Business Plan Development for Small Enterprise

This assignment requires students to develop a formal business plan for a small enterprise nominated by their trainer or assessor. The plan must include a comprehensive analysis of the strengths and weaknesses of various business plans, implementation strategies, performance measurement approaches, benchmarking, and long-range direction forecasts. Students are expected to demonstrate critical thinking skills, knowledge of relevant business theory, and an understanding of key aspects such as marketing, financial management, human resource planning, risk management, and operational planning.

T-1.8.1
Details of Assessment
Term and Year 2, 2017 Time allowed Weeks
Assessment No 1 Assessment Weighting 100%
Assessment Type Portfolio of
Due Date Week Room TBA
Details of Subject
Qualification BSB61015 Advanced Diploma in Leadership and Management
Subject Name Financial Management
Details of Unit(s) of competency
Unit Code (s) and
Names
BSBFIM601 Manage finances
Details of Student
Student Name
College Student ID
Student Declaration: I declare that the work
submitted is my own, and has not been
copied or plagiarised from any person or
source.
Signature: ___________________________
Date: _______/________/_______________
Details of Assessor
Assessor’s Name
Assessment Outcome
Results Competent Not Yet Competent Marks /
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Student Declaration: I declare that I have been
assessed in this unit, and I have been advised of my
result. I am also aware of my right to appeal and the
reassessment procedure.
Signature: ____________________________
Date: ____/_____/_____
Assessor Declaration: I declare that I have
conducted a fair, valid, reliable and flexible
assessment with this student, and I have provided
appropriate feedback
The student did not attend the feedback session.
Feedback provided on assessment.
Signature: ____________________________
Date: ____/_____/_____
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Purpose of the Assessment
The purpose of this assessment is to assess the
student in the following learning outcomes:
Competent
(C)
Not Yet Competent
(NYC)
plan for financial management
read and review profit and loss statements, cash
flows and aging summaries
prepare, implement and revise a budget which aligns
with the business plan, is based on research and
analysis of previous financial data and cash flow
trends, and meets all compliance requirements
contribute to financial bids and estimates
establish a budget and allocate funds in accordance
with statutory and organizational requirements
communicate with other people including reporting
on financial activity and making recommendations,
identifying and prioritizing significant issues,
ensuring managers and supervisors are clear about
budgets
analyze the effectiveness of existing financial
management approaches including reviewing
financial management software, managing risks of
misappropriation of funds, ensuring systems are in
place to record all transactions, maintaining an audit
trail and complying with due diligence
Assessment/evidence gathering conditions
Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student
can only achieve competence when all assessment components listed under “Purpose of the assessment”
section are recorded as competent. Your trainer will give you feedback after the completion of each
assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
Resources required for this Assessment
 Computer with relevant software applications and access to the internet
 Weekly eLearning notes relevant to the tasks/questions
Instructions for Students
Please read the following instructions carefully
 This assessment has to be completed In class At home
 The assessment is to be completed according to the instructions given by your assessor.
 Feedback on each task will be provided to enable you to determine how your work could be improved.
You will be provided with feedback on your work within two weeks of the assessment due date. All other
feedback will be provided by the end of the term.
 Should you not answer the questions correctly, you will be given feedback on the results and your gaps
in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be
deemed competent for this unit of competency.
 If you are not sure about any aspects of this assessment, please ask for clarification from your
assessor.
 Please refer to the College re-assessment for more information (Student Handbook).
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FINANCIAL MANAGEMENT: ASSESSMENT
WEEK 2 (20 marks)
ASSESSMENT ACTIVITY: SHORT ANSWER RESPONSES
1. Describe at least one (1) business that is profitable and explains why you think it is enjoying
financial success.
A business that is profitable is YouTube channel. The business has been enjoying financial success
these days because of various subscribers and views.
2. While the evidence suggests otherwise, there is a common view that many new businesses fail
within the first year of operation. Why do you think a new business might not succeed?
