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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify elements of the business plan
   • Identify purpose of the business plan
   • Identify and review essential components of the business plan
   • Identify and document business goals and objectives as a basis for measuring business performance
2. Develop a business plan
   • Research resources, legal and compliance requirements, specifically in relation to work health and safety (WHS), in accordance with business goals and objectives
   • Research market needs, and market size and potential
   • Identify sources and costs of finance, from financial plan, to provide required liquidity and profitability for the business
   • Identify methods, from marketing strategies, to promote market exposure of the business
   • Identify methods or means of production or operation from production or operations plan to conform with business goals and objectives
   • Identify staffing requirements to effectively produce or deliver products and services
   • Identify, assess and prioritise internal and external risks
   • Identify specialist services and sources of advice, where required, and cost in accordance with available resources
3. Develop strategies for minimising risks
   • Identify specific interests and objectives of relevant people and seek and confirm their support of planned business direction
   • Identify and develop risk management strategies according to business goals and objectives, and relevant legal requirements
   • Develop a contingency plan to address possible areas of nonconformance with the plan

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.

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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 antidiscrimination

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.

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