The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!
From the Wiki University
What evidence can you provide to prove your understanding of each of the following citeria?
Ascertain own financial position and ability to provide capital/equity for the business
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Realistically detail personal, family or community financial situation showing funds available and commitments already incurred Completed |
Evidence:
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Determine equity finance and assets available for micro business from personal, family or community sources Completed |
Evidence:
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Determine projected cash flow for the business
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Determine level of forecast business activity over a year and the business mix Completed |
Evidence:
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Estimate establishment costs for the business and repayment schedule for borrowings Completed |
Evidence:
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Calculate monthly variable and fixed costs needed to conduct business activity over a year Completed |
Evidence:
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Estimate personal drawings needed from the business Completed |
Evidence:
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Estimate monthly income generated by the business for a year, based on price per unit item or hourly charge rate for labour Completed |
Evidence:
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Develop a cash flow budget for the first year of business operation Completed |
Evidence:
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Seek professional advice to estimate goods and services tax and operating finance required for the business Completed |
Evidence:
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Source required funds to establish the business
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Estimate required funding to establish and run the business based on expected sales and activity levels, available finances and commitments Completed |
Evidence:
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Investigate methods of accessing alternative sources of finance Completed |
Evidence:
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Identify strategies for meeting financial obligations Completed |
Evidence:
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Implement plans to access available funds as required Completed |
Evidence:
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Monitor business profitability
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Maintain and review monthly expenditure and income records Completed |
Evidence:
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Compare equity at beginning and end of a year to estimate business performance Completed |
Evidence:
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Assess financial viability of the business after a year of operation Completed |
Evidence:
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Seek professional advice on depreciation, insurance and tax implications of the business Completed |
Evidence:
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Ascertain own financial position and ability to provide capital or equity for the business
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Realistically detail personal, family or community financial situation showing funds available and commitments already incurred Completed |
Evidence:
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Determine equity finance and assets available for micro business from personal, family or community sources Completed |
Evidence:
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