There are many reasons for the failure of a new business in its first year of operation. Some of the
reasons can be :
 No differentiation in the market
 Not customer oriented
 Not able to communicate value propositions
 Leadership breakdown
 Wrong strategy
3. Explain the following fundamental accounting concepts:
 Business Entity Concept
According to this concept, the transactions associated with the business shall be recorded
separately from its owners or other businesses.
 Dual Aspect Concept
According to this concept, every transaction has a double effect and shall be recorded on two
different accounts.
 Money Measurement Concept
According to this concept, every transaction that is recorded shall be measured in terms of money.
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4. Explain the following fundamental accounting concepts:
 Objectivity Concept
According to this concept, it states that the financial statements in an organization shall always be
based on some solid evidence.
 Going Concern Concept
It implies that the business will continue its operations in future and will not discontinue its operations
for many reasons.
 Periodicity Concept
According to this concept, the accountants will report the net income and cash flows of the company
in each accounting period.
5. Explain the following fundamental accounting concepts:
 Cost Concept
This concept implies that the assets shall be recorded at the cash amount at the time when they are
acquired.
 Conservatism Concept
According to this principle, the liabilities and expenses are recognized as soon as possible as there
is
uncertainty about the outcome but the revenues are recognized only when they are received.
 Materiality Concept
According to this concept, the important matters in accounting shall be disclosed and the trivial
matters are disregarded.
6. Explain the following fundamental accounting concepts:
 Realisation Concept
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According to this concept, the revenues can be recognized only when
the services for the same are rendered or goods delivered.
 Matching Concept
In general, this concept means that the expenses are matched with the incomes that are generated
from these expenses.
 Full Disclosure Concept
It requires the company to disclose all the important information related to the company so that the
people associated with the company can make informed decisions.
7. Provide four (4) examples of investment decisions

 Investment in R&D (research and development)
 Investment in plant and machinery
 The decision of entering a new market
 The takeover of a company
8. Provide five (5) examples of financing decisions
 Capital investments
 Debt financing
 Revenue from sales
 Paying for capital projects
 Equity financing
9. Provide three (3) examples of financial management decisions.
 Issuing new credit for paying old debts
 Opening new store
 Extending credit to customers
10. Explain the difference between financial accounting and management accounting.
Financial accounting Management accounting
Reports on the results of entire business It is reported at a detailed level like a profit of a
product or product line.
Pays less or no attention to the overall system It pays attention to small issues and finding ways
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to sort it out
Historical oriented Future-oriented
11. Provide five (5) examples of ratios that can be used for analysis and what they mean
 Liquidity ratios: focuses on the ability of the firm to pay short-term debts.
 Debt Ratios: focuses on the ability of the firm to meet its long-term obligations.
 Turnover ratios: measures the firm’s efficiency for using its assets for the production of
sales.
 Profitability ratios: focuses on the ability of the firm to generate the profits.
 Market value ratios help in knowing or studying the market value of the firm.
12. Provide the formulas for the following ratios:
 Gross Profit
Gross profit= Revenue-COGS/ total revenue
 Net Profit
Net Profit =Revenue-(operating expenses +cogs and +tax and interest)
 Inventory Turnover Ratio
Inventory Turnover Ratio = COGS/Average Inventory
 Debt to Assets Ratio
 Debt to Assets Ratio = Total Liabilities / Total Assets
 Return on Investment
Return on Investment = gains –investment costs/investment costs
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WEEK 3 (20 marks)
ASSESSMENT ACTIVITY: RESEARCH
1.Research the following website http://ato.gov.au/ and summarize the services, facilities, and
products the Australian Tax Office provides for individuals and business.
Services:
 Lodging tax returns’
 Capital gain tax
 Assessing Income
 Paying tax
Products:
 Registration
 Paying the ATO
 Small businesses
2. Explain and find one (1) example of a Bilateral or Regional Trade Agreement
The agreements between two nations at a time are called bilateral trade agreements. Example
The transatlantic trade and investment partnership that would remove the current barriers to
trade between European Union and the United States.
