Part B: Course Detail

Teaching Period: Term2 2024

Course Code: BUSM8904C

Course Title: Research and develop business plans

Important Information:

Please note that this course may have compulsory in-person attendance requirements for some teaching activities.

To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.

Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.

Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus

Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.

School: 525T Business & Enterprise

Campus: City Campus

Program: C4421 - Certificate IV in Entrepreneurship and New Business

Course Contact: Theresa Lyford

Course Contact Phone: +61 3 9925 5444

Course Contact Email: theresa.lyford@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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

Nil

Course Description

This unit describes the skills and knowledge required to research and develop business plans for achieving business goals and objectives.

The unit applies to those establishing or operating a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBESB401 Research and develop business plans

Element:

1.Prepare to develop business plan

Performance Criteria:

1.1 Identify purpose and required components of business plan 1.2 Identify and document business goals, objectives and budget 1.3 Research market needs and estimate market size

Element:

2.Draft a business plan

Performance Criteria:

2.1 Establish resource, legal and compliance requirements according to identified business goals and objectives 2.2 Assess product mix, volumes and pricing opportunities relevant to the identified target market and according to business goals and objectives 2.3 Plan marketing activities relevant to the product mix and according to marketing objectives and strategies and budgetary requirements 2.4 Develop draft plan according to identified business goals, objectives and market needs 2.5 Analyse draft plan and identify, assess and prioritise internal and external risks according to workplace procedures 2.6 Research specialist services and sources of advice and cost according to available resources

Element:

3.Create a business plan

Performance Criteria:

3.1 Identify costs associated with production and delivery of business products and/or services 3.2 Calculate prices based on costs and profit targets, as a charge-out rate for labour or unit price for products and/or services 3.3 Prepare cash flow projections to enable business operation according to business plan and legal requirements 3.4 Select budget targets to enable ongoing monitoring of financial performance 3.5 Identify sources of finance for required liquidity according to business goals and objectives and workplace procedures

Element:

4.Finalise business planning and plan for risk

Performance Criteria:

4.1 Develop risk management strategies according to business goals and objectives, and legal and compliance requirements, and established business activities 4.2 Assess likelihood of non-conformance with each component of business plan 4.3 Develop a contingency plan to address possible areas of non-conformance according to workplace procedures 4.4 Identify specific interests and objectives of key stakeholders and confirm their support of planning outcomes

Learning Outcomes


On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.


Details of Learning Activities

This course is a 'clustered' course combining Research and develop business plans (BSBESB401) and Develop and present business proposals (BSBESB302).

Students will participate in weekly lectures/tutorials and workshops to research and develop a business plan based on a simulated business scenario.


Teaching Schedule

BEBESB401 – Research and develop business plans

Module 1: Foundations of business planning

Purpose, goals and objectives, budgets,

Introduction to the course, review of business planning.

Identifying new business opportunity

Week 2

Market factors, analysis and opportunities

Review of the business environment and its impact on business decision making Week 3

Module 2: Business plan development

Stakeholder, resources, legal and compliance, financials, marketing

Reviewing 'stakeholders', legal and ethics, and integrating into the business plan

BSBESB401

AT2A

Week 4

Developing the operations plan and contingency plan

risks and contingencies The 'nuts and bolts' of the business plan is the 'operations plan'. Review of content and purpose Week 5 BSBESB401 AT1 Quiz – in class via CANVAS access

BSBESB401

AT1 Quiz Week 6

Module 3: Finalise the Business Plan

Finalising the business plan, and ensuring clarity and consistency when presenting to clients

BSBESB401

AT2B

AT3A

AT3B

Week 7

Client meetings – Business Plan

Mid semester break Week 8

BSBESB302 – Develop and present business proposals

Introduction, Assessments review

Review the new business opportunity and how to apply the learnings Week 9 Developing business proposals (Module 1) Reviewing the content and structure of a business proposal as it applies to the student's nominated 'new business venture' Week 10

Research and evaluate business ideas

Risks, legal and statutory framework Reviewing the viability of the business concept, and legal requirements for operating the business Week 11

Preparing business proposals

  • Financial viability

Evaluation, ROI, Risks Preparing a business proposal, including costs, revenue, ROI, and risks Week 12

BSBESB302 AT1 Quiz – in-class via CANVAS access

Quiz Week 13 Preparing business proposals Preparing the new business proposal suitable for showing to stakeholders Week 14 Finalising business proposals (Module 2) Finalising the new business proposal Week 15

Presentations – business proposals

Presenting the new business proposal

Assessments Due: BSBESB302

AT2B / AT2C / AT2D

Week 16 Re-work if required


Learning Resources

Prescribed Texts


References


Other Resources

Students will be provided with lectures slides / templates, workbook, learning resources and research materials available online via the learning management system.


