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 Criteria | 1. Managing Finances – Individual book-keeping activity 50% |
| 1 Translate financial plan into strategies | 1.1, 1.2, 1.3, 1.4, 1.5, 1.6, 1.7, 1.8, 1.9, 1.10 |
| 2 Implement financial strategies | 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9, 2.10 |
| 3 Monitor financial performance | 3.1, 3.2, 3.3, 3.4 |
| 4 Explore opportunities to improve financial performance | 4.1, 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