3. Explain the Trade Practices Act. What is it? Who does it apply to?
This act is the legislative vehicle for the competition law in Australia it is now known as The
Competition and Consumer Act 2010. It promotes fair trading and competition so that consumers
can be protected.
The act applies to consumers, companies, businesses and shareholders, stakeholders of the
company.
4. Explain the following key Australian Taxation requirements:
 PAYG Withholding
Under this, the employer can withhold the tax from certain of the
payments that are made to others. The payments include:
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 Payments made to workers under the labor-hire
agreement
 Payments to employees
 Payments under voluntary agreements
 Company Tax
It is also called corporate tax or corporation tax and it is a direct tax that the jurisdictions
impose on the capital and income or the legal entities and corporations.
 Goods and Services Tax (GS.)
It is a value-added tax that is levied on goods and services that are sold for domestic
consumption. The costumers pay the GST but the government remits the same from the
business that is selling the goods and services.
 Financial Probity
Probity basically means integrity, honesty, and uprightness. The name in itself is summed up
in moral values. So financial probity means to be open and honest in all the financial and
commercial matters that are related to funding and research.
 Australian Business Number (A.B.N)
ABN which is commonly known as Australian Business Number. It is an 11 digit number that
helps the business to be identified by the community and business.
 Business Activity Statement (B.A.S)
BAS is required to be lodged if a business is registered for GST. It helps the company to pay
its GST, PAYG withholding tax, and other taxes.
 Superannuation
It is a pension program that the company creates for its
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T-1.8.1
employee's benefits. It is also known as company pension plan.
 Fringe Benefits Tax (F.B.T)
The tax that the employers pay for the benefit of the employees in place of salary or wages is
known as Fringe benefits tax.
 Income Tax
The tax that is imposed by the government on the financial income that is generated by all
the entities is known as income tax.
5. What does International Commercial Terms (INCOTERMS) mean?
A series of pre-defined commercial terms that are published by the International chamber of
commerce and that relates to the international commercial law is known as INCOTERMS.
6. Explain what the role of the following: World Trade Organization (WTO)
It is the umbrella organization that has the responsibility for overseeing that all the
agreements have been negotiated and implemented just before it came into existence. It is
also responsible for settling disputes among the various members.
7. What is GST(Goods and Services Tax and how is it calculated )?
GST or Goods and services tax is the tax that is levied on goods and services that are sold
for the domestic consumption.
For calculating GST the GST rate is multiplied by the total value of supplies and advances.
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T-1.8.1
WEEK 4(10 marks)
1. Prepare a Profit & Loss Statement and Balance Sheet using the information given below.
From the following financial Information Prepare a Profit & Loss Statement and Balance Sheet;
Food Sales $25 000
Beverage Sales $42 000
Rooms Sales $33 000
Conference Sales $45 000
Opening Food Stock $10 000
Food Purchase $20 000
Closing Food Stock $20 000
Opening Beverage $25 000
Beverage Purchase $40 000
Closing Beverage Stock $25 000
Advertising $1 200
Rates (Council Fees for emptying Rubbish Bins, Landscaping and Street
Cleaning)
$1 500
Decorations (Christmas Trees or Flowers for Table Centre Pieces) $700
Repairs & Maintenance $2 300
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Laundry $2 900
Office Supplies (Pens, Stationary) $2 500
Insurance $1 500
Wages $58 000
Cash in Bank $38 866
Retained Earnings for Previous Year -$41 790
Linen & Glassware $510
Liquor $2 558
Food $4 996
Equipment $5 200
Accounts Payable $10 000
Capital $70 000
Accounts Receivable (A/R) $10,480
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Answer 1:
Profit and Loss Statement
Opening Stock
(opening food stock+ opening beverage)
35000 Sales 145000
Purchases
(food purchases+ beverage purchases)
60000
Carriage Inward Nil
Wages 58000 Closing Stock 45000
Gross Profit 37000 ( food +
beverage)
190000 190000
Advertising
1200
Insurance 1500 Gross Profit 37000
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Rates 1500
Decoration 700
Office
Laundry
Food
Linen and Glassware
Liquor
Repair
Net profit
2500
2900
4996
510
2558
2300
16336
Total 37000 37000 90
BALANCE SHEET
Assets $ Liabilities $
Cash at bank
38866 Bills Payable 10000
Bills receivable
10480 Capital 70000
Equipment 5200 Net profit 16336
96336
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Total Liabilities
Retained earnings (41790)
Total
54546
Total
54546
Answer 2:
The profit and loss report helps in understanding the profitability of the business by extracting various
important figures.
