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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. Determine growth objectives
   • Clarify reasons for pursuing growth
   • Identify key areas for growth
   • Review current business plan and establish new goals and objectives
2. Identify options for pathways to growth
   • Assess the suitability of main options to pursue growth including market penetration, product development, market development and diversification
   • Investigate funding options to support business growth
   • Analyse the business capacity to manage growth including legal and compliance implications and disruption to existing business
   • Determine the risks, challenges and benefits of chosen pathways
3. Develop a strategy for growth
   • Research selected growth options and tactics to determine potential return on investment
   • Consider the role of the business owner and determine any adjustments to the function, structure and roles of business personnel required
   • Consult specialist services and sources of advice
   • Prepare a business case for growth in a suitable format for stakeholders
   • Identify specific interests and objectives of relevant people and seek and confirm their support of planned business growth
   • Integrate growth strategy into business, operational, marketing strategic, financial and production plans where relevant

Performance Evidence

Evidence of the ability to:

determine realistic growth goals and objectives to expand, create or sustain competitive advantage

develop a business case for growth to meet business goals and objectives that includes:

key assumptions

specific tactics and strategies

legal and compliance responsibilities

operational considerations including resource requirements

risk identification and mitigation strategies

financial analysis including cash flow implications

due diligence (if a third party is involved)

communication with relevant stakeholders

integrate growth strategy into business planning.

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:

outline legislation, regulation, business policy and procedures relevant to the business

describe core elements and preparation of a business case

outline steps for setting goals and objectives

explain the principles of risk management

discuss the different options and strategies for small business growth appropriate for particular business type, size and industry.

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