Certificate in Small Business Enterprise
(Level 5 – 15 Credits)
 

The Certificate in Small Business Enterprise is a 15-credit Ofqual regulated qualification and is the equivalent level to a 15- credit level 5 course. This course has been designed to provide the learner with an understanding of the importance of small business enterprises in today’s business environment. Also, an understanding of the development, management and administration of small business enterprises. In order to achieve this certificate learners must produce work which demonstrates achievement of the learning outcomes at the standards provided by the assessment criteria. Learners are required to refer to exemplar material in order to meet the standards.

Total Qualification Time: 120 Hours

Total Guided Learning Hours: 60

Total Credit Value: 15

Small Business Enterprise

This course has been designed to provide the learner with an understanding of the importance of small business enterprises in today’s business environment. The learner will:

• Understand different types of enterprises and the role of small business enterprises in today’s economy
• Understand the starting up of small business enterprises
• Understand how to grow a small business enterprise
• Understand how to expand a small business

Indicative Content

1. Understand different types of enterprises and the role of small business enterprises in today’s economy

• Different set ups of enterprises: limited company; corporation; charity
• Small, medium, large businesses
• Role of small business enterprises: combined high turnover; job creation; key drivers of innovation, competition and growth; specialists in sector
• Advantages of micro and small enterprises: more nimble and flexible; faster customer response time; can be disruptive, can tap gap in market quickly; owner is usually passionate about product or service; can be perceived to be more customer-friendly than faceless corporation; ability to offer personalised service; can offer expertise at lower costs; lower overhead costs; quick to react to changing market conditions; can work quickly to correct shortcomings

2. Understand the starting up of small business enterprises

• Viability: market research; product prototyping; business outline plan; financial calculations and considerations; operational viability; fit with organisation strategy and reputation; peer review of proposed small business enterprise; discussion with lenders
• Legal and regulatory requirements (in UK – may be different in other countries); incorporation and registration of company at Companies House; set up of business bank account; relevant company and UK laws e.g. GDPR; governance; articles of association; relevant UK and sector regulations
• Financial requirements: bank account in credit; optional overdraft; optional loans; PAYE
• Business plan: executive summary; business description; market analysis; organisation management; sales and marketing strategies; funding; financial projections
• Approaches to business plan: allow time; involve stakeholders; accurate calculations; realistic; review drafts
• Fund raising: friends and family; angel investment; crowdfunding; start-up loans; grants
• Launch of new small business enterprise: could be any, or a combination of: market segmenting; advertising online, via social media, search engine optimisation; advertising in printed media, on radio and TV; email marketing; webinars; free consultations; initial discounts; direct mail; coupon websites

3. Understand how to grow a small business enterprise

• Role of technology: increased efficiency; decreased costs; reach wider audience; increased security; increased opportunities for innovation
• Employment of staff: (UK) roles and responsibilities; contracts, salary, PAYE, confidentiality of personal data, sick pay, maternity and paternity pay, reporting to HMRC; dissemination of policies and procedures; training; recruitment; code of conduct; ongoing management of work and performance
• Role of leadership: Management vs Leadership; setting and gaining buy-in to a leader’s vision; aligning staff in same direction; motivation, inspiration
• External support mechanisms: (UK) business mentors; HMRC call centre; accountants; business networking events and social media; professional membership organisations; websites e.g Startup Donut; Enterprise Zones; banks; government initiatives

4. Understand how to expand a small business

• Diversification: related products and services; products and services in new field; adapt existing products and services for new market; offer integrated solution
• Expanding into other markets: home and overseas markets; piloting first;
• Exporting: identifying opportunities; assistance from embassies; government programme; trying in one country first; using partners in the country; setting up a base in the country
• Mergers and acquisitions: consolidation of assets and liabilities; streamlining; efficiencies; takeovers