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Unit of competency details

BSBESB303 - Organise finances for new business ventures (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBSMB303 - Organise finances for the micro business 18/Oct/2020

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 19/Oct/2020


Training packages that include this unit

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MSF - Furnishing Training PackageFurnishing Training Package 6.0 
CPC - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 5.0-7.0 
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SIS - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 5.0-5.2 
BSB - Business Services Training PackageBusiness Services Training Package 7.0-8.0 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 5.0-5.1 

Qualifications that include this unit

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CUA41120 - Certificate IV in Photography and Digital ImagingCertificate IV in Photography and Digital ImagingCurrent
SIS40221 - Certificate IV in FitnessCertificate IV in FitnessCurrent
CPC30620 - Certificate III in Painting and DecoratingCertificate III in Painting and DecoratingCurrent1-4 
CUA40420 - Certificate IV in Live Production and Technical ServicesCertificate IV in Live Production and Technical ServicesCurrent
CUA30920 - Certificate III in MusicCertificate III in MusicCurrent
MSF30518 - Certificate III in Picture FramingCertificate III in Picture FramingCurrent
ACM30921 - Certificate III in Equine Hoof CareCertificate III in Equine Hoof CareCurrent
CUA41320 - Certificate IV in Visual ArtsCertificate IV in Visual ArtsCurrent
CUA51220 - Diploma of CeramicsDiploma of CeramicsCurrent
RGR40221 - Certificate IV in Racing (Jockey)Certificate IV in Racing (Jockey)Current
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  19/Oct/2020 
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Unit Of competency

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to estimate start-up costs, financial viability and projected cash flow and budget for a new business venture. It involves assessing the need to access required finances based on calculations and estimates undertaken.

The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Entrepreneurship and Small 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. Prepare to organise finances for new business venture

1.1 Establish current financial situation, showing funds available and commitments already incurred

1.2 Identify equity finance and assets from available sources

1.3 Identify business mix and forecast expected business activity over a year

2. Determine required finances for new business venture

2.1 Estimate start-up costs for business venture according to established business activities

2.2 Estimate income and expenses for first year of operation

2.3 Project cash flow for first year of operation

2.4 Seek specialist financial advice as required according to workplace procedures

2.5 Record cash flow and budget and required finances

3. Plan to access finances for new business venture

3.1 Investigate and source suitable types of finances

3.2 Establish methods of accessing finances and servicing any repayment schedule

3.3 Complete required documentation

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill 

Description 

Reading

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

Writing

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

Oral Communication

  • Uses listening and questioning techniques to seek information and confirm understanding

Numeracy

  • Analyses numerical information to complete required calculations and estimates

Initiative and enterprise

  • 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

Technology

  • Uses main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to BSBSMB303 Organise finances for the micro business.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • organise finances for at least one new business venture.

In the course of the above, the candidate must:

  • investigate financial position, commitments and needs
  • determine projected cash flow and budget for business venture
  • estimate finances needed to establish and operate the business venture.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • sources of specialist financial advice relating to new business ventures, including Australian Taxation office (ATO)
  • accounting software for use in the business venture described in performance evidence
  • key financial terminology relevant to new business ventures
  • relationship between finances and sales and marketing strategies
  • workplace procedures for:
  • costing or pricing and preparing financial forecasts
  • estimating start-up costs, including cost of expenses and assets
  • seeking specialist financial advice
  • income and costs to be considered when estimating operating budget, including:
  • monthly variable and fixed costs required for business activity
  • drawings needed for business venture to be financially viable
  • monthly income generated by business venture based on price per unit item or hourly charge rate for labour
  • goods and services tax
  • operating finance required for business.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • business technology, including internet access
  • finance documentation and resources relating to business described in performance evidence
  • sources of specialist advice.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10