Small business planning

BSBSMB404 Undertake small business planning.

This unit is about researching and developing an integrated business plan for achieving business goals and objectives. It applies to operators of independent small businesses and and managers of sections of larger organizations.

How you will be assessed

You will be assessed through:

Specific documents Submit a fully researched business plan according to the requirements below.

 

Practical

You will be assessed in the workplace as a safe environment. You need to demonstrate consistent performance of typical activities as a manager.You will need access to:

  1. business equipment and resources.
  2. relevant legislation, regulations, standards and codes.
  3. relevant workplace documentation and resources.
  4. case studies or where possible, real situations.
  5. interaction with others.

You will need to show that you can:

  1. Develop a business plan that provides for finance, marketing and provision of products or services to achieve all business goals and objectives.
  2. Identify and plan all work health and safety (WHS) and duty of care responsibilities.
  3. Identify and assess internal and external risks to the business.
  4. Develop risk management strategies including a contingency plan for non-conformance.

 

Assignment/interview questions

  1. Explain the reasons for business planning.
  2. Explain the benefits of business planning.
  3. Explain methods of evaluating the success of a business plan.
  4. Describe the steps in preparing a business plan. In your answer, include how to set goals and objectives.
  5. What are the risks in a new small business?
  6. What are the principles of managing risk for a new small business?
  7. What are the common risks particular to the small business type or industry?
  8. Explain in outline any codes of practice in your industry.
  9. Explain these different kinds of business plans: feasibility studies, strategic, operational, financial, and marketing.
  10. What is the same between them?
  11. What is different between them?
  12. Summarize WHS responsibilities and procedures for identifying hazards relevant to your business.
  13. What government laws apply to your business operation? (Include in your answer: WHS environmental issues, equal employment opportunity, industrial relations and anti-discrimination.)

Note: Your assessor may also ask you a variety of what if questions.

 

Detailed requirements

1. Identify elements of the business plan.

  1. Identify purpose of the business plan.
  2. Identify and review essential components of the business plan.
  3. Identify and document business goals and objectives as a basis for measuring business performance.

2. Develop a business plan.

  1. Research resources, legal and compliance requirements, specifically for work health and safety (WHS), according to business goals and objectives.
  2. Research market needs, market size, and potential.
  3. In your financial plan, identify sources and costs of finance to give enough liquidity and profitability for the business.
  4. In your marketing strategy, decide on your methods to promote market exposure of the business.
  5. In your production or operations plan, identify methods or means of production or operation to suit your business goals and objectives.
  6. Identify staffing requirements to effectively produce or deliver products and services.
  7. Identify, assess and prioritize internal and external risks.
  8. Identify specialist services and sources of advice, where required, and cost according to available resources.

3. Develop strategies for minimizing risks.

  1. Identify specific interests and objectives of relevant people. Ask for their support of your planned business direction and get confirmation.
  2. Include a risk management strategy according to business goals and objectives, and relevant legal requirements.
  3. Develop a contingency plan to address problems where risks eventuate.