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Unit of competency details

BSBSMB405 - Monitor and manage small business operations (Release 3)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBSMB405B - Monitor and manage small business operationsUpdated to meet Standards for Training Packages 24/Mar/2015
Is superseded by and equivalent to BSBSMB420 - Evaluate and develop small business operations 26/Sep/2018

Release Status:
Current
Releases:
ReleaseRelease date
3 (this release) 14/Jan/2016
(View details for release 2) 09/Apr/2015
(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
ICT - Information and Communications TechnologyInformation and Communications Technology 3.0-6.1 
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 2.0,3.0-3.1 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-14.6 
FNS - Financial Services Training PackageFinancial Services Training Package 2.1-5.0 
AHC - Agriculture, Horticulture and Conservation and Land Management Training PackageAgriculture, Horticulture and Conservation and Land Management Training Package 1.0-2.0,4.0-5.0 
RGR - Racing and Breeding Training PackageRacing and Breeding Training Package 2.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-4.1 
CPP - Property Services Training PackageProperty Services Training Package 9.0-10.3 
AMP - Australian Meat Processing Training PackageAustralian Meat Processing Training Package 2.0-3.0 
BSB - Business Services Training PackageBusiness Services Training Package 2.0 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 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
FNS50315 - Diploma of Finance and Mortgage Broking ManagementDiploma of Finance and Mortgage Broking Management1-5 
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
ICT41215 - Certificate IV in Telecommunications Engineering TechnologyCertificate IV in Telecommunications Engineering Technology1-2 
FNS40217 - Certificate IV in Accounting and BookkeepingCertificate IV in Accounting and Bookkeeping
CUA40313 - Certificate IV in Dance Teaching and ManagementCertificate IV in Dance Teaching and Management2-4 
CPC40808 - Certificate IV in Swimming Pool and Spa BuildingCertificate IV in Swimming Pool and Spa Building
CUA40615 - Certificate IV in Aboriginal and Torres Strait Islander Cultural ArtsCertificate IV in Aboriginal and Torres Strait Islander Cultural Arts1-2 
RGR40418 - Certificate IV in Racing (Greyhound Trainer)Certificate IV in Racing (Greyhound Trainer)
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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  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 3

This version released with BSB Business Services Training Package Version 2.0.

Version created to clarify intent of unit

Release 2

This version first released with BSB Business Services Training Package Version 1.1.

Version created to correct mapping table information

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 implement a business plan and modify operations as required.

It applies to individuals who operate a small business which stands alone, or is part of a department within a larger organisation. Individuals in this role use problem-solving skills and take responsibility for developing approaches to manage business operations.

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. Develop operational strategies and procedures

1.1 Develop an action plan to provide a clear and coherent direction, in accordance with business goals and objectives

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

1.3 Develop a quality system for the business in line with industry standards, compliance requirements and cultural criteria

1.4 Develop performance measures and operational targets to conform with the business plan

1.5 Develop strategies for innovation, including utilisation of existing, new or emerging technologies, where practicable, to optimise business performance

2. Implement operational strategies and procedures

2.1 Implement systems and key performance indicators or targets to monitor business performance and customer satisfaction

2.2 Implement systems to control stock, expenditure or cost, wastage or shrinkage and risks to health and safety in accordance with the business plan

2.3 Maintain staffing requirements, where applicable, within budget, to maximise productivity

2.4 Carry out provision of goods or services in accordance with established legal, ethical cultural and technical standards

2.5 Provide goods or services in accordance with time, cost and quality specifications, and customer requirements

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

3. Monitor business performance

3.1 Regularly monitor and review achievement of operational targets to ensure optimum business performance, in accordance with business plan goals and objectives

3.2 Review systems and structures, with a view to more effectively supporting business performance

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

3.4 Amend operational policies and procedures to incorporate corrective action

4. Review business operations

4.1 Review and adjust business plan, as required, to maintain business viability, in accordance with business goals and objectives

4.2 Clearly record proposed changes to aid future planning and evaluation

4.3 Undertake ongoing research into new business opportunities and adjust business goals and objectives as new business opportunities arise

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, 1.5, 2.1, 2.2, 2.4, 2.5, 3.1, 4.1

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

Writing

1.1, 1.3-1.5, 3.2, 3.4, 4.1, 4.2

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

Oral Communication

3.2

  • Articulates clearly using specific and relevant language suitable to audience to convey requirements, and employs listening and questioning techniques to confirm understanding

Numeracy

2.2, 2.3, 2.5

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

Navigate the world of work

1.1-1.3, 2.2, 2.4, 4.1

  • Monitors adherence to organisational policies and procedures and considers own role for its contribution to broader goals of the work environment
  • Appreciates implications of legal and regulatory responsibilities related to own work with specific reference to safety

Get the work done

1.1, 1.3-1.5, 2.1-2.3, 2.5, 2.6, 3.1-3.3, 4.1, 4.3

  • Reflects on how digital systems and tools are used or could be used to achieve work goals, and begins to recognise strategic and operational applications
  • Identifies concepts, principles and features of approaches in use in other contexts and considers how these may suit own situation
  • Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals
  • Uses each experience to reflect on how variables impact decision outcomes, and to gain insights into what constitutes ‘good’ judgement and an effective decision in different contexts
  • Recognises and addresses some unfamiliar problems of increasing complexity within own scope

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBSMB405 Monitor and manage small business operations Release 3

BSBSMB405 Monitor and manage small business operations Release 2

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 3

This version released with BSB Business Services Training Package Version 2.0.

Version created to clarify intent of unit

Release 2

This version first released with BSB Business Services Training Package Version 1.1.

Version created to correct mapping table information

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • develop strategies and procedures to successfully manage business operations, including:
  • developing an action plan
  • identifying risk management procedures
  • developing a quality system
  • implementing performance measures
  • utilising technologies to optimise business performance
  • implement and monitor strategies and procedures developed, including:
  • analysing and correcting business problems
  • reviewing and adjusting the business plan
  • record and research business improvements
  • make appropriate adjustments to business operations as required.

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:

  • summarise relevant industry codes of practice
  • explain methods for implementing operation and revenue control systems
  • summarise methods for monitoring performance and implementing improvements
  • outline work health and safety (WHS) responsibilities and procedures for managing hazards
  • identify relevant principles of risk management, including risk assessment
  • clarify quality system principles and methods
  • summarise relevant performance measures
  • discuss role of innovation
  • outline systems to manage staff, stock, expenditure, services and customer service
  • identify technical or specialist skills relevant to business operations.

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 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