This unit describes the skills and knowledge required to run a business operation and covers the steps required to develop and implement a business plan.
It applies to individuals who are running an organisation or who take a senior role in determining the effective functioning and success of the organisation. As such, they may oversee the work of a number of teams and other managers.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1.1 Review and evaluate pre-existing strategic, business and operational plan, if available
1.2 Analyse and interpret business vision, mission, values and objectives
1.3 Consult with key stakeholders
1.4 Review market requirements for the product or service, profile customer needs and research pricing options
1.5 Develop performance objectives and measures through consultation with key stakeholders
1.6 Identify financial, human and physical resource requirements for the business
1.7 Consider any permits or licences that may be required for new activity
1.8 Write business plan
2.1 Communicate business plan to all relevant parties and ensure understanding of performance requirements and timeframes
2.2 Ensure skilled labour is available to implement plan
2.3 Test performance measurement systems and refine, if necessary
2.4 Ensure timely reports on all key aspects of the business are available, user-friendly and balanced in terms of financial and non-financial performance
2.5 Report system failures, product failures and variances to the business plan as they occur
3.1 Analyse performance reports against planned objectives
3.2 Review performance indicators and refine if necessary
3.3 Ensure groups and individuals contributing to under-performance are coached, and provide training where appropriate
3.4 Review system processes and work methods regularly as part of continuous improvement
About This Course
Evidence of the ability to:
- analyse and research business vision, mission, values, objectives, goals, competitors, financial targets, management arrangements, marketing approaches and strategic, business and operational plans
- write a business plan which includes a description of the business, products and services, financial, physical and human resource requirements, permit and licence requirements, marketing activity, financial indicators, productivity and performance targets for key result areas
- implement a business plan including ensuring skilled labour is available, and that training is provided where appropriate
- monitor and respond to business performance including evaluation of performance against key results indicators including profit and loss, community awareness or branding, environmental impact, governance, quality, sales, triple bottom line and the workforce
- consult, communicate with and report to key stakeholders including business partners, financiers, customers, staff and technical advisers
- provide an analysis of the strengths and weaknesses of a business plan.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
- outline processes for developing business plans
- describe performance objectives and measures including key performance indicators
- identify key stakeholders.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership field of work and include access to:
- appropriate documentation and resources normally used in the workplace
- strategic, business and operational plans
- business information and data
- interaction with others.
Assessors must satisfy NVR/AQTF assessor requirements.