Assessor Resource

BSBESB403
Plan finances for new business ventures

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to identify financial requirements of a business, including profit targets, cash flow projections and strategies to garner financial support.

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.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


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 candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

develop at least one financial plan that addresses financial requirements of a business or new business venture, including cash flow projections and a projected profit statement.

In the course of the above, the candidate must demonstrate that the plan:

reflects legal requirements applicable to business

includes strategies to monitor financial performance of business.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory requirements relating to business described in performance evidence

process for conducting breakeven analyses

workplace procedures for:

costing for the business, including margin or markup, charge-out rates and unit costs

setting profit targets

identifying sources and investigating costs of securing appropriate financial assistance

methods and relative costs of obtaining finance

principles and procedures for preparing:

balance sheets

cash flow forecasts

profit and loss statements

financial plans

purpose of financial reports

accounting terminology required when planning finances for new business ventures

methods for analysing working capital cycles.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

software for financial calculations

legislation and regulations relating to business described in performance evidence

workplace documentation and resources relevant to performance evidence.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, 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.

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

develop at least one financial plan that addresses financial requirements of a business or new business venture, including cash flow projections and a projected profit statement.

In the course of the above, the candidate must demonstrate that the plan:

reflects legal requirements applicable to business

includes strategies to monitor financial performance of business.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory requirements relating to business described in performance evidence

process for conducting breakeven analyses

workplace procedures for:

costing for the business, including margin or markup, charge-out rates and unit costs

setting profit targets

identifying sources and investigating costs of securing appropriate financial assistance

methods and relative costs of obtaining finance

principles and procedures for preparing:

balance sheets

cash flow forecasts

profit and loss statements

financial plans

purpose of financial reports

accounting terminology required when planning finances for new business ventures

methods for analysing working capital cycles.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

software for financial calculations

legislation and regulations relating to business described in performance evidence

workplace documentation and resources relevant to performance evidence.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
Identify costs associated with production and delivery of business products and/or services 
Set profit targets according to business venture requirements and workplace procedures 
Calculate prices based on costs and profit targets, as a charge-out rate for labour or unit price for products and/or services 
Calculate breakeven sales point to assess viability of business venture 
Evaluate and select pricing strategies in relation to market conditions to meet profit targets and according to workplace procedures 
Prepare projected profit statement to supplement business plan 
Identify working capital requirements necessary to attain profit projections 
Identify noncurrent asset requirements and consider alternative asset management strategies 
Prepare cash flow projections to enable business operation according to business plan and legal requirements 
Identify capital investment requirements accurately for each operational period 
Select budget targets to enable ongoing monitoring of financial performance 
Identify startup and ongoing financial requirements according to financial plan and budget 
Identify sources of finance for required liquidity according to business goals and objectives and workplace procedures 
Research and assess cost of securing finance on optimal terms 
Develop strategies to obtain finance as required to ensure financial viability of business venture 

Forms

Assessment Cover Sheet

BSBESB403 - Plan finances for new business ventures
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

BSBESB403 - Plan finances for new business ventures

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: