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Unit of competency details

BSBESB406 - Establish operational strategies and procedures for new business ventures (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes BSBFRA401 - Manage compliance with franchisee obligations and legislative requirements 18/Oct/2020
Supersedes BSBFRA402 - Establish a franchise 18/Oct/2020
Supersedes BSBFRA403 - Manage relationship with franchisor 18/Oct/2020
Supersedes BSBFRA404 - Manage a multiple-site franchise 18/Oct/2020
Supersedes BSBFRA501 - Establish a franchise operation 18/Oct/2020
Supersedes BSBFRA502 - Manage a franchise operation 18/Oct/2020
Supersedes BSBFRA503 - Manage establishment of new sites or regions 18/Oct/2020
Supersedes BSBFRA504 - Manage relationships with franchisees 18/Oct/2020
Supersedes BSBFRA505 - Manage closure of a franchise 18/Oct/2020
Supersedes BSBIPR501 - Manage intellectual property to protect and grow business 18/Oct/2020
Supersedes and is equivalent to BSBSMB420 - Evaluate and develop small business operations 18/Oct/2020
Supersedes BSBSMB423 - Create a digital technology plan for small business 18/Oct/2020

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


Classifications

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Classification history

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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 develop and implement operational strategies and procedures for new businesses.

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. Review operational strategies and procedures for business or new business venture

1.1 Develop a detailed operational plan that sets out clear action points to fulfil on business goals and objectives

1.2 Identify work health and safety (WHS) and environmental issues and implement strategies to minimise risk factors

1.3 Review and evaluate, where appropriate, a quality assurance process for the business in line with industry standards, compliance requirements and cultural criteria

1.4 Develop operational key performance indicators (KPIs) that align to business plan

1.5 Align KPIs to business strategies, including utilisation of existing or new technologies, where practicable, to optimise business performance

2. Implement developed operational strategies and procedures

2.1 Implement systems to evaluate business performance and customer satisfaction, including by setting KPIs or targets

2.2 Implement systems to control stock, expenditure or cost, wastage or shrinkage and risks to health and safety according to business plan, incorporating new digital technologies where applicable

2.3 Identify and manage staffing requirements, considering a range of permanent and flexible arrangements, and adhering to budgetary constraints

2.4 Provide products and/or services according to established legal, ethical cultural and technical standards

2.5 Provide products and/or services according to time, cost and quality specifications, and customer requirements, incorporating new digital technologies where applicable

2.6 Apply quality procedures to address product and/or service and customer requirements

3. Evaluate business performance

3.1 Use digital technologies to regularly evaluate and review achievement of operational targets to ensure optimum business performance, according to business goals and objectives

3.2 Review and document systems and structures to support business performance

3.3 Investigate and analyse operating problems to establish causes and implement changes as required, as part of business quality system

3.4 Update operational policies and procedures to incorporate corrective action

4. Review business operations

4.1 Review and adjust business operations to increase business success, according to business goals and objectives

4.2 Research and implement new and emerging digital technologies into business operations according to business goals and objectives and workplace procedures

4.3 Research new business opportunities and adjust business goals and objectives as new opportunities arise

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

  • Evaluates complex text to determine legislative, regulatory and workplace documentation

Writing

  • Prepares written reports and workplace documentation that communicate information clearly and effectively

Numeracy

  • Interprets numerical information to manage performance information and regulate cash flow

Self-management

  • Evaluates adherence to workplace policies and procedures and considers own role for its contribution to broader goals of work environment
  • Identifies implications of legal and regulatory responsibilities for own work, with specific reference to safety
  • Identifies concepts, principles and features of approaches in use in other contexts and applies them to own situation

Planning and organising

  • Develops plans to manage relatively complex, non-routine tasks that may contribute to longer-term operational and strategic goals

Unit Mapping Information

Supersedes and is equivalent to BSBSMB420 Evaluate and develop small business operations.

Supersedes but is not equivalent to:

  • BSBFRA401 Manage compliance with franchisee obligations and legislative requirements
  • BSBFRA402 Establish a franchise
  • BSBFRA403 Manage relationship with franchisor
  • BSBFRA404 Manage a multiple-site franchise
  • BSBFRA501 Establish a franchise operation
  • BSBFRA502 Manage a franchise operation
  • BSBFRA503 Manage establishment of new sites or regions
  • BSBFRA504 Manage relationships with franchisees
  • BSBFRA505 Manage closure of a franchise
  • BSBIPR501 Manage intellectual property to protect and grow business
  • BSBSMB423 Create a digital technology plan for small 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:

  • develop strategies and procedures to manage operations for at least one new business or new business venture, including:
  • an operational plan
  • risk management procedures
  • a quality assurance process
  • performance measures.

In the course of the above, the candidate must:

  • use existing, new and emerging digital technologies to optimise business performance
  • research and record business improvements.

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:

  • legislation, regulations, industry codes of practice and standards specific to small business described in performance evidence
  • key features of methods for implementing operation and revenue control systems, including for controlling stock and expenditure
  • methods for evaluating performance and implementing improvements, including:
  • identifying and meeting staffing requirements
  • analysing and correcting business problems
  • reviewing and adjusting the business plan
  • work health and safety (WHS) responsibilities and procedures for managing hazards and assessing risks associated with business described in performance evidence
  • principles of risk management, including risk assessment
  • quality assurance system principles and methods
  • role of digital technologies and innovation in modern business
  • key features of systems to manage staff, stock, expenditure, services and customer service
  • key features of required technical or specialist skills relevant to business operations
  • workplace procedures for implementing new and emerging digital technologies into business operations.

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 equipment and resources, including business technology
  • legislation, regulations, codes of practice and standards 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