Course Title: Manage finances

Part B: Course Detail

Teaching Period: Term1 2010

Course Code: BUSM6206C

Course Title: Manage finances

School: 350T Fashion & Textiles

Campus: Brunswick Campus

Program: C6082 - Advanced Diploma of Textile Design and Development

Course Contact : Pat Jones

Course Contact Phone: +61 3 9925 9159

Course Contact Email:pat.jones@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Mark Reid

mark.reid@rmit.edu.au

Nominal Hours: 50

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

A pre-requisite is completion of the Diploma of Textile Design and Development.

Clustered subjects: Manage Finances + Develop & Implement a Sales or Marketing Plan + Complete a Business Plan. These are all Co-requisites and will be included in Term 2’s Business Plan.

Subjects are delivered over the course of 1 year at Advanced Diploma level.

Course Description

This unit covers the skills and knowledge required to assess and monitor the financial requirements, viability and performance of the business and prepare and review pricing policy, financial systems and control measures.

Determining an enterprise’s financial requirements and setting policies and strategies in place is critical to the short and long term financial viability of the business.

This unit is particularly suitable for those wishing to begin small and micro businesses in a variety of industries including retail, smallgoods & food service.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSX02307A Manage finances


Learning Outcomes


As learning outcomes and  on completion the student should be able to:

• Apply financial concepts & principles to prepare a financial plan in standard format, consistent with the enterprise business plan
• Set financial targets within the context of the business plan
• Apply mathematical & financial concepts & skills to determine performance & current status of business/department
• Prepare cash-flow forecasts for the business
• Assess financial risks & prepare strategies to manage these risks
• Develop management strategies to meet tax requirements & obligations
• Formulate & implement contingency plans/corrective action to ensure financial viability
• Analyse, synthesize & apply a range of information, data, & own judgement to determine, prepare and inform budget & financial planning processes
• Negotiate changes in resource allocations to minimise negative impacts on the business and the enterprise
• Interpret enterprise financial trends & identify critical factors influencing performance
• Determine required return on investment
• Develop pricing policies & strategies which achieve short & long term sales profitability goals
• Authorise & monitor financial delegations & accountabilities

As learning outcomes the student will provide evidence of consistency in performance when:

• Organising work
• Completing tasks according to instructions
• Working systematically with attention to detail
• Identifying improvements & avoiding damage
• Using workplace & OHS practices
• Recording & reporting accidents & incidents
• Assessing operational readiness of equipment
• Recognising & adapting to cultural differences in the workplace, including modes of behaviour and interactions


Details of Learning Activities

In this subject students will learn methods to consider & manage small business finances. Activities will include a series of investigation, recording & calculation tasks, according to ATO requirements. All learning activities will be classroom & computer lab based.

The Assessment task is Managing Finances – Individual book-keeping activity & written report

 As instructor and mentor I will work individually with each person to clarify issues that may arise

Successful completion of Managing Finances – Individual book-keeping activities will allow it to be included in Term 2’s Business Plan


Teaching Schedule

NB Students should note that this weekly planner is offered in good faith and that suggested activities will be undertaken as planned. However due to the possibility of unforeseen circumstances some activities might of necessity need to be altered or postponed – all efforts for advance notice will be made.

12.02.10

Introduction to course objectives and overview. Define and translate financial plan into strategies
Defining personal business + direction. Identifying individual financial needs x 1 Establishing $rate per working hour

19.02.10

Introduction to Assessment Task 1: Individual book keeping activities - discussion. Identifying individual financial needs x 2
Bank & Credit card statements for tax are considered

26.02.10

Accounts maintenance & book-keeping records are reviewed.  Australian Standards & ATO standards & requirements discussed

05.03.10

Assessing individual financial requirements and needs x 1. Analysing budgets - analysing yearly activities and performance
Cash flow estimates are considered & prepared

12.03.10

Assessing individual financial requirements and needs x 2. Analysing budgets - analysing yearly activities and performance 


19.03.10

Invoices – regular book-keeping agreements and obligations – examples viewed & discussed
Contracts - book-keeping agreements and obligations – examples viewed & discussed 

 26.03.10

Group discussion, reflection & review assessing individual financial requirements and needs: what perceived or necessary improvements could be made. What financial institutions may be approached for help

02.04.10 - 09.04.10

Term Break: use as research for Task 1 – Managing Finances – Individual book keeping activities. Submission date: 16.04.2010 

16.04.10

Task 1 – Managing Finances – Individual book keeping activities submitted for assessment

DEVELOP & IMPLEMENT A SALES or MARKETING PLAN
MKTG 5771C
Introduction to definitions & principles of marketing – discussion of 7 P’s: Group presentation Assessment Task 2 Develop & implement a marketing plan – Textile Retail Outlet Survey discussed

What are market requirements? Why market? Product and market oriented approaches. Identify & know the customer. Identifying market segments

Marketing Effectiveness – viewing of dvd Marketing: The Basics, presented by Standard Deviants

23.04.10

Textile Retail/Wholesale Outlet Survey – Competitor SWOT Analysis. Branding awareness for a target market
Suitable labelling for a target market – image campaigns as marketing strategies. Maintaining market trend awareness 

 30.04.10

Business resources & costing a product - students to bring a product in. Cost & labour factors are considered
Estimating cost factors are considered. Supplier lists are considered

07.05.10

Guest speaker from Craft Victoria – Pip Carroll. Topic: Marketing strategy as company business plan development 

14.05.10

Marketing mix is identified, developed & implemented. Monitoring procedures discussed: Product Placement & Promotion
Brand Promotion/Product Advertising. Product Give-away/Product Editorial. Product On-line. Public Relations

21.05.10
Group marketing plans are implemented and feedback is provided. Alterations are made where necessary

28.05.10 

Group marketing plans are reviewed and feedback is provided. Modifications are made where necessary


04.06.10

Group mock-presentation for Assessment Task 2

11.06.10

Group presentation Assessment Task 2 Develop & implement a marketing plan – Textile Retail/Wholesale Outlet Survey
Group research content – 30%. Group PPT presentation – 20%.

18.06.10

Assessment week  
25.06.10 Mid-year break
02.07.10 Mid-year break


Learning Resources

Prescribed Texts

This subject does not require any specific prescribed texts or references. Examples of types of financial recording information may be considered useful - these may be sourced from the Library's stock of daily newspapers.


References


Other Resources

Students will require:

Standard writing kits.

Standard Calculator - NOT phone calculator

U.S.B. 4 gigabytes minimum storage capacity

Notebook

Access to 3 months of receipts, recorded bills e.g. telephone, gas, water, rent etc. 


Overview of Assessment

To achieve successful completion of this course students must demonstrate an understanding of all elements of the competency.

Assessment tasks have been designed to measure achievement of each competency in a flexible manner. In overview there is one assessment for the subject:

Assessment Task 1. Managing Finances – Individual book-keeping activity. 
Activities for this task will incorporate a variety of methods including: Individual data identification, analysis, review and reporting

Date issued: 19.02.10. Date due: 16.04.10

Mark: 40%

Brief description: Manage Finances – Individual book-keeping activity relates to Elements 1 – 4.
Students will use mathematical ideas and techniques to present financial and costing information. They will also communicate ideas and information about the financial data, business and industry


Students will be awarded a grade only if competency has been demonstrated within the standard enrolment period on the first assessment attempt.

Units assessed as ‘not yet competent’ on a first assessment attempt and ‘competent’ on a second or subsequent attempt are to have results amended to competent but are not eligible for grading.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher.
All work must be submitted by the due date. Late submission will not be graded higher than a PASS.


Assessment Tasks

1. Managing Finances – Individual book-keeping activity.

Method: Individual data identification, analysis, review and reporting. Date issued: 19.02.10 Date due: 16.04.10 Mark: 40%

Late or incomplete submissions will be assessed with penalties: 2 marks deducted per day. 10 marks deducted per week
Penalties relate to the employability skill of self management: the ability to plan, organise and meet deadlines

Term 1 Task Assessment Criteria
Manage Finances – Individual book-keeping activity (Elements 1 – 4)
Using mathematical ideas and techniques to present financial and costing information: 30% 
Communicating ideas and information about the financial data, business and industry : 10%
Total marks: 40% 



Assessment Matrix

Elements & Performance Criteria1. Managing Finances – Individual book-keeping activity 50%
1 Translate financial plan into strategies1.1, 1.2, 1.3, 1.4, 1.5, 1.6, 1.7, 1.8, 1.9, 1.10
2 Implement financial strategies2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10
3 Monitor financial performance3.1, 3.2, 3.3, 3.4
4 Explore opportunities to improve financial performance4.1, 4.2, 4.3, 4.4

Other Information

Critical aspects of these units: Evidence of the following skills is considered essential to demonstrate competency in this unit – on completion the student should be able to:

• Apply financial concepts & principles to prepare a financial plan in standard format, consistent with the enterprise business plan
• Set financial targets within the context of the business plan
• Apply mathematical & financial concepts & skills to determine performance & current status of business/department
• Prepare cash-flow forecasts for the business
• Assess financial risks & prepare strategies to manage these risks
• Develop management strategies to meet tax requirements & obligations
• Formulate & implement contingency plans/corrective action to ensure financial viability
• Analyse, synthesize & apply a range of information, data, & own judgement to determine, prepare and inform budget & financial planning processes
• Negotiate changes in resource allocations to minimise negative impacts on the business and the enterprise
• Interpret enterprise financial trends & identify critical factors influencing performance
• Determine required return on investment
• Develop pricing policies & strategies which achieve short & long term sales profitability goals
• Authorise & monitor financial delegations & accountabilities

Course Overview: Access Course Overview