Overview of Assessment

Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral/written presentations and through the application of learned skills and insights. Full assessment briefs will be provided and can be found on CANVAS.


Assessment Tasks

AT1: Written questions

Task summary

This is an open book written assessment.

There are fourteen (14) questions and some questions have sub-parts.

You must answer all questions and their parts correctly to achieve a satisfactory outcome for this task.

Resources and equipment required

  • Access to your learning materials
  • Access to a computer, printer, internet and email software (if required)
  • Access to Microsoft Word (or a similar program)

Where and when this task will be completed

  • You will complete this task in your own time, or you may be provided with time in class to complete it (where applicable)
  • The due date for this assessment is indicated against the task. 

What happens if you get something wrong

If your assessor marks any of your answers as incorrect or insufficient, they will make arrangements with you for resubmission. Your assessor may ask you some questions verbally to check your understanding, or you may need to provide new written responses to the questions that were answered incorrectly. Your assessor will give you a due date by which this must be provided.

Submission requirements

  • Your answers for each question

Task instructions

  • This is an open book written assessment – you can use your learning materials as reference
  • You must answer all questions and their parts correctly to achieve a satisfactory outcome for this task
  • Refer to the Glossary of Instructional Task Words for descriptions of instructional words to guide you in the level of response required in each question

 

AT2A Prepare to develop a business plan

Task Instructions

Based on the email, you need to read the business information and research suitable websites such as:

Step 1

Answer the questions in the email attachment, based on the business information you have been given and your completed research.

Step 2

Send the email to Gavin Stead attaching the completed questions.

You must complete all parts of the task outlined that follow.

AT2B Prepare to develop a draft business plan

tep 1

Before developing the draft business plan, you will need to analyse the idea, identifying specific goals, objectives and other requirements needed to compile the plan:

  • Use the subheadings included within the business plan template to guide your response. You can complete this template by filling out your answers in the spaces provided or copying and pasting the template into a new document.
  • Refer to the ‘Additional information’ section above, as this will help you to develop your plan. You may also need to do some research.

Note: Some fields in the template have already been pre-filled for you.

Step 2

Once you have developed your draft business plan, send the email to Gavin Stead attaching the draft business plan for his approval.

Submission Requirements: Part B

  • Draft Business Plan
  • Email to Gavin Stead

 

AT3A: Develop the business operations plan

Step 1

Developing the business operations plan:

  • Use the subheadings included within the business operations plan template to guide your response. You can complete this template by filling out your answers in the spaces provided or copying and pasting the template into a new document.
  • You will also need to do some research for some areas of the operations plan, such as:

- The marketing sections of the plan, advertising costs and analysis of competitors

- The financial sections to find the costs of products and services.

Note: Some fields in the template have already been pre-filled for you.

Step 2

Once you have developed your business operations plan, send the email to Gavin Stead attaching the business operations plan for his approval

Submission Requirements: Part A

  • Business Operation Plan
  • Email to Gavin Stead

 

AT3B - Develop a contingency plan

Step 1

Provide a contingency plan for three different areas of the operations plan that may be required to ensure the business continues to trade, minimising the impact on cash flow and reputation.

Step 2

Once you have completed the contingency plan, send the email to Gavin Stead attaching the contingency plan for his review.

 

AT3C - Client Meeting

Based on the email, you will be required to facilitate a meeting with the clients. Your assessor will have arranged for an area in which you can meet, your assessor and two students will role play the business partners who will attend your meeting

You should review the Communication Policy and Procedures as this discusses your professional responsibilities.

Step 1

Facilitate the meeting and present the business and operations plan for feedback and approval.

During your meeting, your assessor will be observing your ability to demonstrate the following:

  • Use oral communication structure and language to suit the audience.
  • Present the information clearly and concisely.
  • Seek feedback.
  • Display a respectful and positive communication approach.
  • Encourage and participate in two-way communication.
  • Address any communication challenges or areas of conflict.
  • Used techniques to influence, negotiate, gain consensus and approval.

Step 2

Update the business and operations plan based on the feedback and agreement of the business partners. Ensure you version control your documents adhering to CBSA document management policy

Send the email to Gavin Stead attaching the approved business and operations plans.


Assessment Matrix

AT1 Written questions: Due week 5

AT2A Prepare to develop a business plan: Due week 8

AT2B Prepare a draft business plan: Due week 8

AT3A Develop the business operations plan: Due week 8

AT3B Develop a contingency plan: Due week 8

AT3C Client Meeting: Due week 8

Course Overview: Access Course Overview