ZZZ00 Dummy Training Package
FNSPRAC501A Manage and maintain small/medium business operations
FNSPRAC501A
Unit Descriptor
Application of the Unit
Unit Sector
ELEMENT
1. Identify daily work
requirements
2. Monitor and manage work
3. Develop effective work
habits
© Commonwealth of Australia,
Date this PDF was generated: 07 September 2007
Manage and maintain small/medium business
operations
This unit covers the operation of day-to-day business activities in a
micro or small business. The strategies involve developing, monitoring
and managing work activities and financial information, developing
effective work habits, and adjusting work schedules as needed. It is
particularly suitable to department managers within a larger
organisation or to executives responsible for their own business or
franchise in the financial industry.
This is a new unit.
This unit requires the application of management, communication
and problem solving skills to operate a micro to small business or
department. It may be applied to the financial services industry.
No sector assigned
PERFORMANCE CRITERIA
1.1 Work requirements for a given time period are identified
taking into consideration resources and constraints
1.2 Work activities are prioritised based on business needs,
requirements and deadlines
1.3 If appropriate, work is allocated to relevant staff or
contractors to optimise efficiency
2.1 People, resources and/or equipment are coordinated to
provide optimum results
2.2 Staff, clients and/or contractors are communicated with in
a clear and regular manner, to monitor work in relation to
business goals or timelines
2.3 Problem solving techniques are applied to work
situations to overcome difficulties and achieve positive
outcomes
3.1 Work and personal priorities are identified and a balance
is achieved between competing priorities using
appropriate time management strategies
3.2 Input from internal and external sources is sought and
used to develop and refine new ideas and approaches
3.3 Business or inquiries are responded to promptly and
effectively
3.4 Information is presented in a format appropriate to the
industry and audience
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ZZZ00 Dummy Training Package Date this PDF was generated: 07 September 2007
FNSPRAC501A Manage and maintain small/medium business operations

4. Interpret financial 4.1 Relevant documents and reports are identified

information 4.2 Documents and reports are read and understood and any
implications discussed with appropriate persons
4.3 Data and numerical calculations are analysed, checked,
evaluated, organised and reconciled
4.4 Daily financial records and cash flow are maintained
correctly and in accordance with legal and accounting
requirements
4.5 Invoices and payments are prepared and distributed in a
timely manner and in accordance with legal requirements
4.6 Outstanding accounts are collected or followed-up on
5. Evaluate work 5.1 Opportunities for improvements are monitored according
performance to business demands
5.2 Work schedules are adjusted to incorporate necessary
modifications to existing work and routines or changing
needs and requirements
5.3 Proposed changes are clearly communicated and
recorded to aid in future planning and evaluation
5.4 Relevant codes of practice are used to guide an ethical
approach to workplace practices and decisions

REQUIRED SKILLS AND KNOWLEDGE

This describes the essential skills and knowledge and their level, required for this unit.
Knowledge requirements include:
• National, State/Territory and Local Government legislative requirements affecting
business operations, especially in regard to occupational health and safety (OH&S),
equal employment opportunity (EEO), industrial relations and anti-discrimination
• technical or specialist skills relevant to the business operation
• relevant industry code of practice
• planning techniques to establish realistic timelines and priorities
• identification of relevant performance measures
• quality assurance principles and methods
• relevant marketing, management, sales and financial concepts
• methods for monitoring performance and implementing improvements
• structured approaches to problem solving, idea management and time management

Skills requirements include:

• literacy skills to interpret legal requirements, company policies and procedures and
immediate, day-to-day demands
• communication skills including questioning, clarifying, reporting, and giving and receiving
constructive feedback
• numeracy skills for performance information, setting targets and interpreting financial
documents and reports
• technical and analytical skills to interpret business documents, reports and financial
statements and projections
• ability to relate to people from a range of social, cultural and ethnic backgrounds and
physical and mental abilities
• problem solving skills to develop contingency plans
• evaluation skills for assessing work and outcomes
• observation skills for identifying appropriate people, resources and to monitor work

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© Commonwealth of Australia, To be reviewed by: TBA
ZZZ00 Dummy Training Package Date this PDF was generated: 07 September 2007
FNSPRAC501A Manage and maintain small/medium business operations

KEY COMPETENCIES
The seven key competencies represent generic skills considered for effective work participation. The
numbering against each of the key competencies indicates the performance level required in this unit.
Performance Level 1 - at this level, the candidate is required to undertake tasks
effectivelyPerformance Level 2 - at this level, the candidate is required to manage tasksPerformance
Level 3 - at this level, the candidate is required to use concepts for evaluating and reshaping tasks

Key Competency Example of Application Performance

Communicating ideas and
information
Collecting analysing and
organising information
Planning and organising
activities
Working with others and in
teams
Using mathematical ideas
and techniques
Solving problems
Using technology
Level
Communication of ideas and information will be 2
required when providing information to staff,
clients or contractors.
Information may need to be collected, analysed 2
and organised in order to solve work situations
or problems and to interpret financial
information.
Preparing, prioritising and managing day-to-day 2
work will require work activities to be planned
and organised.
Teamwork may be applied when collaborating 2
with clients, internal or external sources, or
contractors in order to optimise work efficiency.
Mathematical ideas and techniques will be 3
required when interpreting financial information,
daily financial records and cash flow.
Problem solving skills will be required when 3
identifying errors in financial documents or when
monitoring and managing day-to-day work.
Technology may be applied when reconciling 2
financial documents or corresponding with
contractors and internal and external sources.

RANGE STATEMENT

The Range Statement relates to the unit of competency as a whole. It allows for different work
environments and situations that will affect performance.
The following variables may be present with training and assessment depending on the work situation,
needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold
italicised text is shown in Performance Criteria, details of the text are provided in the Range
Statement.

Resources may include: • staff

• money
• time
• equipment
• space

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© Commonwealth of Australia, To be reviewed by: TBA
ZZZ00 Dummy Training Package Date this PDF was generated: 07 September 2007
FNSPRAC501A Manage and maintain small/medium business operations

Business goals may • sales targets

include: • budgetary targets
• team and individual goals
• production targets
• reporting deadlines

Problem solving • gaining additional research and information to make

techniques may include: better informed decisions
• looking for patterns
• considering related problems or those from the past and
how they were handled
• eliminating possibilities
• identifying and attempting sub-tasks
• collaborating and asking for advice or help from additional
sources

Time management • prioritising and anticipating

strategies may include:
• short term and long term planning and scheduling
• creating a positive and organised work environment
• clear timelines and goal setting that is regularly reviewed
and adjusted as necessary
• breaking large tasks into smaller tasks
• getting additional support if identified and necessary

Internal and external • staff and colleagues

sources may include: • management, supervisors, advisors or head office
• relevant professionals such as lawyers, accountants,
management consultants
• professional associations

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The
Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm
competency for the unit. Competency is demonstrated by performance of all stated criteria including
the Range of Variables applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
ability to identify daily work requirements and allocate work appropriately
ability to interpret financial documents in accordance with legal requirements

Evidence required for • Competence in this unit must be assessed over a period
demonstration of of time in order to ensure consistency of performance
consistent performance: over the Range of Variables and contexts applicable to
the work environment.

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© Commonwealth of Australia, To be reviewed by: TBA
ZZZ00 Dummy Training Package
FNSPRAC501A Manage and maintain small/medium business operations
Delivery/assessment
relationship to other units:
Method of assessment:
Context of assessment:
Resources required for
assessment:
© Commonwealth of Australia,
Date this PDF was generated: 07 September 2007
• This unit may be assessed on its own or it may be
assessed with other units that cover related skills and
knowledge.
• Evidence is most relevant when provided through an
integrated activity which combines the elements of
competency for the unit, or a cluster of units of
competency.
• For valid and reliable assessment of this unit, evidence
should be gathered through a range of methods to
indicate consistent performance.
• Assessment of this unit of competence will usually include
observation of processes and procedures, oral and/or
written questioning on underpinning knowledge and skills
and other methods as required.
• This unit may be assessed at work, in simulated work
environments or a combination of these.
• Assessment of this unit of competence requires access to
relevant workplace documentation, financial records, and
equipment.
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