This unit describes the skills and knowledge required to research and develop business plans for achieving business goals and objectives.
The unit applies to those establishing or operating a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.
Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each unit’s learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.
Students will be expected to demonstrate the following required skills:
• develop at least one business plan that addresses the goals and objectives of a business or business venture.
Students will also be expected to demonstrate the following knowledge:
• legal and compliance requirements relating to business operation to be included in plan, including:
-work health and safety (WHS), including WHS responsibilities and procedures for identifying hazards relating to business profile
• types of business planning, including:
-strategic, operational, financial and marketing planning
• factors affecting structure of business plan, including:
-purpose of plan
• key components of business plan, including:
-sources and costs of finance to provide required liquidity and profitability for business
-marketing strategies and methods to promote market exposure of business
-methods or means of production or operation required for business
-staffing requirements to effectively produce or deliver products and services
-methodology for researching and preparing a business plan
-common business risks and risk management strategies
• workplace procedures for:
-assessing and prioritising internal and external risks to business
-establishing resource requirements aligned to business goals and objectives, including for calculating staffing requirements to produce or deliver products and/or services.
-developing a business contingency plan for unexpected events and situations
-developing risk management strategies.
The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the VUPolytechnic and/or via the VU Polytechnic e-learning system.
This unit is studied as part of the following course(s):