objectives of the business within legislative and compliance requirements
• Identifies, analyses and evaluates options using systematic, analytical processes to identify opportunities for growth, weighing costs and benefits of each
• Manages relevant communication
• Documents goals, objectives and strategies to support growth, and integrates these strategies in other business plans

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBSMB416 Plan small business growth

Not applicable

New unit

No equivalent unit

Release 

Comments 

Release 1

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