Manage the business according to financial goals

Reference no: EM132992477

BSBSMB406 Manage small business

Section: Performance Activity

Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit. This activity will enable you to demonstrate the following performance evidence:
• Manage the business according to financial goals, including:
o adhering to legal requirements
o produce relevant financial projections, including cash flow estimates
o secure and manage business capital
o defining strategies for debt collection and contingencies for debtors
o managing cash flow
o defining key performance indicators
o communicating with relevant people
o seeking specialist services where required
• Monitor the business against financial plan and make changes as required
• Identify opportunities to implement new and emerging digital technologies to support the financial management of the business.

Answer the activity in as much detail as possible, considering your organisational requirements.

1. As a simulated workplace activity directed by the assessor, you must manage and monitor business to achieve the stated financial goals of the business.
Your completed portfolio of work must be submitted to the assessor upon completion. Managing the business to meet financial goals must include:
• Adhering to legal requirements in all aspects of financial operations and business
• Producing relevant financial projections, including cash flow estimates
• Securing and managing business capital for the business
• Defining strategies for debt collection and contingencies for debtors
• Managing cash flow
• Defining key performance indicators to assist in the achievement of financial goals
• Communicating with relevant people during the course of all business activities
• Seeking specialist services where required
• Monitor financial and business activities to determine progress to meet the financial plan
• Make changes to the financial plan to achieve financial goals, if needed.

2. Research new and emerging technologies that can be beneficial to support the financial management of the business. This research should include explanations of technologies and reasons as to why these will be of benefit to the business. This should also be included in your portfolio of work.

Reference no: EM132992477

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