BSBSMB421

Application

This unit describes the skills and knowledge required to implement and review financial management strategies on a regular basis, including by using new and emerging digital technologies.

It applies to individuals who operate a small business that stands alone, or that is part of a department within a larger organisation. Individuals in this role interpret financial reports and other numerical data to develop financial management strategies.

Unit mapping information

BSBSMB406 Manage small business finances

Licensing, legislative, regulatory or certification requirements

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

Foundation skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit sector or competency field

Management and Leadership—Small and Micro Business

Prerequisite, co-requisite or interdependent assessment of units

Not applicable

Assessment conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

• business equipment and resources, including business technology
• relevant legislation, regulations, standards and codes
• relevant workplace documentation and resources
• case studies or where possible, real situations
• interaction with others

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.