Unit of competency Outline

Date retreived
22/07/2026 2:44 PM AWST

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Determine financial requirements of small businesses

Determine financial requirements of small businesses

Unit of competency
National Code
FNSFLT411
State Code
OCZ16
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
22/04/2021
Nominal Hours
35
Description
This unit describes the skills and knowledge required to determine the key financial requirements for establishing and maintaining a successful small or micro business.The unit applies to those who are engaged in a small business occupation, such as trade-based operators, seeking to enhance their financial literacy. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify costs and benefits of small and micro business
  • 1.1 Determine business’ financial needs, objectives and opportunities
  • 1.2 Identify benefits and disadvantages of operating a small or micro business
  • 1.3 Identify start-up and ongoing costs associated with running a small or micro business
2. Analyse obligations and risks of operating a small or micro business
  • 2.1 Determine legislative, regulatory, registration and licensing requirements affecting operations of the business
  • 2.2 Assess different business models and associated financial decisions
  • 2.3 Identify insurance requirements and associated mitigation strategies
  • 2.4 Analyse taxation and record-keeping obligations
3. Identify mechanisms for supporting business success
  • 3.1 Research and establish licensing, legislative, registration and regulatory requirements applicable to the business
  • 3.2 Identify business processes required to maintain records and compliance
  • 3.3 Identify long-term business objectives and career goals
4. Identify opportunities for business learning, mentoring and advice
  • 4.1 Identify education, training and development opportunities that support business objectives
  • 4.2 Identify key components of a business plan
  • 4.3 Identify skills and knowledge required to develop and monitor the business
  • 4.4 Identify and evaluate personal attributes required to operate a small or micro business
  • 4.5 Identify potential mentors, advisers, networks and sources of assistance for the business and methods to engage with them
No information
No information
Replaces
State Code National Code Title Type
AUQ94 FNSFLT401 Be MoneySmart through a career in small business Unit of competency