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.
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.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:
relevant legislation, regulations, standards and codes
relevant workplace documentation and resources
case studies or, where possible, real situations.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.