Application
This unit describes the skills and knowledge required to research and develop a plan for achieving small business growth.
It applies to individuals who operate a small business either that operates independently, or that operates as part of a larger organisation. Individuals in this role interpret business information and numerical data competently to develop strategies, and are skilled communicators.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify growth objectives | 1.1 Identify measurable indicators for assessing business success 1.2 Evaluate current scale and success of business against identified indicators 1.3 Review current business objectives and identify key areas of focus for business growth |
2. Evaluate mechanisms for causing growth | 2.1 Identify and evaluate the suitability of opportunities for growth 2.2 Research funding options, where applicable, to support business growth and assess suitability in line with existing business objectives 2.3 Analyse the business’ capacity for growth including legal and compliance obligations/implications and likely disruption to existing business 2.4 Select appropriate opportunities for business growth, considering funding required, likelihood and extent of impact, and any associated risks and challenges |
3. Develop a strategy for growth | 3.1 Research and model selected opportunities to determine potential return on investment 3.2 Consider roles of existing business employees/personnel and identify any necessary adjustments to the function, structure, or quantity of roles required 3.3 Develop, produce, and deliver a business case for growth in a suitable format for relevant parties 3.4 Integrate, where applicable, growth strategy into business, operational, marketing strategic, financial and production plans where relevant |
Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
Skill | Description |
Reading | Identifies, analyses and evaluates a range of textual information to determine goals and objectives, options, opportunities and risks, as well as legislative and compliance implications of pursuing growth strategies |
Writing | Researches and documents growth strategy according to organisational requirements Creates texts using formats and language appropriate to the audience and context |
Oral Communication | Presents information and seeks advice using language appropriate to audience Participates in discussions using listening and questioning to elicit the views of others and to clarify or confirm understanding |
Numeracy | Interprets and uses mathematical equations to calculate numerical information relating to forecasting, resource use, costs, funding options and revenue streams |
Navigate the world of work | Develops and modifies organisational policies and procedures in accordance with legislative and compliance requirements and organisation goals |
Interact with others | Selects and uses appropriate conventions and protocols when communicating with specialist advisors and other stakeholders to seek or share information Strategically seeks out relevant individuals to gain their support |
Get the work done | Organises information and own workload Identifies, analyses and evaluates options using systematic, analytical processes to identify opportunities for growth, weighing costs and benefits of each Documents goals, objectives and strategies to support growth, and integrates these strategies in other business plans |
Sectors
Management and Leadership – Small and Micro Business