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Evidence Guide: BSBSMB421 - Manage small business finances

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

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

 

BSBSMB421 - Manage small business finances

What evidence can you provide to prove your understanding of each of the following citeria?

Implement financial strategy

  1. Identify financial information requirements and obtain specialist services, as required, to profitably operate the business
  2. Produce financial budgets or projections, including cash flow estimates, as required for each forward period, and distribute to relevant people in accordance with legal requirements
  3. Develop a plan to negotiate and manage business capital to best enable implementation of the business plan
  4. Develop and maintain strategies to enable adequate financial provision for taxation in accordance with legal requirements
  5. Develop, monitor and maintain client credit policies, including contingencies for debtors in default, to maximise cash flow
  6. Select key performance indicators to enable ongoing monitoring of financial performance in line with the business plan
  7. Record and communicate financial procedures to relevant personnel to facilitate implementation of the business plan
Identify financial information requirements and obtain specialist services, as required, to profitably operate the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Produce financial budgets or projections, including cash flow estimates, as required for each forward period, and distribute to relevant people in accordance with legal requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop a plan to negotiate and manage business capital to best enable implementation of the business plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and maintain strategies to enable adequate financial provision for taxation in accordance with legal requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop, monitor and maintain client credit policies, including contingencies for debtors in default, to maximise cash flow

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select key performance indicators to enable ongoing monitoring of financial performance in line with the business plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and communicate financial procedures to relevant personnel to facilitate implementation of the business plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor financial performance

  1. Use available digital technologies to regularly monitor and report on financial performance targets, and analyse data to establish extent to which the financial goals have been met
  2. Monitor marketing and operational strategies for their effects on the financial goals
  3. Calculate and evaluate financial ratios according to own or industry benchmarks
  4. Assess financial plan to determine whether variations or alternative plans are needed, and change as required
  5. Undertake research regularly to identify opportunities to implement new and emerging technologies to boost business profitability in accordance with the business plan
Use available digital technologies to regularly monitor and report on financial performance targets, and analyse data to establish extent to which the financial goals have been met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor marketing and operational strategies for their effects on the financial goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate and evaluate financial ratios according to own or industry benchmarks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess financial plan to determine whether variations or alternative plans are needed, and change as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Undertake research regularly to identify opportunities to implement new and emerging technologies to boost business profitability in accordance with the business plan

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge