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Unit of competency details

BSBESB401 - Research and develop business plans (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBSMB404 - Undertake small business planning 18/Oct/2020
Supersedes BSBSMB415 - Refine and strengthen a small business 18/Oct/2020
Supersedes BSBSMB422 - Plan small business growth 18/Oct/2020

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


Training packages that include this unit

CodeSort Table listing Training packages that include this unit by the Code columnTitleSort Table listing Training packages that include this unit by the Title columnRelease
SFI - Seafood IndustrySeafood Industry 2.0 
FNS - Financial Services Training PackageFinancial Services Training Package 6.0-6.2 
FWP - Forest and Wood Products Training PackageForest and Wood Products Training Package 6.0-6.3 
AHC - Agriculture, Horticulture and Conservation and Land Management Training PackageAgriculture, Horticulture and Conservation and Land Management Training Package 6.0-6.2 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 5.0-5.1 
CPP - Property Services Training PackageProperty Services Training Package 11.0-14.0 
RII - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 6.0-7.1 
BSB - Business Services Training PackageBusiness Services Training Package 7.0-7.2 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 4.0-4.1 

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
CUA51120 - Diploma of Visual ArtsDiploma of Visual Arts
CPP50921 - Diploma of Building DesignDiploma of Building Design1-2 
FNS40820 - Certificate IV in Finance and Mortgage BrokingCertificate IV in Finance and Mortgage Broking
RII40720 - Certificate IV in Civil ConstructionCertificate IV in Civil Construction1-2 
CUA50420 - Diploma of Live Production and Technical ServicesDiploma of Live Production and Technical Services
BSB40120 - Certificate IV in BusinessCertificate IV in Business
CUA40420 - Certificate IV in Live Production and Technical ServicesCertificate IV in Live Production and Technical Services
SFI40119 - Certificate IV in AquacultureCertificate IV in Aquaculture
FWP40216 - Certificate IV in Timber ProcessingCertificate IV in Timber Processing4-5 
ACM40221 - Certificate IV in Animal Facility ManagementCertificate IV in Animal Facility Management
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Accredited courses that have this unit in the completion mapping

CodeSort Table listing Accredited courses that have this unit in the completion mapping by the Code columnTitleSort Table listing Accredited courses that have this unit in the completion mapping by the Title column
10966NAT - Certificate IV in End of Life Doula ServicesCertificate IV in End of Life Doula Services 
10864NAT - Certificate IV in Life CoachingCertificate IV in Life Coaching 
10733NAT - Diploma of Entrepreneurship and InnovationDiploma of Entrepreneurship and Innovation 
10696NAT - Certificate IV in Yoga TeachingCertificate IV in Yoga Teaching 
10697NAT - Diploma of Yoga TeachingDiploma of Yoga Teaching 
52868WA - Diploma of Health and WellnessDiploma of Health and Wellness 
10932NAT - Certificate IV in Yoga Therapy TeachingCertificate IV in Yoga Therapy Teaching 
10811NAT - Diploma of Modern PsychologyDiploma of Modern Psychology 
10677NAT - Diploma of Purna Yoga ManagementDiploma of Purna Yoga Management 
10974NAT - Diploma of Clinical HypnotherapyDiploma of Clinical Hypnotherapy 
10879NAT - Certificate IV in Life CoachingCertificate IV in Life Coaching 
10687NAT - Diploma of Sports Therapy KinesiologyDiploma of Sports Therapy Kinesiology 
10942NAT - Diploma of ConsultancyDiploma of Consultancy 
10638NAT - Certificate IV in Teaching English to Speakers of Other Languages (TESOL)Certificate IV in Teaching English to Speakers of Other Languages (TESOL) 
10708NAT - Advanced Diploma of Integrative Complementary MedicineAdvanced Diploma of Integrative Complementary Medicine 
10594NAT - Diploma of Mind Body MedicineDiploma of Mind Body Medicine 
10913NAT - Advanced Diploma of Building BiologyAdvanced Diploma of Building Biology 
10777NAT - Diploma of Canine Training and Development (Insert Stream)Diploma of Canine Training and Development (Insert Stream) 

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  17/Dec/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 research and develop business plans for achieving business goals and objectives.

The unit applies to those establishing or operating 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 develop business plan

1.1 Identify purpose and required components of business plan

1.2 Identify and document business goals, objectives and budget

1.3 Research market needs and estimate market size

2. Draft business plan

2.1 Establish resource, legal and compliance requirements according to identified business goals and objectives

2.2 Assess product mix, volumes and pricing opportunities relevant to the identified target market and according to business goals and objectives

2.3 Plan marketing activities relevant to the product mix and according to marketing objectives and strategies and budgetary requirements

2.4 Develop draft plan according to identified business goals, objectives and market needs

2.5 Analyse draft plan and identify, assess and prioritise internal and external risks according to workplace procedures

2.6 Research specialist services and sources of advice and cost according to available resources

3. Create a business plan

3.1 Identify costs associated with production and delivery of business products and/or services

3.2 Calculate prices based on costs and profit targets, as a charge-out rate for labour or unit price for products and/or services

3.3 Prepare cash flow projections to enable business operation according to business plan and legal requirements

3.4 Select budget targets to enable ongoing monitoring of financial performance

3.5 Identify sources of finance for required liquidity according to business goals and objectives and workplace procedures

4. Finalise business planning and plan for risk

4.1 Develop risk management strategies according to business goals and objectives, and legal and compliance requirements, and established business activities

4.2 Assess likelihood of non-conformance with each component of business plan

4.3 Develop a contingency plan to address possible areas of non-conformance according to workplace procedures

4.4 Identify specific interests and objectives of key stakeholders and confirm their support of planning outcomes

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

  • Identifies, analyses and evaluates information during planning process

Writing

  • Prepares written documentation that communicates plan information clearly and effectively

Numeracy

  • Interprets numerical information to determine prospective markets, resource allocations and business profits/losses

Self-management

  • Identifies implications of legal and compliance requirements related to own work
  • Makes a range of critical and non-critical decisions, taking a range of constraints into account

Planning and organising

  • Uses a combination of formal, logical planning processes to identify relevant information and to evaluate alternative strategies or methods

Unit Mapping Information

Supersedes and is equivalent to BSBSMB404 Undertake small business planning.

Supersedes but is not equivalent to:

  • BSBSMB415 Refine and strengthen a small business
  • BSBSMB422 Plan small business growth.

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:

  • develop at least one business plan that addresses the goals and objectives of a business or 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:

  • legal and compliance requirements relating to business operation to be included in plan, including:
  • environmental
  • work health and safety (WHS), including WHS responsibilities and procedures for identifying hazards relating to business profile
  • equal opportunity
  • industrial relations
  • types of business planning, including:
  • feasibility studies
  • strategic, operational, financial and marketing planning
  • factors affecting structure of business plan, including:
  • purpose of plan
  • target audience
  • desired outcomes
  • key components of business plan, including:
  • sources and costs of finance to provide required liquidity and profitability for business
  • marketing strategies and methods to promote market exposure of business
  • methods or means of production or operation required for business
  • staffing requirements to effectively produce or deliver products and services
  • contingency plan
  • methodology for researching and preparing a business plan
  • common business risks and risk management strategies
  • workplace procedures for:
  • assessing and prioritising internal and external risks to business
  • establishing resource requirements aligned to business goals and objectives, including for calculating staffing requirements to produce or deliver products and/or services
  • developing a business contingency plan for unexpected events and situations
  • developing risk management strategies.

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:

  • legislation, regulations, standards and codes relating to business described in performance evidence
  • workplace documentation and resources relevant to performance evidence.

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