Unit of competency Outline
Date retreived
23/07/2026 12:12 AM AWST
23/07/2026 12:12 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Plan finances for new business ventures
Plan finances for new business ventures
Unit of competency
National Code
BSBESB403
BSBESB403
State Code
OCD82
OCD82
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080301 - Business Management
Original Release Date
16/03/2021
Nominal Hours
50
Description
This unit describes the skills and knowledge required to identify financial requirements of a business, including profit targets, cash flow projections and strategies to garner financial support.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.
Notes
Elements and Performance Criteria
1. Prepare to plan finances
- 1.1 Identify costs associated with production and delivery of business products and/or services
- 1.2 Set profit targets according to business venture requirements and workplace procedures
- 1.3 Calculate prices based on costs and profit targets, as a charge-out rate for labour or unit price for products and/or services
- 1.4 Calculate breakeven sales point to assess viability of business venture
- 1.5 Evaluate and select pricing strategies in relation to market conditions to meet profit targets and according to workplace procedures
- 1.6 Prepare projected profit statement to supplement business plan
2. Develop a financial plan
- 2.1 Identify working capital requirements necessary to attain profit projections
- 2.2 Identify noncurrent asset requirements and consider alternative asset management strategies
- 2.3 Prepare cash flow projections to enable business operation according to business plan and legal requirements
- 2.4 Identify capital investment requirements accurately for each operational period
- 2.5 Select budget targets to enable ongoing monitoring of financial performance
3. Plan to acquire finance
- 3.1 Identify startup and ongoing financial requirements according to financial plan and budget
- 3.2 Identify sources of finance for required liquidity according to business goals and objectives and workplace procedures
- 3.3 Research and assess cost of securing finance on optimal terms
- 3.4 Develop strategies to obtain finance as required to ensure financial viability of business venture
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUH17 | BSBSMB402 | Plan small business finances | Unit of competency |