Small business consolidation

BSBSMB415 Refine and strengthen a small business

This unit is about developing and sustaining a small business. It applies to managers who run small businesses that operate independently, or who run parts of a larger organization. They need to interpret business information and numerical data competently to plan, direct and control a small business, make strategic decisions and take action.

How you will be assessed

You will be assessed through:

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

 

Practical

You will be assessed in the workplace as a safe environment. You will need to demonstrate consistent performance of typical activities as a small business manager. You will need access to relevant workplace documentation and resources, and case studies or, where possible, real situations.

You will need to show that you can:

  1. Identify regulatory, social, economic, ethical and environmental responsibility factors impacting on small business development opportunities.
  2. Assess the internal and external business environment and determine realistic opportunities, strategies and actions to develop or sustain the business for both the short and long term.
  3. Develop an implementation plan to meet business objectives that includes:
    1. specific actions and strategies.
    2. resource allocation.
    3. timeframes.
    4. roles and responsibilities.
  4. Communicate with relevant stakeholders to gain information and advice to inform the development actions and strategies.
  5. Identify efficiencies and innovations that support business sustainability.
  6. Implement controls to monitor progress.
  7. Assess progress and adapt strategy to accommodate changes.

 

Assignment/interview questions

  1. Explain the life cycle stages of the market and particular industry.
  2. Outline key steps in analyzing a business environment.
  3. Describe three ethical issues that can arise in small business.
  4. What are the key factors in sustainable business management?
  5. Explain the principles of leadership for small business.
  6. Compare and contrast the principles of leadership between smaller and larger businesses.
  7. What kinds of things need to be done to develop a small business? (Give answers appropriate for your particular business type, size and industry.)

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

 

Detailed requirements

1. Investigate opportunities and ideas for business development.

  1. Do an internal assessment of the performance of the business and its operations to identify potential efficiencies.
  2. Review the external business environment and identify emerging trends, disruptions and potential threats.
  3. Consult with relevant stakeholders and specialist services or sources of advice to get feedback on development possibilities.
  4. Consider development options specific to the type of business, market or industry life cycle stage using benchmarking, research and innovation.

2. Formulate strategies.

  1. Based on the outcomes of the analysis, confirm or modify the business objectives.
  2. Develop a set of strategies and specific actions for both the short and long term incorporating regulatory, social, economic, ethical and environmental responsibility factors into the decision- making process.
  3. Align the strategies to the business resource and capability limitations.

3. Implement the strategies.

  1. Access and allocate resources.
  2. Establish a framework for implementation that covers equipment, infrastructure and personnel.
  3. Design controls to monitor progress and take action to correct any issues.
  4. Demonstrate leadership by providing direction and motivation to others to encourage contribution to business success.

4. Monitor the implementation of the strategies.

  1. Assess the outcomes of the strategies and actions against business objectives and performance targets.
  2. Consider further innovations or efficiencies that would contribute to business sustainability.
  3. Determine any adjustments to the strategies and actions to accommodate changes in the internal or external situation.
  4. Document and communicate the changes to relevant stakeholders.