BSBESB407 Manage finances for new business ventures

This unit describes the skills and knowledge required to implement and review financial management strategies, including by using new and emerging digital technologies and interpreting financial reports and other numerical data.

The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.

1. Implement financial strategy
2. Monitor financial performanc
3. Review financial performance

• Adhere to legal requirements
• Produce financial projections, including cash flow estimates
• Develop a plan to negotiate and manage business assets and financial capital
• Define strategies for debt collection and contingencies for debtors
• Manage cash flow
• Define key indicators for financial performance
• Communicate with required people
• Seek specialist services, where required
• Monitor the financial performance of the business and make changes to strategy as required
• Identify opportunities to implement new and emerging digital technologies to support the financial management of the business.

BSBSMB403 Market the small business

This unit describes the skills and knowledge required to monitor and improve business performance via a clear marketing strategy integrated into the business plan.

It applies to individuals who operate a small business independently or within a larger organisation. Individuals in this role analyse and interpret market data.

1. Develop marketing strategies
2. Determine a marketing mix for the business
3. Implement marketing strategies
4. Monitor and improve marketing performance

• determine marketing activity focus in line with objectives of the business plan
• evaluate customer base
• understand what is ethically and culturally appropriate
• determine a marketing mix according to market and business needs, including:
  • ability to optimise sales and profit
  • ability to evaluate costs and benefits
  • determine customer needs and promotional activities
• determine marketing strategies, including briefing appropriate personnel on their responsibilities
• identify marketing opportunities in the digital environment
• develop approaches to engage, respond and monitor customers in the digital space
• monitor and evaluate activities and performance, and correct performance gaps
• consult and communicate effectively with relevant people
• research and monitor ongoing changes and improvements

• industry market trends
• performance evaluation methods
• methods of analysing costs and benefits of marketing strategies
• methods of developing marketing objectives and marketing mix
• current digital devices, platforms and technologies for effectiveness in achieving marketing objectives
• methods of monitoring customer satisfaction
• relevant market analysis and research
• relevant marketing concepts and methods

BSBESB401 Research and develop business plans

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.

1. Prepare to develop business plan
2. Draft business plan
3. Create a business plan
4. Finalise business planning and plan for risk

Upon successful completion of this unit, you will develop at least one business plan that addresses the goals and objectives of a business or business venture.