Unit of competency Outline
Date retreived
22/07/2026 7:35 PM AWST
22/07/2026 7:35 PM 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.
Manage finances for new business ventures
Manage finances for new business ventures
Unit of competency
National Code
BSBESB407
BSBESB407
State Code
OCF11
OCF11
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 implement and review financial management strategies, including by using new and emerging digital technologies and interpreting financial reports and other numerical data.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. Implement financial strategy
- 1.1 Identify financial information requirements and obtain specialist services, as required
- 1.2 Produce financial budgets or projections for each forward period, and distribute to required people according to legal requirements and workplace procedures
- 1.3 Develop a plan to negotiate and manage business capital to best enable implementation of the business plan
- 1.4 Develop and maintain strategies and enable adequate financial provision for taxation according to legal requirements
- 1.5 Develop, monitor and maintain client credit policies to maximise cash flow
- 1.6 Select key performance indicators (KPIs) to enable ongoing monitoring of financial performance in line with business plan
- 1.7 Record and communicate financial procedures to required personnel to facilitate implementation of business plan according to workplace procedures
2. Monitor financial performance
- 2.1 Use available systems to monitor and report on financial performance targets, and analyse data to establish extent to which financial goals have been met
- 2.2 Monitor marketing and operational strategies for their effects on financial goals
- 2.3 Calculate and evaluate financial ratios according to own business and/or industry benchmarks
3. Review financial performance
- 3.1 Assess financial strategy to determine whether variations or alternative plans are needed according to workplace procedures, and change as required
- 3.2 Research and implement, with relevant personnel, new and emerging digital technologies to boost business profitability according to business plan
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| OAE73 | BSBSMB421 | Manage small business finances | Unit of competency |