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Elements and Performance Criteria

  1. Prepare to develop a business plan
  2. Develop a business plan
  3. Develop strategies for minimising risks
  4. Develop business promotion plans
  5. Develop sales plans
  6. Implement and monitor promotional strategy

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Business plan must include:

business opportunities, which may be influenced by:

amount and types of finance available

expected financial viability

skills of operator

details of ownership/management

finance, expenditure statement, balance sheet and cash flow forecast, projections for the initial years of operation, assumptions underlying business plan, expected level of inflation and taxation, expected trend of interest rate, capital expenditure and its timing, stock turnover, debtor collection period, creditor payment period, return on investment

level of risk involved, risk assessment and management

market focus of business

marketing requirements

need to raise finance and requirements of lenders

organisation/operational arrangements

proposed size and scale of business

recognition of any seasonal or cyclical (time-based) elements, which are crucial to business success

resources required and available

sources of funding

specialist services and sources of advice that may be required

staffing

stages in business development

Financial plan must include:

analysis of sales by product/service, identifying where they were sold and to whom

cash flow estimates for each forward period

current financial state of enterprise (or owner/operator)

estimates of profit and loss projections for each forward period

financial performance to date (where applicable)

likely return on investment

monthly, quarterly or annual returns

non-recurrent asset calculations

profit, turnover, capital and equity targets

projected profit targets, pricing strategies, margins

projections of likely financial results (budgeting)

projections, which may vary depending on importance of such information and stage in life of business

resources required to implement proposed marketing and production strategies (staff, materials, plant and equipment)

review of financial inputs required (sources and forms of finance)

risks and measures to manage or minimise risks

working, fixed, debt and equity capital

Business goals and objectives include one or more of the following:

achievable, measurable, realistic, time defined

customer needs

family benefits

goal and objective plans, systems and processes

lifestyle issues

market focus of business

short, medium, or long-term goals

social responsibility

Market research data includes one or more of the following:

Australian Bureau of Statistics (ABS)

chambers of commerce information

client surveys

data about existing clients and possible new clients

data from external sources such as other like businesses, industry associations and regulators

industry reports

internet

libraries

personal interviews

primary market research

secondary market research (available research by other people)

small business surveys

telephone surveys

trade associations/journals

Competitor analysis includes one or more of the following:

competitor:

offerings

profile in market place

promotion strategies and activities

Market position includes one or more of the following:

data on:

augmented product (total package of features/benefits)

communication

core product and/or the goods or services provided

cost components

distribution strategies

market position

marketing channels

new/changed products

place

price

pricing objectives (profit, market penetration)

pricing strategies (cost plus, supply/demand, ability to pay)

product services or mix of services

product/services differentiation from competitors

promotion

promotion budget

promotional strategies

tangible product (what is perceived)

target audience

Business brand includes one or more of the following:

attention, interest, desire, action (AIDA)

business image

practice/business logo/letterhead/signage

facility decor

phone answering protocol

slogans

style guide

templates for communication/invoicing

writing style

Benefits must include:

benefits as perceived by client

features as perceived by client

Promotional tools include one or more of the following:

advertising

brochures

direct mail

networking and referrals

newsletters (print and/or electronic)

press releases

publicity and sponsorship

seminars

telemarketing/cold calling

websites

Applicable legislation includes one or more of the following:

consumer protection

corporate governance

marine insurance

marine Safety (Domestic Commercial Vessel) National Law

National Standard for Commercial Vessels (NSCV)

trade practices

work health and safety/occupational health and safety (WHS/OHS)

Yield per existing client includes one or more of the following:

packaging fees

raising charge out rates/fees

reducing discounts

selling more services to existing clients

Promotional package includes one or more of the following:

directing to existing or new clients

client newsletters or bulletins

media advertising (radio, television, newspapers, trade journals, direct marketing)

product service brochures

products or give-a-ways and third party services

sponsorship


Performance Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements, performance criteria and range of conditions on at least one occasion and include:

accessing and interpreting relevant information

accessing and updating records electronically

accessing web-based information services

applying relevant work health and safety/occupational health and safety (WHS/OHS) requirements and work practices

assessing business performance

communicating effectively with others as required

determining and confirming information using questioning and active listening techniques

developing effective planning documents

ensuring behaviour reflects relevant current legislative and regulatory requirements

liaising with others and sharing information

making presentations

managing databases and projects

marketing products and services

negotiating effectively with clients and others

performing calculations related to achieving required outcomes

planning and sequencing work

reading and interpreting documentation from a variety of sources

recording and consolidating relevant related information

solving problems

using computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

using language and concepts appropriate to cultural differences

using statistical/data analysis and interpretation.


Knowledge Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements, performance criteria and range of conditions and include knowledge of:

business/organisational policy and procedure development and implementation

commonwealth, state/territory and local government legislative requirements relating to business operations, especially in regard to:

anti-discrimination

due diligence

equal employment opportunity

governance requirements

industrial relations

WHS/OHS and environmental issues

how to acquire and interpret relevant data

industry:

compliance requirements

market position relative to type of survey and business operations

information technology and communications systems

marketing and promotional principles

methods of evaluating current industry/organisation product and marketing mix

planning processes

preparation of a business plan

principles of risk management relevant to business planning

relevant:

common law, legal systems and procedures

industry codes of practice

reasons for and benefits of, business planning

setting goals and objectives

types of business planning:

feasibility studies

strategic, operational, financial and marketing planning

WHS/OHS legislation, policies and procedures.