Unit of competency Outline

Date retreived
22/07/2026 8:36 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.

Refine and strengthen a small business

Refine and strengthen a small business

Unit of competency
National Code
BSBSMB415
State Code
AWF75
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
05/07/2016
Field of Education
080301 - Business Management
Original Release Date
05/07/2016
Nominal Hours
45
Description
This unit describes the skills and knowledge required to formulate and implement actions to develop and sustain a small business.It applies to individuals who run a small business that operates independently, or as part of a larger organisation. Individuals in this role interpret business information and numerical data competently to plan, direct and control a small business, make strategic decisions and take action. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Investigate opportunities and ideas for business development
  • 1.1 Conduct an internal assessment of the performance of the business and its operations to identify potential efficiencies
  • 1.2 Review the external business environment and identify emerging trends, disruptions and potential threats
  • 1.3 Consult with relevant stakeholders and specialist services or sources of advice to gain feedback on development possibilities
  • 1.4 Consider development options specific to the type of business, market or industry life cycle stage utilising benchmarking, research and innovation
2. Formulate strategies
  • 2.1 Based on the outcomes of the analysis, confirm or modify the business objectives
  • 2.2 Develop a set of strategies and specific actions for both the short and long term incorporating regulatory, social, economic, ethical and environmental responsibility factors into the decision- making process
  • 2.3 Align the strategies to the business resource and capability limitations
3. Implement the strategies
  • 3.1 Access and allocate resources
  • 3.2 Establish a framework for implementation that covers equipment, infrastructure and personnel
  • 3.3 Design controls to monitor progress and take action to correct any issues
  • 3.4 Demonstrate leadership by providing direction and motivation to others to encourage contribution to business success
4. Monitor the implementation of the strategies
  • 4.1 Assess the outcomes of the strategies and actions against business objectives and performance targets
  • 4.2 Consider further innovations or efficiencies that would contribute to business sustainability
  • 4.3 Determine any adjustments to the strategies and actions to accommodate changes in the internal or external situation
  • 4.4 Document and communicate the changes to relevant stakeholders
No information
No information
Replaced By
State Code National Code Title Type
OCF73 BSBESB401 Research and develop business plans Unit of competency