Unit of competency details

SITXMGT004A - Develop and implement a business plan (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 01/Jan/2011

Usage recommendation:
Deleted
The Deleted usage recommendation was implemented on 13 June 2017 to describe training components that have no replacement. Enrolments in training components and statements of attainment or qualifications issued before 13 June 2017 are valid. For any components marked as deleted after 13 June 2017, the applicable transition/teach-out periods apply. For specific questions regarding the enrolment, delivery or issuance of a statement of attainment/qualification, please contact your training regulator.
Mapping:
MappingNotesDate
DeletedDeleted from SIT07 Tourism, Hospitality and Events Training Package17/Jan/2013
Supersedes and is equivalent to THHGLE19B - Develop and implement a business plan31/Dec/2010

Training packages that include this unit

Qualifications that include this unit

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  14/Dec/2009 
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Modification History

Not applicable.

Unit Descriptor

Unit descriptor 

This unit describes the performance outcomes, skills and knowledge required to develop and monitor a business plan that incorporates a range of subsidiary plans or strategies.

Application of the Unit

Application of the unit 

This unit applies to small business owners and managers or senior managers within larger organisations. Business plans are varied in nature and may be for a new small business venture, an existing small business, a division or department of a large organisation or a new product development initiative.

Licensing/Regulatory Information

Not applicable.

Pre-Requisites

Prerequisite units 

Nil

Employability Skills Information

Employability skills 

The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements.

Elements and Performance Criteria Pre-Content

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the required performance needed to demonstrate achievement of the element. Where bold italicised  text is used, further information is detailed in the required skills and knowledge and/or the range statement. Assessment of performance is to be consistent with the evidence guide.

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

1

Analyse the internal and external business environment.

1.1

Determine information requirements and undertake cost-effective research to deliver relevant information.

1.2

Consult with all internal and external stakeholders  in the research process.

1.3

Use research to assist in the prediction of social, political, economic and technological developments.

1.4

Identify and seek assistance and advice from appropriate experts when necessary.

1.5

Review and analyse existing or potential internal resources and capabilities .

1.6

Document and analyse business opportunities and obstacles based on valid and reliable market information.

1.7

Review and analyse current and emerging trends and developments  for their potential impact.

1.8

Identify existing and potential competitors and allies and document their strengths and weaknesses.

1.9

Explore the potential for joint ventures and strategic alliances.

2

Formulate business plans and strategies.

2.1

Create or confirm organisation mission, vision and purpose as the starting point for the business plan in consultation with stakeholders.

2.2

Establish realistic, clearly stated and measurable objectives for the business.

2.3

Develop appropriate strategies and tactics to address objectives across all areas of business operation .

2.4

Identify and include opportunities for strategic business alliances.

2.5

Develop all aspects of the business plan to ensure the business meets relevant legal , social , environmental and ethical obligations .

2.6

Include appropriate action plans and evaluation processes , including key performance indicators.

2.7

Consult with appropriate staff, management and other stakeholders to encourage support for the planning process so that all perspectives are taken into account in development of business plan.

3

Implement the business plan.

3.1

Communicate objectives and content of plans in a timely manner to facilitate a clear understanding of the plan, associated activities and individual responsibilities.

3.2

Use appropriate communication and leadership techniques to encourage a team commitment to the business plan.

3.3

Encourage staff to provide ongoing input into the business plan.

3.4

Implement and organise actions detailed in the plan in a cost-efficient manner and according to schedule and contingencies.

4

Monitor the business plan.

4.1

Review the business plan regularly and adjust in light of changing circumstances.

4.2

Monitor activities using evaluation methods detailed in business plan on an ongoing basis.

4.3

Identify and analyse successes and performance gaps in terms of cause and effect.

4.4

Implement agreed changes to plans promptly, ensuring timely communication of changes to all stakeholders.

4.5

Report business plan performance in a transparent manner to all stakeholders.

Required Skills and Knowledge

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the essential skills and knowledge and their level, required for this unit.

The following skills must be assessed as part of this unit:

  • research, critical thinking and analytical skills to analyse broad range of issues that impact on business operations
  • planning and organisational skills to implement the business plan
  • strategic problem-solving skills to review and adjust plans and strategies in light of operational experience
  • communication and leadership skills to communicate and implement the business plan
  • literacy skills to interpret and develop a wide range of documents dealing with complex ideas and concepts
  • numeracy skills to develop budget and take a strategic approach to financial issues.

The following knowledge must be assessed as part of this unit:

  • detailed knowledge of business planning techniques and formats
  • legal, social, environmental and ethical obligations and compliance issues that affect the relevant industry context or organisation
  • detailed knowledge of relevant industry context, including current trends, structures and government policies.

Evidence Guide

EVIDENCE GUIDE 

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the following is essential:

  • ability to undertake detailed, thorough and appropriate analyses of both internal and external business environments to provide a sound basis for business planning
  • ability to develop and implement an integrated business plan implemented in a tourism or hospitality context
  • project or work activities conducted over an operationally realistic period of time to allow the candidate to develop and implement a business plan for a given product or service.

Context of and specific resources for assessment 

Assessment must ensure:

  • involvement of a key stakeholder group, including customers for the product or service
  • access to a commercial or not-for-profit business environment in which the business plan may be implemented.

Methods of assessment 

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

  • evaluation of a business plan prepared by the candidate to guide the management of a commercial or not-for-profit business activity, as well as evaluation of the resulting performance report also prepared by the candidate
  • case studies to develop specific business plans and strategies for selected business activities or projects
  • review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate.

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Assessing employability skills 

Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.

Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role.

Range Statement

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below.

Stakeholders  may include:

  • customers
  • employees
  • government agencies
  • owners
  • suppliers
  • strategic alliance partners.

Resources and capabilities  may include:

  • human resources
  • financial resources
  • equipment capacity
  • staff skill levels
  • hours of operation
  • communication capabilities
  • location and position.

Trends and developments  may include:

  • economic
  • ecological or environmental
  • government activities
  • social and cultural
  • demographic
  • technological
  • industrial.

Areas of business operation  that must be included in the business plan are:

  • operations
  • marketing
  • technology
  • human resources and labour requirements
  • management and organisational structure
  • financial plan and projections
  • quality management.

Legal , social , environmental and ethical obligations  may include:

  • regulatory requirements, such as licensing
  • codes of practice
  • cultural expectations and influences
  • social responsibilities, such as protection of children and environmental issues.

Evaluation processes  may include:

  • key performance indicators
  • gap analysis
  • customer feedback
  • compliance reports
  • employee feedback.

Unit Sector(s)

Sector 

Cross-Sector

Competency field

Competency field 

Management and Leadership

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