Week 5 (10 marks)
Q1. Professional ethics is the application of ethical principles by professionals who have an
obligation to those who rely on their services. Give examples of professional care:
It is correct that professional ethics is the application of ethical principles by professionals who have
an obligation to those who rely on their services. The examples of professional care are Licensed
practical nurses who hold a license of a physician.
Q2. Codes of ethics are the most concrete form of communication by which professions
acknowledge their obligations to society. The role of a financial manager involves discharging
one's responsibilities while ensuring compliance with all the obligations espoused in the code
of ethics. Give an example how a financial manager can apply the code of ethics on making
decisions.
A Financial Manager shall provide competent, timely and accurate information that presents in a fair
manner the potential disclosure issues like legal ramifications
Q3. What is Business Ethics and professional ethics?
Answer:
Business ethics is the study of the business policies and practices that are related to controversial
issues like corporate governance, bribery, and corporate social responsibility.
On the other hand, professional ethics is concerned with personal and corporate standards of
behavior that is expected by professionals.
Q4. What is Integrity?
Answer:
It is the fundamental value that is sought by the employers in the employees. It is the quality of
being honest and has strong moral principles.
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Q5. How often does an organization need to perform an audit trail
to make sure all transactions are recording with due diligence? How does integrity play a big
role in this section?
Q6. CASE STUDY:
You have been the finance director of a clothing retailer for ten years. The company's yearend is 30Th
June, and you are finalizing the year-end accounts. You have recently been advised by the
warehouse manager of a significant level of slow-moving stock. The stock in question is now more
than nine months old and would normally have been written down some months previously. The
shareholders are trying to sell the company, and the managing director (the majority shareholder) has
told you that it is not necessary to write down the stock in the year-end accounts. You are sure that
the managing director wants the financial statements to carry an inflated stock valuation because he
has found a prospective buyer. The managing director has indicated to you that, if the proposed deal
is successful, all employees will keep their jobs and you will receive a pay increase.
What would you do?
Answer:
In the above case, I understand that the managing director is the majority shareholder wants not to
write down the stocks in the year-end accounts so that he can carry on the inflated stock valuation
and the business can be sold at a high price. But, I being the finance director has some ethics as a
professional so according to those code of ethics, I shall fairly disclose the true picture of the
company. Whereas, being with the company for last 10 years I would need to work according to the
company will along with that the company assured me that all the jobs of the employees will be kept.
So, I think I will go with the decision of the company being ethical, not correct but correct for the
welfare of many people.
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Week 6 (20 marks)
Task 1: Cash budget: service industry
Dr. Healer is the manager of a medical clinic and is concerned about the cash flow shortages which
arose somewhat unexpectedly recently in the practice. At 30 June the bank account showed an
overdraft of $50 000. Dr. Healer believes that the cash flow problems stem from lack of attention to
outstanding patient accounts and the purchase of expensive medical supplies in large quantities at
irregular intervals.
The good doctor has asked you to help design a spreadsheet to investigate the cash flow problems.
