BSBSMB404 Undertake small business planning

Release: 2

BSBSMB404 Undertake small business planning

Modification History

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.

Application

This unit describes the skills and knowledge required to research and develop an integrated business plan for achieving business goals and objectives.

It applies to individuals who operate a small business that operates independently, or as part of a larger organisation. Individuals in this role interpret business information and numerical data competently.

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. Identify elements of the business plan	1.1 Identify purpose of the business plan 1.2 Identify and review essential components of the business plan 1.3 Identify and document business goals and objectives as a basis for measuring business performance
2. Develop a business plan	2.1 Research resources, legal and compliance requirements, specifically in relation to work health and safety (WHS), in accordance with business goals and objectives 2.2 Research market needs, and market size and potential 2.3 Identify sources and costs of finance, from financial plan, to provide required liquidity and profitability for the business 2.4 Identify methods, from marketing strategies, to promote market exposure of the business 2.5 Identify methods or means of production or operation from production or operations plan to conform with business goals and objectives 2.6 Identify staffing requirements to effectively produce or deliver products and services 2.7 Identify, assess and prioritise internal and external risks 2.8 Identify specialist services and sources of advice, where required, and cost in accordance with available resources
3. Develop strategies for minimising risks	3.1 Identify specific interests and objectives of relevant people and seek and confirm their support of planned business direction 3.2 Identify and develop risk management strategies according to business goals and objectives, and relevant legal requirements 3.3 Develop a contingency plan to address possible areas of nonconformance with the plan

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	1.1-1.3, 2.1-2.7, 3.1, 3.2	Identifies, analyses and evaluates complex workplace documentation during planning process
Writing	1.3, 2.3-2.7, 3.1-3.3	Prepares written reports and workplace documentation that communicate complex information clearly and effectively
Oral Communication	1.1, 3.1	Articulates ideas and requirements clearly and creatively based on techniques appropriate to assess business performance
Numeracy	2.2, 2.3, 2.5-2.7	Interprets numerical information to determine prospective markets, resource allocations and business profits/losses
Navigate the world of work	2.1, 3.2	Appreciates implications of legal and regulatory responsibilities related to own work
Interact with others	3.1	Looks for strengths in others, finding ways of working with and building on these and sharing own knowledge and experience freely
Get the work done	1.1, 1.2, 2.1-2.7, 3.2, 3.3	Uses a combination of formal, logical planning processes and an increasingly intuitive understanding of context to identify relevant information and to evaluate alternative strategies Implements actions as per plan, making slight adjustments if necessary, and addressing some unexpected issues Makes a range of critical and non-critical decisions in relatively complex situations, taking a range of constraints into account Identifies concepts, principles and features of approaches in use in other contexts, and redesigns these to suit own situation Uses formal and informal processes to monitor implementation of solutions and reflect on outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB404 Undertake small business planning Release 2	BSBSMB404 Undertake small business planning Release 1	Updated to clarify intent	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10