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Unit of competency details

BSBSMB404 - Undertake small business planning (Release 2)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by and equivalent to BSBESB401 - Research and develop business plans 18/Oct/2020
Supersedes and is equivalent to BSBSMB404A - Undertake small business planningUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
2 (this release) 14/Jan/2016
(View details for release 1) 25/Mar/2015


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
ICP - Printing and Graphic ArtsPrinting and Graphic Arts 2.0-4.0 
SFI - Seafood IndustrySeafood Industry 1.0 
FBP - Food, Beverage and PharmaceuticalFood, Beverage and Pharmaceutical 1.0-4.1 
CPC08 - Construction, Plumbing and Services Training PackageConstruction, Plumbing and Services Training Package 9.3-9.7 
MSF - Furnishing Training PackageFurnishing Training Package 2.0-5.0 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-14.6 
FWP - Forest and Wood Products Training PackageForest and Wood Products Training Package 2.0-5.0 
AHC - Agriculture, Horticulture and Conservation and Land Management Training PackageAgriculture, Horticulture and Conservation and Land Management Training Package 1.0-5.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-4.1 
CPP - Property Services Training PackageProperty Services Training Package 6.0-10.3 
RII - Resources and Infrastructure Industry Training PackageResources and Infrastructure Industry Training Package 3.0-5.0 
BSB - Business Services Training PackageBusiness Services Training Package 2.0-6.1 
SIT - Tourism, Travel and Hospitality Training PackageTourism, Travel and Hospitality Training Package 1.0-1.2 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 1.0-3.0 

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
SFL40115 - Certificate IV in FloristryCertificate IV in Floristry
HLT52615 - Diploma of Ayurvedic Lifestyle ConsultationDiploma of Ayurvedic Lifestyle Consultation1-2 
BSB42615 - Certificate IV in New Small BusinessCertificate IV in New Small Business
AHC42016 - Certificate IV in LandscapeCertificate IV in Landscape1-3 
CPC40808 - Certificate IV in Swimming Pool and Spa BuildingCertificate IV in Swimming Pool and Spa Building
CPP40516 - Certificate IV in Strata Community ManagementCertificate IV in Strata Community Management1-3 
CUA40615 - Certificate IV in Aboriginal and Torres Strait Islander Cultural ArtsCertificate IV in Aboriginal and Torres Strait Islander Cultural Arts1-2 
CUA50513 - Diploma of Live Production DesignDiploma of Live Production Design2-4 
RII40715 - Certificate IV in Civil Construction SupervisionCertificate IV in Civil Construction Supervision1-3 
MSF40213 - Certificate IV in Furniture Design and TechnologyCertificate IV in Furniture Design and Technology2-4 
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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
10708NAT - Advanced Diploma of Integrative Complementary MedicineAdvanced Diploma of Integrative Complementary Medicine 
10177NAT - Diploma of Clinical HypnotherapyDiploma of Clinical Hypnotherapy 
10687NAT - Diploma of Sports Therapy KinesiologyDiploma of Sports Therapy Kinesiology 
10864NAT - Certificate IV in Life CoachingCertificate IV in Life Coaching 
10733NAT - Diploma of Entrepreneurship and InnovationDiploma of Entrepreneurship and Innovation 
10831NAT - Certificate IV in Energy KinesiologyCertificate IV in Energy Kinesiology 
10846NAT - Certificate IV in Bowen TherapyCertificate IV in Bowen Therapy 
10677NAT - Diploma of Purna Yoga ManagementDiploma of Purna Yoga Management 
10116NAT - Certificate IV in Life CoachingCertificate IV in Life Coaching 
22204VIC - Certificate IV in Christian Leadership CoachingCertificate IV in Christian Leadership Coaching 
10594NAT - Diploma of Mind Body MedicineDiploma of Mind Body Medicine 
22446VIC - Diploma of Product DesignDiploma of Product Design 
10194NAT - Advanced Diploma of Building BiologyAdvanced Diploma of Building Biology 
10141NAT - Diploma of Life CoachingDiploma of Life Coaching 
10879NAT - Certificate IV in Life CoachingCertificate IV in Life Coaching 
22564VIC - Certificate IV in Musical Instrument Making and RepairCertificate IV in Musical Instrument Making and Repair 
10887NAT - Advanced Diploma of Therapeutic Yoga TeachingAdvanced Diploma of Therapeutic Yoga Teaching 
10811NAT - Diploma of Modern PsychologyDiploma of Modern Psychology 
22477VIC - Advanced Diploma of Building Design (Architectural)Advanced Diploma of Building Design (Architectural) 
10777NAT - Diploma of Canine Training and Development (Insert Stream)Diploma of Canine Training and Development (Insert Stream) 
52772WA - Certificate IV in Landscape DesignCertificate IV in Landscape Design 
10069NAT - Certificate IV in Life CoachingCertificate IV in Life Coaching 
22331VIC - Certificate IV in Landscape DesignCertificate IV in Landscape Design 
10638NAT - Certificate IV in Teaching English to Speakers of Other Languages (TESOL)Certificate IV in Teaching English to Speakers of Other Languages (TESOL) 
10555NAT - Advanced Diploma of Yoga TeachingAdvanced Diploma of Yoga Teaching 
10696NAT - Certificate IV in Yoga TeachingCertificate IV in Yoga Teaching 
10697NAT - Diploma of Yoga TeachingDiploma of Yoga Teaching 
52549WA - Certificate IV in Landscape DesignCertificate IV in Landscape Design 
10662NAT - Certificate IV in Life CoachingCertificate IV in Life Coaching 
10533NAT - Certificate IV in Bowen TherapyCertificate IV in Bowen Therapy 
22306VIC - Certificate IV in Musical Instrument Making and RepairCertificate IV in Musical Instrument Making and Repair 

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 
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Unit Of competency

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 non-conformance 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

 

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:

  • develop a business plan which provides for finance, marketing and provision of products or services to facilitate all business goals and objectives
  • identify and plan all work health and safety (WHS) and duty of care responsibilities
  • identify and assess internal and external risks to the business
  • develop risk management strategies including a contingency plan for non-conformance.

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:

  • discuss all government legislative requirements relating to business operation, especially in regard to WHS and environmental issues, equal employment opportunity, industrial relations and anti-discrimination
  • explain methods of evaluation
  • summarise WHS responsibilities and procedures for identifying hazards relevant to the business
  • outline planning processes
  • describe preparation of a business plan
  • identify principles of risk management relevant to small business planning
  • outline common risks particular to the small business type or industry
  • explain reasons for, and benefits of, business planning
  • clarify relevant industry codes of practice
  • outline setting goals and objectives
  • explain types of business planning – feasibility studies; strategic, operational, financial and marketing planning.

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 equipment and resources
  • relevant legislation, regulations, standards and codes
  • 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.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10