Unit of competency details

BSBSMB303 - Organise finances for the micro business (Release 2)

Summary

Releases:
ReleaseStatusRelease date
2 (this release)Current 14/Jan/2016
(View details for release 1) Replaced25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBSMB303A - Organise finances for the micro businessUpdated to meet Standards for Training Packages Minor edit to Element to clarify intent 24/Mar/2015


Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
RGR - Racing and Breeding Training PackageRacing and Breeding Training Package 2.0 
MSF - Furnishing Training PackageFurnishing Training Package 2.0-4.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-4.1 
BSB - Business Services Training PackageBusiness Services Training Package 2.0-4.0 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 2.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
RGR40418 - Certificate IV in Racing (Greyhound Trainer)Certificate IV in Racing (Greyhound Trainer) 
RGR40318 - Certificate IV in Racing (Harness Race Driver)Certificate IV in Racing (Harness Race Driver) 
RGR40218 - Certificate IV in Racing (Jockey)Certificate IV in Racing (Jockey) 
RGR30117 - Certificate III in Racing (Greyhound)Certificate III in Racing (Greyhound) 
MSF30518 - Certificate III in Picture FramingCertificate III in Picture Framing 
MSF30513 - Certificate III in Picture FramingCertificate III in Picture Framing 
CUA51215 - Diploma of CeramicsDiploma of Ceramics 1-2 
CUA41315 - Certificate IV in Visual ArtsCertificate IV in Visual Arts 1-2 
CUA41115 - Certificate IV in Photography and Photo ImagingCertificate IV in Photography and Photo Imaging 1-2 
CUA40615 - Certificate IV in Aboriginal and Torres Strait Islander Cultural ArtsCertificate IV in Aboriginal and Torres Strait Islander Cultural Arts 1-2 
Items per page 10 | 20 | 50 | 100
Displaying items 1 - 10 of 15

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  30/Jul/2015 
The content being displayed has been produced by a third party, while all attempts have been made to make this content as accessible as possible it cannot be guaranteed. If you are encountering issues following the content on this page please consider downloading the content in its original form

Unit Of competency

Modification History

Release 

Comments 

Release 2

This version first 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 estimate start-up costs, financial viability and projected cash flow for a micro business with reference to candidates personal financial situation.

It applies to individuals who are establishing or operating a micro business providing self-employment.

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. Ascertain own financial position and ability to provide capital or equity for the business

1.1 Realistically detail personal, family or community financial situation showing funds available and commitments already incurred

1.2 Determine equity finance and assets available for micro business from personal, family or community sources

2. Determine projected cash flow for the business

2.1 Determine level of forecast business activity over a year and the business mix

2.2 Estimate establishment costs for the business and repayment schedule for borrowings

2.3 Calculate monthly variable and fixed costs needed to conduct business activity over a year

2.4 Estimate personal drawings needed from the business

2.5 Estimate monthly income generated by the business for a year, based on price per unit item or hourly charge rate for labour

2.6 Develop a cash flow budget for the first year of business operation

2.7 Seek professional advice to estimate goods and services tax and operating finance required for the business

3. Source required funds to establish the business

3.1 Estimate required funding to establish and run the business based on expected sales and activity levels, available finances and commitments

3.2 Investigate methods of accessing alternative sources of finance

3.3 Identify strategies for meeting financial obligations

3.4 Implement plans to access available funds as required

4. Monitor business profitability

4.1 Maintain and review monthly expenditure and income records

4.2 Compare equity at beginning and end of a year to estimate business performance

4.3 Assess financial viability of the business after a year of operation

4.4 Seek professional advice on depreciation, insurance and tax implications of the business

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, 2.1, 3.2, 4.1-4.3

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

Writing

1.1, 2.6, 2.7, 3.4, 4.4

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

Oral Communication

1.1, 2.7, 4.4

  • Articulates clearly using vocabulary and tone suitable to audience
  • Uses listening and questioning techniques to seek information and confirm understanding

Numeracy

1.1, 1.2, 2.1-2.7, 3.1, 4.1-4.3

  • Analyses numerical information to calculate revenue and expense forecasts and estimate funding required to run the business

Navigate the world of work

1.1

  • Uses a systematic process for developing career, identifying personal commitments and accepting realistic possibilities

Get the work done

1.1, 1.2, 2.1-2.7, 3.1-3.4, 4.3, 4.4

  • Understands and explicitly applies some basic principles of analytical and lateral thinking
  • Uses main features and functions of digital tools to complete work tasks and access information
  • Usually 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.

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBSMB303 Organise finances for the micro business Release 2

BSBSMB303 Organise finances for the micro business Release 1

Minor edits to clarify intent of unit

Equivalent unit

Links

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

 

Assessment requirements

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.

Performance Evidence

Evidence of the ability to:

  • conduct an investigation of own financial position, commitments and needs
  • determine projected cash flow for the business
  • estimate the funding needed to establish and operate the business
  • assess the financial viability of the business.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify sources of specialist financial advice for micro business operators
  • describe appropriate accounting software for use in the business
  • locate the Australia Taxation office (ATO) website and summarise data for operating a micro business
  • explain key financial terminology relevant to micro business
  • describe the relationship between finances and business sales and marketing strategies
  • describe methods of costing or pricing and preparation of financial forecasts

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership Small and Micro Business field of work and include access to:

  • business technology including internet access
  • specialist accounting software
  • relevant workplace documentation and resources
  • case studies, or where possible, real situations
  • interaction with others.

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

Training component details
The following details are displayed for each different NRT:-

Training packages

- Training package details
- Training package components

Qualifications

- Qualification details
- Qualification components

Accredited courses

- Accredited course details

Modules

- Module details

Units of competency

- Units of competency details
- Unit components

Skill sets

- Skill set details
- Skill set components

Click on the Export link to export the NRT information to MS Word or PDF.

Click on the Manage notification link to create or change a notification for this NRT.

When selecting the Display history check box a set of tables will appear displaying a log of historical values describing what has changed and when over time.

If you have access to make changes to an NRT, click on the Edit link on the upper right hand side of the summary box.