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Evidence Guide: BSBSMB416 - Plan small business growth

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBSMB416 - Plan small business growth

What evidence can you provide to prove your understanding of each of the following citeria?

Determine growth objectives

  1. Clarify reasons for pursuing growth
  2. Identify key areas for growth
  3. Review current business plan and establish new goals and objectives
Clarify reasons for pursuing growth

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify key areas for growth

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review current business plan and establish new goals and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify options for pathways to growth

  1. Assess the suitability of main options to pursue growth including market penetration, product development, market development and diversification
  2. Investigate funding options to support business growth
  3. Analyse the business capacity to manage growth including legal and compliance implications and disruption to existing business
  4. Determine the risks, challenges and benefits of chosen pathways
Assess the suitability of main options to pursue growth including market penetration, product development, market development and diversification

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate funding options to support business growth

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the business capacity to manage growth including legal and compliance implications and disruption to existing business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine the risks, challenges and benefits of chosen pathways

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop a strategy for growth

  1. Research selected growth options and tactics to determine potential return on investment
  2. Consider the role of the business owner and determine any adjustments to the function, structure and roles of business personnel required
  3. Consult specialist services and sources of advice
  4. Prepare a business case for growth in a suitable format for stakeholders
  5. Identify specific interests and objectives of relevant people and seek and confirm their support of planned business growth
  6. Integrate growth strategy into business, operational, marketing strategic, financial and production plans where relevant
Research selected growth options and tactics to determine potential return on investment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consider the role of the business owner and determine any adjustments to the function, structure and roles of business personnel required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult specialist services and sources of advice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare a business case for growth in a suitable format for stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify specific interests and objectives of relevant people and seek and confirm their support of planned business growth

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate growth strategy into business, operational, marketing strategic, financial and production plans where relevant

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Determine growth objectives

1.1 Clarify reasons for pursuing growth

1.2 Identify key areas for growth

1.3 Review current business plan and establish new goals and objectives

2. Identify options for pathways to growth

2.1 Assess the suitability of main options to pursue growth including market penetration, product development, market development and diversification

2.2 Investigate funding options to support business growth

2.3 Analyse the business capacity to manage growth including legal and compliance implications and disruption to existing business

2.4 Determine the risks, challenges and benefits of chosen pathways

3. Develop a strategy for growth

3.1 Research selected growth options and tactics to determine potential return on investment

3.2 Consider the role of the business owner and determine any adjustments to the function, structure and roles of business personnel required

3.3 Consult specialist services and sources of advice

3.4 Prepare a business case for growth in a suitable format for stakeholders

3.5 Identify specific interests and objectives of relevant people and seek and confirm their support of planned business growth

3.6 Integrate growth strategy into business, operational, marketing strategic, financial and production plans where relevant

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Determine growth objectives

1.1 Clarify reasons for pursuing growth

1.2 Identify key areas for growth

1.3 Review current business plan and establish new goals and objectives

2. Identify options for pathways to growth

2.1 Assess the suitability of main options to pursue growth including market penetration, product development, market development and diversification

2.2 Investigate funding options to support business growth

2.3 Analyse the business capacity to manage growth including legal and compliance implications and disruption to existing business

2.4 Determine the risks, challenges and benefits of chosen pathways

3. Develop a strategy for growth

3.1 Research selected growth options and tactics to determine potential return on investment

3.2 Consider the role of the business owner and determine any adjustments to the function, structure and roles of business personnel required

3.3 Consult specialist services and sources of advice

3.4 Prepare a business case for growth in a suitable format for stakeholders

3.5 Identify specific interests and objectives of relevant people and seek and confirm their support of planned business growth

3.6 Integrate growth strategy into business, operational, marketing strategic, financial and production plans where relevant

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.

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.