Part B: Course Detail
Teaching Period: Term1 2024
Course Code: BUSM8905C
Course Title: Plan finances for new business ventures
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
Goran Torbakov
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 identify financial requirements of a business, including profit targets, cash flow projections and strategies to garner financial support.
The unit applies to those establishing 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: |
BSBESB403 Plan finances for new business ventures |
Element: |
1.Prepare to plan finances |
Performance Criteria: |
1.1 Identify costs associated with production and delivery of business products and/or services. 1.2 Set profit targets according to business venture requirements and workplace procedures. 1.3 Calculate prices based on costs and profit targets, as a charge-out rate for labour or unit price for products and/or services. 1.4 Calculate break-even sales point to assess viability of business venture. 1.5 Evaluate and select pricing strategies in relation to market conditions to meet profit targets and according to workplace procedures 1.6 Prepare projected profit statement to supplement business plan. |
Element: |
2.Develop a financial plan |
Performance Criteria: |
2.1 Identify working capital requirements necessary to attain profit projections. 2.2 Identify non-current asset requirements and consider alternative asset management strategies. 2.3 Prepare cash flow projections to enable business operation according to business plan and legal requirements. 2.4 Identify capital investment requirements accurately for each operational period. 2.5 Select budget targets to enable ongoing monitoring of financial performance. |
Element: |
3.Plan to acquire finance |
Performance Criteria: |
3.1 Identify start-up and ongoing financial requirements according to financial plan and budget. 3.2 Identify sources of finance for required liquidity according to business goals and objectives and workplace procedures. 3.3 Research and assess cost of securing finance on optimal terms. 3.4 Develop strategies to obtain finance as required to ensure financial viability of business venture. |
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 is a skills based elective. Students will engage in learning activities that build the knowledge and skillsre quired to identify financial requirements of a business, including profit targets, cash flow projections and strategies to garner financial support. It applies to individuals who operate a small business or work within an existing micro or small businesses and interpret financial data. It provides a sound understanding of how to run your finances for your business. You will study the basic foundations of small business finance that enhance your knowledge, skills and expertise in developing, managing and growing your entrepreneurial venture.
Teaching Schedule
| Week | Topics |
Assessment/ Quiz |
|
| 1 |
Module 1 - Planning your finances
|
||
| 2 |
Module 1 - Planning your finances
|
||
| 3 |
Module 1 (Continued)
|
Assignment 1 - Written questions due | |
| 4 |
Module 1 wrap up & summary Pit stop 1 - Assessment support |
Assignment 2 - AT2A due | |
| 5 |
Module 2 - Develop a Financial Plan
|
Assignment 2 - AT2B due | |
| Mid-semester break | |||
| 6 |
Module 2 - Develop a Financial Plan (Continued)
|
Assignment 2 - AT2C & AT2D due | |
| 7 |
Module 2 wrap up & summary Pit stop 2 - Assessment support |
Assignment 2 - AT2E & AT2F due | |
| 8 |
Module 3 - Plan to Acquire Finance
Pit stop 3 - Assessment support |
Assignment 2 - AT2G due | |
| 9 | AT2H presentations | Assignment 2 - AT2H due | |
| 10 |
Module 3 - Plan to Acquire Finance (Continued)
|
Assignment 3 - AT3A due | |
| 11 |
Module 3 - Plan to Acquire Finance (Continued)
|
Assignment 3 - AT3B & AT3C due | |
| 12 |
Module 3 wrap up & summary Pit stop 4 - Assessment support |
||
| 13 | Pit stop 5 - Assessment support | ||
| 14 | Assessment submission | Assignment 4 due | |
| 15 | Feedback and re-submissions if required | ||
| 16 | Final week to submit all assessments, re-submissions if required |
Learning Resources
Prescribed Texts
References
Other Resources
Other Resources
Online learning materials and all relevant resources are available on Canvas and can be accessed by going into the RMIT website's Online Learning Hub.
The online learning materials listed include:
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities.
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
There are 4 Assessment Tasks in this course. They are:
Assessment Task 1: Written Questions
Students must correctly answer 11 written questions in an open book written assessment.
Assessment Task 2:
Prepare to Plan Finances
Project and
presentation
This task consists of eight parts:
- Part A: Calculate Retail Unit Prices and Prepare Projected Profit Statement
- Part B: Identify Home-Based Setup Costs and Calculate Product Sale Prices
- Part C: Calculate Break-Even Sales Point for Retail Shop-Front Option
- Part D: Calculate Break-Even Sales Point for Home-Based Option
- Part E: Prepare a Projected Profit and Loss Statement for the Shop-Front Option
- Part F: Prepare a Project Profit and Loss Statement for The Home-Based Option
- Part G: Recommend Pricing Strategies to Meet Profit Targets
- Part H: Present Your Recommendations to the Client and Gavin Stead
Assessment Task 3:
Develop a Financial Plan Project
This task consists of three parts:
- Part A: Complete A Balance Sheet and Calculate Net Working Capital
- Part B: Identify Non-Current Asset Requirements and Asset Management Strategies
- Part C: Cash Flow Projections
Assessment Task 4: Plan to Acquire Finance Project
The student must advise the business owner of the
costs and process to acquire business finance for a business motor vehicle and develop strategies to obtain finance and a budget for the month of December which incorporates the additional expenses.
Further details of assessment tasks are provided in Canvas, here: https://rmit.instructure.com/courses/133686/assignments
Assessment Matrix
The assessment matrix that maps all the assessments is available on CANVAS.
Other Information
Submission Requirements
- Ensure that you submit assessments on or before the due date.
- Always retain backup copies of your assessment tasks.
- When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment, submitted to suzanne.bevacqua@rmit.edu.au
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the Dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview