- BSBSMB303A - Organise finances for the micro business
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
BSBSMB303A Mapping and Delivery Guide
Organise finances for the micro business
Version 1.0
Issue Date: April 2024
| Qualification | - |
Unit of Competency | BSBSMB303A - Organise finances for the micro business |
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| Description | This unit describes the performance outcomes, skills and knowledge required to investigate the financial capacity to enter into a micro business, to determine the projected cash flow, to source finances and to monitor the profitability of the business.Specific legal requirements apply to the management of a micro business. | ||
| Employability Skills | This unit contains employability skills. | ||
| Learning Outcomes and Application | This work will be undertaken by individuals who are establishing or operating a micro business providing for self employment. | ||
| Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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| Prerequisites/co-requisites | |||
| Competency Field | Management and Leadership - Small and Micro Business | ||
| Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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| Elements of Competency | Performance Criteria | |||||||
| Element: Ascertain own financial position and the ability to provide capital/equity for the business |
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| Element: Determine projected cash flow for the business |
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| Element: Source the required funds to establish the business |
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| Element: Monitor profitability of the business |
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Evidence Required
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the following is essential: investigation of own financial position and needs investigation of projected cash flow for the business estimation of the funding needed to establish and operate the business assessment of the financial viability of the business knowledge of basic budgeting. |
Context of and specific resources for assessment | Assessment must ensure: access to relevant documentation candidate's individual circumstances and work in the context of establishing or running a micro business, are the basis for assessment. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: problem-solving scenario which requires candidate to assess the financial viability of a proposed micro business in candidate's geographical location; the scenario should include opportunities for the candidate to calculate expenses and commitments against expected income oral or written questioning to assess knowledge of financial reports and terminology review of estimated establishmentcosts for the business and repayment schedule for borrowings review of plans implemented to access available funds. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example: BSBSMB302A Develop a micro business proposal BSBSMB304A Determine resource requirements for the micro business. |
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Assessment Tasks
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
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Required skills |
analytical skills to determine the viability of the business literacy skills to interpret financial reports and to complete relevant forms requested by financial bodies numeracy skills to calculate basic revenue and expense forecasts, and to estimate the funding needed to establish and run the business research skills to source financial information. |
Required knowledge |
basic budgeting basic costing for the business financial commitments and requirements financial reports and terminology methods and relative costs of obtaining finance own financial position sources of advice and assistance. |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. | |
Personal, family or community financial situation may include: | education and other expenses equity available through capital, savings and assets existing loan repayments and/or other debt repayments family, community or cultural commitments and obligations living expenses such as rent, food, clothing for self and family |
Establishment costs may include: | capital equipment insurance costs purchase price start-up costs |
Professional advice may include: | accountants business brokers/business consultants government agencies industry/trade associations online gateways mentors |
Sources of finance may include: | banks and/or other finance providers business finance family or community equity family or community loans/resources government grants and other sources personal equity private capital royalties venture capital |
Financial viability may include: | return on capital return on labour |
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
Observation Checklist
| Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice | Yes | No | Comments/feedback |
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| Realistically detail personal, family or community financial situation in terms of funds available and commitments already incurred | |||
| Determine equity finance and assets available for micro business from personal, family or community sources | |||
| Determine the level of forecast business activity over a year and the business mix | |||
| Estimate establishment costs for the business and repayment schedule for borrowings | |||
| Calculate the monthly variable and fixed costs needed to conduct business activity over a year | |||
| Estimate personal drawings needed to be taken from the business | |||
| Estimate the monthly income generated by the business for a year based on price per unit item or hourly charge rate for labour | |||
| Develop a cash flow budget for the first year of business operation | |||
| Seek professional advice to estimate goods and services tax and operating finance required for the business | |||
| Estimate required funding to establish and run the business based on expected sales and activity levels, available finances and commitments | |||
| Investigate methods of accessing alternative sources of finance | |||
| Identify strategies for meeting financial obligations | |||
| Implement plans to access available funds as required | |||
| Maintain and review monthly expenditure and income records | |||
| Compare equity at beginning and end of a year to estimate business performance | |||
| Assess the financial viability of the business after a year of operation | |||
| Seek professional advice on depreciation, insurance and tax implications of the business |
Forms
Assessment Cover Sheet
BSBSMB303A - Organise finances for the micro business
Assessment task 1: [title]
Student name:
Student ID:
I declare that the assessment tasks submitted for this unit are my own work.
Student signature:
Result: Competent Not yet competent
Feedback to student
Assessor name:
Signature:
Date:
Assessment Record Sheet
BSBSMB303A - Organise finances for the micro business
Student name:
Student ID:
Assessment task 1: [title] Result: Competent Not yet competent
(add lines for each task)
Feedback to student:
Overall assessment result: Competent Not yet competent
Assessor name:
Signature:
Date:
Student signature:
Date: