BSBESB401_Asessments_2_07-07-2023_19_02_40_d4858441ce4349d7a90f4a430bbee624

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Assessment 2 – Coversheet Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Student and Submission Details Student Name Student ID Unit Code and Name BSBESB401 Research and develop business plans Date of submission STUDENT DECLARATION I declare that þ This assessment is my own work. þ None of this work has been completed by any other person. þ I have not cheated or plagiarised the work or colluded with any other student/s. þ I have correctly referenced all resources and reference texts throughout these assessment tasks. þ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Student Signature Assessor to complete Assessment 2 Assessment Result Date Type Of Submission Assessment 2 (Workplace project □ C (Competent) □ NYC (Not Yet Competent) □NA (Not Assessed) ☐ First submission ☐ First re-submission ☐ Second re- submission Assessor feedback

48 Assessor Name Assessor Signature Assessment 2 – Workplace assessment Project Overview This workplace project assessment requires you to develop at least one business plan that addresses the goals and objectives of a business or business venture. This assessment is divided into nine tasks:  Task 1: Establish Preliminary Information for the Business Plan  Task 2: Conduct Market Research and Establish Relevant Requirements  Task 3: Establish Products, Services and Marketing Information  Task 4: Draft the Business Plan  Task 5: Analyse the Draft and Research for Services and Advice  Task 6: Establish Prices and Cash Flow Projections  Task 7: Identify Budget Targets and Sources of Finance  Task 8: Develop Risk Management Strategies and Contingency Plan  Task 9: Communicate Business Plan to Stakeholders This project requires you to complete the assessment tasks in a real workplace, or in an environment with conditions similar to that of a workplace. Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation as evidence of task completion. BSBESB401

48 Before starting this assessment, your assessor will discuss with you these tasks, including instructions, resources, and guidance for satisfactorily completing them. You are required to:  Complete the tasks within the time allowed, as scheduled in-class roll.  Identify preliminary information for your business venture  Conduct market research  Establish legal and compliance requirements relevant to the business venture  Draft and analyse your business plan  Calculate for charge-out rates and unit prices for products and services  Prepare financial documents such as cash flow projects and budgets  Conduct a risk assessment and develop risk management strategies  Develop a contingency plan for your business venture  Confirm with key stakeholders their support for the planned business venture Forms and Templates Generic forms and templates are provided in the project tasks, unless otherwise specified. These can be accessed from the following link: BSBESB401 Forms and Templates Username: albrightlearner Password: albright@123 Review these forms and templates with your assessor before starting the task. Task 1: Establish Preliminary Information for the Business Plan ASSESSMENT INSTRUCTIONS This task will require you to identify preliminary information and develop a budget for your new business venture. You will be completing this business plan for this whole assessment. Part A: Identify Preliminary Information To complete this task, you must:  Identify an opportunity to develop a business plan for a new business venture. New business venture can refer to either of the following: o Establishment of new business ventures of an existing organisation o Establishment of a business that you will own BSBESB401

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48  Access and review sources that contain information relevant to your business venture’s industry practices when developing a business plan. Sources can include: o Government websites o Industry codes of practice  Complete the table below by: o Identifying information about your new business venture  Type of new business venture  Purpose for developing your business plan.  Business goals  Objectives o Outlining the required components of your business plan This refers to the sections that must be present in your business plan according to industry requirements. Part B: Develop a Budget Use your workplace/organisation’s template to complete this task, or use the ‘Initial Budget’ tab in the Budget template provided at the Bounce Fitness site. You will complete the ‘Budget Targets’ tab of the template in Workplace Project Task 7. To complete this task, you must:  Review documents or sources that contain information on the following: o Your available funds for the new business venture This can include:  Bank statements  Tax returns  Payroll reports o Estimated expenses that you are either currently paying or expecting to pay  Develop your budget for your new business venture. Specifically, your budget must include: o Available assets o Estimated expenses Review Workplace Project Task 1 – Assessor’s Checklist before starting this task. This form outlines the following:  Resources you are required to access to complete the task.  All criteria your submission must address to satisfactorily complete this task. BSBESB401

48 Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task. Otherwise, use the Budget template provided at the Bounce Fitness site. Submit the following assessor.  Completed initial budget. Include any supplementary documents/sources used to create the budget.  Workbook responses  Supplementary documents/sources accessed with information on your business venture’s industry practice when developing business plans. Complete the table below. Workplace/Organisation: Your Work/Job Role: Date Completed: PRELIMINARY INFORMATION Type of New Business Venture Purpose of Business Plan: Business Goals: a. b. Objectives a. b. BUSINESS PLAN Required Components of the Business Plan    Add more bullets as necessary BSBESB401

48 Task 2: Conduct Market Research and Establish Relevant Requirements ASSESSMENT INSTRUCTIONS This task will require you to conduct market research for your business venture and establish relevant requirements according to the business goals and objectives from Workplace Project Task 1. Use the Business Plan template provided at the business.gov.au website: How to Develop Your Business Plan https://business.gov.au/planning/business-plans/how-to-develop-your-business-plan You must use the same template used in this task to complete the tasks until Workplace Project Task 4. Part A: Conduct Market Research To complete this task, you must:  Gather information about the following: o Your business venture’s target market o Competitors Sources of information can include: o Documents containing existing information o Observation of Customers o Internet research  Identify the needs and wants of the identified market.  Assess your competitors  Estimate the size of your target market Part B: Established Relevant Requirements To complete this task, you must:  Review the business goals and objectives identified in Workplace Project Task 1  Access documents or sources that will provide you with information on the following requirements for your business venture: o Workplace procedures for establishing resource requirements. This must include information on how to calculate the number of staff needed for a business to operate. o Existing organisation’s business profile Business profile must accessed only if the business venture being planned for is part of an existing organisation. BSBESB401

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48 o Legal requirements, this must include requirements about the following:  Environmental requirements  Work health and safety (WHS) procedures for hazard identification  Industrial relations o Compliance requirements, this must include requirements about the following:  WHS responsibilities  Equal opportunity o Standards applicable to your business venture o Codes of practice applicable to your business venture Standards and codes of practice will depend on the industry of your business venture.  Identify the following relevant to your business venture: o Resources that you will need for your business. This must include the number of staff needed o Legal requirements o Compliance requirements There is no submission for this task. You will submit the following in Workplace Project Task 4:  Draft business plan with the following information: o Market research o Resource, legal and compliance requirements  Copy of workplace procedure for calculating required staff  Copy of documents or sources accessed to gather information about the target market and competitors Task 3: Establish Products, Services and Marketing Information ASSESSMENT INSTRUCTIONS This task will require you identify and assess your business venture’s product mix and plan marketing activities. Use the same template you used to completed Workplace Project Task 2 . To complete this task, you must: BSBESB401

48  Review the following: o Budget developed in Workplace Project Task 1. o Business objectives and goals from Workplace Project Task 1 o Market research conducted in Workplace Project Task 2 o Resources identified in Workplace Project Task 2  Identify the following: o Services your business intends to offer o Product mix of your business venture o Volume of each product produced per batch of production  Access sources that contain information relevant to how you will price your products and services. Information accessed can include: o Applicability of Goods and Services Tax (GST) o Price of raw materials for your products  Assess your product mix and identify pricing opportunities for your products  Identify the following marketing information: o Objectives o Strategies o Marketing activities There is no submission for this task. You will submit the following in Workplace Project Task 4:  Draft business plan with the following information: o Product mix o Volume of each product produced per batch o Pricing opportunities o Marketing objectives o Marketing strategies o Marketing activities  Copy of documents or sources accessed to gather information relevant to the pricing opportunity Task 4: Draft the Business Plan ASSESSMENT INSTRUCTIONS This task will require you to complete the draft business plan for the business venture BSBESB401

48 identified in Workplace Project Task 1 and research for specialist services that can provide advice about your business venture. Use the same template you have used from the following tasks:  Workplace Project Task 2  Workplace Project Task 3 To complete this task, you must:  Review the following: o Workbook responses identified in Workplace Project Task 1. o From Workplace Project Task 2 :  Market research  Resource, legal and compliance requirements o From Workplace Project Task 3 :  Product mix  Volume of products  Marketing information  Prepare the draft business plan you have been developing from Workplace Project Task 2 and 3. Ensure that your draft business plan contains the information gathered from the previous tasks. Submit the draft business plan to your assessor. BSBESB401

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48 Task 5: Analyse the Draft and Research for Services and Advice ASSESSMENT INSTRUCTIONS This task will require you to analyse the draft plan completed in Workplace Project Task 4 and identify specialist services and sources of advice for your business venture. Part A: Assess the Draft Business Plan Use the following templates and document provided at the Bounce Fitness site:  Business Plan Assessment  Risk Register  Risk Rating Matrix To complete this task, you must:  Review the draft business plan you prepared in Workplace Project Task 4  Complete the business plan assessment template. This includes identifying: o Strengths and weaknesses of your business plan compared to competitors o Areas for improvement o Personal factors or situations that are either affecting or will affect your business venture  Access your workplace’s procedures for the following: o Risk identification, for both internal and external risks o Risk assessment and prioritisation  Partially complete the risk register based on your assessment of your business plan. You must leave the control measure section blank. You will complete this section in Workplace Project Task 8. BSBESB401

48 Part B: Research Specialist Services and Sources of Advice To complete this task, you must:  Review your assessment of your draft business plan  Research about the following who can provide you with information on areas you are unsure of for your business plan or business venture: o Specialist services Specialist services refer to professional individuals or groups who provide services focusing on their area of expertise relevant to your business venture. These can include:  Contractors  Business brokers o Sources of advice Sources of advice refer to individuals or groups who can advise any questions or clarifications you may have regarding your business venture. These can include:  Lawyers  Accountants  Complete the table in the following pages with the results of your research. Identify the following: o At least two specialist services o At least two sources of advice o Estimated cost for consulting each source of advice and availing each service identified Use the following templates and document provided at the Bounce Fitness site:  Business Plan Assessment  Risk Register  Risk Rating Matrix Submit the following to your assessor for this task:  Completed Business Plan Assessment  Partially completed Risk Register  Workbook responses Complete the table below by identifying the following based on your research:  At least two of the following: BSBESB401

48 o Specialist services o Sources of advice  Estimated cost for each service and source of advice identified. Identified Service/Source Estimated Cost Specialist Service a. b. Source of Advice a. b. Total Task 6: Establish Prices and Cash Flow Projections BSBESB401

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48 ASSESSMENT INSTRUCTIONS This task will require you to identify the costs of production for your business venture to calculate the charge-out rate for your products and/or services. You must also prepare a cash flow projection for your business venture. Part A: Calculate for Prices Use the Price Calculations template provided at the Bounce Fitness site To complete this task, you must:  Review your draft business plan from Workplace Project Task 4.  Access sources that contain information on your business venture’s industry practice regarding profit margin for products and services This can include: o Government websites o Documents and or sources that contain information on industry practices  Update your draft business plan: o Identify how you intend to produce and deliver your products and services o Identify your costs for the first year of your business venture. This must include the following:  Fixed costs  Variable costs These must include costs associated with the following for your products and services:  Production  Delivery Costs associated with production and delivery refers to expenses incurred from the process of creating your product or service up until this is delivered to your customers. This includes sourcing of raw materials, manufacturing costs, packaging up until transportation to customers. o Calculate for the following:  Your products’ unit price  Charge-out rate for your service’s labour Part B: Prepare Cash Flow Projection Use the Expected Cash Flow section provided at the business plan template from business.gov.au.  Review the costs identified in Part A of this task. BSBESB401

48  Prepare an expected cash flow projection for your business venture. This must include: o Specific time interval used for the forecast o Opening balance o Incoming and outgoing cash If you used a cash flow template separate from the business plan template used, ensure to append your expected cash flow template to your draft business plan. If you are using a separate template from the business plan template, attach the separate cash flow projection to the draft business plan from Workplace Project Task 4 Review the template you will use to complete this task. If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task. Otherwise, use the following:  Price Calculations template provided at the Bounce Fitness site  Expected Cash Flow section provided in the business plan template from business.gov.au. There is no submission for this task. You will submit the following as part of your business plan in Workplace Project Task 8:  Information on how you intend to produce and deliver your goods and services  Completed price calculations template, including any supplementary documents/sources used to complete this template.  Expected cash flow template BSBESB401

48 Task 7: Identify Budget Targets and Sources of Finance ASSESSMENT INSTRUCTIONS This task will require you to set budget targets and identify sources of finances to attain the required liquidity for your business venture. Part A: Set Budget Targets Use the ‘Updated Budget’ tab in the Budget template provided at the Bounce Fitness site. To complete this task, you must:  Review the following: o Initial Budget you submitted with the draft business plan in Workplace Project Task 4 . o Expected cash flow completed in Workplace Project Task 6  Complete the updated budget tab of the budget template. Identify the following: o Timeframe covered by the budget o Sources of income o Expenses o Expected funds to be received for each source of income and funds allocated for each identified expense  Update the draft business plan to include your updated budget. Part B: Identify Sources of Finance Use the draft business plan you submitted in Workplace Project Task 4 to complete this task.  Review the following documents: o Draft business plan submitted in Workplace Project Task 4 , this must include:  Initial budget  Objectives  Goals o Workplace procedures regarding using sources of finance for liquidity o Budget targets established in Part A of this task o Additional documents and sources that contain information on your available assets and sources of finance  Identify sources of finance that will provide the required liquidity for your BSBESB401

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48 business venture  Update the draft business plan to include the sources of finance identified There is no submission for this task. You will submit the following as part of your business plan in Workplace Project Task 8:  Updated Budget  Information on sources of finance for the liquidity of your business venture You must also submit a copy of your workplace procedure for identifying sources of finance for liquidity in Workplace Project Task 8. BSBESB401

48 Task 8: Develop Risk Management Strategies and Contingency Plan ASSESSMENT INSTRUCTIONS This task will require you to develop risk management strategies and a contingency plan for your business venture. Part A: Develop Risk Management Strategies Use the risk register partially completed in Workplace Project Task 5. To complete this task, you must:  Review the following: o Draft business plan from Workplace Project Task 7, specifically:  Budget  Business goals and objectives,  Legal and compliance requirements  Identified methods for production and delivery from Workplace Project Task 6 o Partially completed risk register from Workplace Project Task 5 o Workplace procedures for developing risk management strategies  Develop risk management strategies for each risk identified.  Update the risk register with your strategies to complete the template. Part B: Develop Contingency Plan Use the Contingency Plan template provided at the Bounce Fitness site.  Review the following: o Completed business plan from Workplace Project Task 7 o Workplace procedure for developing contingency plans  Review the completed business plan to identify possible areas of non- conformance  Develop a contingency plan to address the possible areas of non-conformance identified  Append your contingency plan to your business plan from Workplace Project Task 7 BSBESB401

48 Task 9: Communicate Business Plan to Stakeholders ASSESSMENT INSTRUCTIONS This task will require you to present your business plan from Workplace Project Task 8 to relevant stakeholders to confirm their support for your business venture. Relevant stakeholders refer to groups or individuals who are involved in various aspects of the business to ensure that your business venture can start and maintain its operations. To complete this task, you must:  Communicate your business plan to at least two stakeholders  Identify each stakeholder’s: o Specific interests in your business venture o Objectives in investing in your business venture  Confirm each stakeholder’s support for your business venture Review Workplace Project Task 9 – Assessor’s Checklist before starting this task. This form outlines the following:  Resources you are required to access to complete the task.  All criteria your submission must address to satisfactorily complete this task. Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment. Submit evidence of communicating your business plan to at least two stakeholders. Evidence must be at least one of the following:  Email correspondence  Meeting minutes  Video recording of the meeting conducted with the stakeholders When using this as evidence, ensure to inform the stakeholder of the purpose of the recording before doing so . BSBESB401

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48 BSBESB401

BSBESB401_Asessments_2_07-07-2023_19_02_40_d4858441ce4349d7a90f4a430bbee624

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