You discover the following data:
Revenue:
May $120 000 (actual)
June $145 000 (actual)
July $50 000 (budget)
August $150 000 (budget)
September $140 000 (budget)
Past experience shows that 40% of the consultation revenue is collected in the month of the visit, 30%
in the following month, 20% in the second month after the visit, and 10% was never collected.
From July new credit policies are expected to result in a collection pattern of 60%, 20%, 10% and
10% respectively.
The cost of medical supplies was $40 000 in June and is budgeted for $60 000 in August. Half of the
suppliers' accounts are paid in the month incurred and the half in the following month. Salaries of $40
000 per month and other costs of $25 000 per month are paid in the month incurred.
Required:
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1. Prepare a cash budget for the 3 months, July to September to
examine the cash flows projections (Use the spreadsheet template to prepare the cash budget).
2. You are aware that there is some suppliers' payment due in July and August. What relevant
personnel you are required to discuss/negotiate the possible cash shortfall?
Answer:
In order to discuss the possible cash shortfall, one can discuss the payment terms and increase
the payment dates.
3. What possible contingency plan you can implement to avoid the forecasted cash flow shortfall
Answer:
The contingency plan that can be implemented to avoid the forecasted cash flow shortfall is the
company can prioritize and identify the risks and can address all the business critical operations.
Monthly Revenue 120000 145000 50000 150000 140000
Particulars May June July August
Septembe
r
Opening Balance (A) 0 0 -50000 -37500 -3500
Inflow
Revenue May Month 48000 36000 24000
Revenue June Month 58000 43500 29000
Revenue July Month 30000 10000 5000
Revenue August Month 90000 28000
Revenue September
Month 84000
Total Inflow (B) 97500 129000 117000
Outflow
Medical Supplies Cost -20000 20000 30000 30000
Salaries 40000 40000 40000
Another cost 25000 25000 25000
Total Outflow © 85000 95000 95000
Closing Balance -37500 -3500 18500
Task 2: Alternative debt collection policies
As the manager of Corby and Danes Ltd, you are concerned about the current collection policy from
credit customers. The current policy is that all sales are to be made on credit, with the expectation
that 70% of all accounts receivable are collected in the month immediately following the sale: 20% in
the second month, 8% in the third month, and the balance written off as bad.
The actual sales for the four months January to April were as follows:
January $40 000; February $50 000; March $60 000; April $60 000
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The forecast sales for the next four months are:
May $70 000; June $80 000; July $80 000; August $80 000
You need a report that will show how much cash you can expect to collect each month from accounts
receivable for the period February to August. You also like to know what the cash flow patterns would
be if either of the two policies below were to be adopted from now (ie from May) on.
Alternative policy:
80% of the accounts receivable to be collected in the month following the sale, 10%
in the second month, 8% in the third month and the balance written off as bad.
Required:
1. Show what the existing report on cash collection from accounts receivable looks like.
2. Show how the additional reports revealing the cash flow situation under the proposed alternative
policy would look.
3. After analyzing the data which policy you would recommend improving the collection process for
the month of May, June, and July
1. Current policy:
Collections from accounts receivable
Jan Feb Mar Apr May June July Aug
$ $ $ $ $ $ $
Actual sales in: 40000 50000 60000 60000
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Forecasted Sales 70000 80000 80000 80000
Jan ($40 000) 28000 8000 3200
Feb. ($50 000) 35000 10000 4000
Mar. ($60 000) 42000 12000 4800
Apr. ($60 000) 42000 12000 4800
May ($70 000) 49000 14000 5600
June ($80 000) 56000 16000 6400
July ($80 000) 56000 16000
August 56000
Total Inflow 28000 43000 55200 58000 65800 74800 77600 78400
2. Alternate policy:
Collections from accounts receivable
Jan Feb Mar Apr May June July Aug
$ $ $ $ $ $ $ $
From sales in:
Actual sales 40000 50000 60000 60000
Forecasted sales 70000 80000 80000 80000
Jan ($40 000) 32000 4000 3200
Feb. ($50 000) 40000 5000 4000
Mar. ($60 000) 48000 6000 4800
Apr. ($60 000) 48000 6000 4800
May ($70 000) 56000 7000 5600
June ($80 000) 64000 8000 6400
July ($80 000) 64000 8000
August 64000
Total Inflow 32000 44000 56200 58000 66800 75800 77600 78400
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3. Recommendation:
After analyzing the data I would recommend the alternative collection policy through the
inflows from both ways are almost same the second one seems to be more
advantageous.
Week 7(20 marks)
Task 1 You are required to research, identify and evaluate available financial management software
applications for implementation in a small business or enterprise.
As a foundation to support your research and evaluation you are to prepare and deliver a written
response addressing the following key criteria:
 Price
 Usability
 Features and Functions
 Suitability
 Compatibility with other Software Applications
 Technical Support
 Training Opportunities
 Pros and Cons
 Your own personal Recommendations
For this response, it is essential that you develop something more than a common-sense approach.
Your plans need to be supported by wide-ranging research, providing a strong rationale for changes
and recommendations proposed.
Task 2: CREATE AND WRITE A FORMAL BUSINESS PLAN
BRIEF
Develop a formal business plan for a small business or enterprise nominated by your Trainer and
Assessor.
To demonstrate competency, you will need to consider in your analysis the capabilities and resources
of the new enterprise, vision, mission, trends, and developments in the marketplace, comparative
market information, and legal and ethical restraints on the proposed business activity.
ASSESSMENT REQUIREMENTS
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For this report, it is essential that you develop something more than a
common-sense approach.
Your plan will need to be supported by wide-ranging research, providing a strong rationale for
changes proposed.
The business plan or project plan must present a comprehensive and logical position which is
followed through with control measures for implementation and review.
Key benchmarks to address and include in your presentation and business plan are as follows:
 Analyse and interpret business vision, mission, values, and objectives
 Analysis of the strengths and weaknesses of a range of business plans
 Implementation of a business plan including evaluation of performance against documented
indicators in key results areas
 Consult with key stakeholders to develop performance objectives and measures through
consultation with key stakeholders
 Review market requirements for the product or service, profile customer needs, and research
pricing options
 Identify financial, human and physical resource requirements for the business
 Consider any permits or licenses that may be required for new activity
 Knowledge of performance measurement approaches and benchmarking
 Your business plan will need to cover all core aspects of business planning, including marketing,
financial, human resource, risk management and operational planning.
 Legal and insurance issues should be reviewed and corresponding recommendations made for
legal compliance embedded in your plan.
 Finally, the business plan should provide a forecast for the long-range direction of the business
and its strategic success.
RELEVANT INSTRUCTIONS
1. The analysis and strategy demonstrate a knowledge and understanding of relevant business,
management or industry theory.
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2. Evidence of critical thinking in preparing the responses for the
Business Plan
3. The strategy is incisive and includes a concise, relevant treatment of the issues and addresses
the assessment criteria.
4. The strategy critically discusses and analyses the topic, range statement, performance criteria
and foundation skills of the unit descriptor
5. All sources are referenced consistently and comprehensively using the recommended referencing
system as prescribed in the subject description/outline.
6. Use of language is appropriate to academic writing, the industry context, Business Planning,
Marketing, Human Resource Management principles, Financial Planning, Risk Management
themes and the assessment criteria
7. The responses are succinctly and clearly written or presented in English
8. The overall presentation is professional including spell and grammar checked judicious use of
headings, font size, layout etc.
Business Plan:
 Executive summary
 Enterprise description
 Product description
 Industry analysis
 Competition analysis
 Swot analysis
 Marketing Sub-plan
 Operations Sub-plan
 Budget
 Selected Options
 Milestone schedule
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