Unit of competency Outline
Date retreived
22/07/2026 5:09 AM AWST
22/07/2026 5:09 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.
Manage small business finances
Manage small business finances
Unit of competency
National Code
BSBSMB421
BSBSMB421
State Code
OAE73
OAE73
TGA Status
Replaced
Replaced
DTWD Status
Transition (Replaced)
Transition (Replaced)
State Implementation and Classification
Approved Date
14/02/2019
Field of Education
080301 - Business Management
Original Release Date
14/02/2019
Nominal Hours
50
Description
This unit describes the skills and knowledge required to implement and review financial management strategies on a regular basis, including by using new and emerging digital technologies.It applies to individuals who operate a small business that stands alone, or that is part of a department within a larger organisation. Individuals in this role interpret financial reports and other numerical data to develop financial management strategies.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, to profitably operate the business
- 1.2 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
- 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 to enable adequate financial provision for taxation in accordance with legal requirements
- 1.5 Develop, monitor and maintain client credit policies, including contingencies for debtors in default, to maximise cash flow
- 1.6 Select key performance indicators to enable ongoing monitoring of financial performance in line with the business plan
- 1.7 Record and communicate financial procedures to relevant personnel to facilitate implementation of the business plan
2. Monitor financial performance
- 2.1 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
- 2.2 Monitor marketing and operational strategies for their effects on the financial goals
- 2.3 Calculate and evaluate financial ratios according to own or industry benchmarks
- 2.4 Assess financial plan to determine whether variations or alternative plans are needed, and change as required
- 2.5 Undertake research regularly to identify opportunities to implement new and emerging technologies to boost business profitability in accordance with the business plan
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUH81 | BSBSMB406 | Manage small business finances | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCF11 | BSBESB407 | Manage finances for new business ventures | Unit of competency |