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Elements and Performance Criteria

1. Identify new business opportunities.
   • Review existing operations to identify and analyse new business opportunities.
   • Research business trends relevant to the organisation to identify new business opportunities.
   • Identify and evaluate opportunities and threats from internal and external environments.
   • Consult with stakeholders and customers to seek input into business opportunities.
   • Determine organisational capacity to respond to identified opportunities and select opportunities to peruse.
2. Develop a business development plan.
   • Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.
   • Analyse risks associated with initiatives and ensure compliance with legislative and regulatory requirements.
   • Develop and document a business development plan outlining priorities, responsibilities, performance indicators, timelines and budgets.
   • Communicate plans to relevant personnel and seek required approval.
   • Test business development initiatives for acceptance in the market place.
   • Prioritise potential business development opportunities for action.
3. Implement business development plan.
   • Communicate the business develop plan to relevant stakeholders and personnel.
   • Allocate resources to support the delivery of business development opportunities.
   • Oversee the roll-out of marketing and communication processes to target markets launching new business initiatives.
4. Evaluate impact of business development plans.
   • Monitor and evaluate new business initiatives against desired outcomes and performance indicators.
   • Review business development plans in line with changing organisational and business requirements.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

identify business opportunities and develop a business development plan for the implementation of one identified opportunity by:

researching and analysing internal and external business environments to determine opportunities for business development

determining feasibility of and risks associated with business development opportunities

developing business plan that details:

priorities

responsibilities

performance indicators

timelines

budgets

evaluating the above plan against performance indicators and report on impact and effectiveness.

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Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

techniques for:

identifying and analysing business opportunities

determining feasibility of business development opportunities

evaluating business development plans

formats of business development plans

internal and external environments and their role in determining business opportunities

risks associated with business development opportunities and strategies to minimise risks

budgeting and financial planning procedures

business development opportunities and trends in the relevant industry.

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