Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBESB303 Mapping and Delivery Guide
Organise finances for new business ventures

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency BSBESB303 - Organise finances for new business ventures
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to estimate start-up costs, financial viability and projected cash flow and budget for a new business venture. It involves assessing the need to access required finances based on calculations and estimates undertaken.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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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:

business technology, including internet access

finance documentation and resources relating to business described in performance evidence

sources of specialist advice.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Prepare to organise finances for new business venture
  • Establish current financial situation, showing funds available and commitments already incurred
  • Identify equity finance and assets from available sources
  • Identify business mix and forecast expected business activity over a year
       
Element: Determine required finances for new business venture
  • Estimate start-up costs for business venture according to established business activities
  • Estimate income and expenses for first year of operation
  • Project cash flow for first year of operation
  • Seek specialist financial advice as required according to workplace procedures
  • Record cash flow and budget and required finances
       
Element: Plan to access finances for new business venture
  • Investigate and source suitable types of finances
  • Establish methods of accessing finances and servicing any repayment schedule
  • Complete required documentation
       


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:

organise finances for at least one new business venture.

In the course of the above, the candidate must:

investigate financial position, commitments and needs

determine projected cash flow and budget for business venture

estimate finances needed to establish and operate the business venture.

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:

sources of specialist financial advice relating to new business ventures, including Australian Taxation office (ATO)

accounting software for use in the business venture described in performance evidence

key financial terminology relevant to new business ventures

relationship between finances and sales and marketing strategies

workplace procedures for:

costing or pricing and preparing financial forecasts

estimating start-up costs, including cost of expenses and assets

seeking specialist financial advice

income and costs to be considered when estimating operating budget, including:

monthly variable and fixed costs required for business activity

drawings needed for business venture to be financially viable

monthly income generated by business venture based on price per unit item or hourly charge rate for labour

goods and services tax

operating finance required for business.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.
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
Establish current financial situation, showing funds available and commitments already incurred 
Identify equity finance and assets from available sources 
Identify business mix and forecast expected business activity over a year 
Estimate start-up costs for business venture according to established business activities 
Estimate income and expenses for first year of operation 
Project cash flow for first year of operation 
Seek specialist financial advice as required according to workplace procedures 
Record cash flow and budget and required finances 
Investigate and source suitable types of finances 
Establish methods of accessing finances and servicing any repayment schedule 
Complete required documentation 

Forms

Assessment Cover Sheet

BSBESB303 - Organise 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

BSBESB303 - Organise 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: