Unit of competency details

Unit descriptor 

This unit of competency specifies the outcomes required to determine current and future financial requirements, identify sources of professional assistance, develop strategies for self-promotion, and identify and apply principles of small business management.

This unit of competency operates in work environments of racing stables, racecourses and public areas.

Licensing, legislative, regulatory or certification requirements may apply to this unit, check with your State Principal Racing Authority for current license or registration requirements.

Application of the unit 

This unit of competency supports drivers, riders and trainers to prepare for self-management in racing.

This unit can be contextualised for other industries while also maintaining the integrity of the unit.

Prerequisite units 

Employability skills 

This unit contains employability skills.

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

ELEMENT 

PERFORMANCE CRITERIA 

Apply business planning and financial management skills.

1. Principles of and requirements for financial recordkeeping and budgeting  are identified and applied.

2. Sources of professional advice for investment , insurance , taxation and superannuation  are identified and applied.

3. Future career options are investigated.

4. Basic principles of small business management are identified and applied.

Employ marketing techniques.

5. Marketing opportunities  within the industry are identified and applied.

6. Marketing of self and enterprise is undertaken.

7. Business promotion  and public relations principles are understood and demonstrated.

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

• applying marketing and promotions strategies
• checking documentation and records
• communicating with racing officials, colleagues, accountants, financial advisers and others using assertive communication techniques to prepare for self-management in racing
• computer skills, including:

• basic data entry and retrieval
• email and internet

• establishing budgets
• following rules of racing
• identifying sources of professional advice
• identifying principles and requirements of small business management
• identifying and evaluating services of riders' agents
• investigating future career options
• relating to people from a range of social, cultural and ethnic backgrounds and with varying physical and mental abilities
• using numeracy skills to recognise and apply principles of financial record keeping and budgeting
• written communication skills to maintain business documentation and related records.

Required knowledge 

• business promotion and public relations principles
• career options
• communication procedures within stable and wider racing industry
• financial record keeping
• investments
• insurance
• marketing and promotion
• relevant rules of racing
• sources of professional advice
• small business management
• superannuation
• taxation requirements.

EVIDENCE GUIDE 

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy all of the requirements of the performance criteria, required skills and knowledge and the range statement of this unit and include evidence of the following:

• knowledge of the requirements, procedures and instructions that are to apply when preparing for self-management in racing
• implementation of procedures and timely techniques to effectively apply business and financial management skills and marketing techniques
• working with others to undertake and complete tasks related to preparing for self-management in racing that meet required outcomes.

Evidence should be collected over a period of time and be focused on business and marketing activities related to self-management in racing. Theoretical components can be assessed in a simulated situation but must be related to racing industry conditions and contexts.

Context of and specific resources for assessment 

Competency may be assessed in an actual workplace or simulated environment that provides access to the required resources. Assessment is to occur under standard and authorised work practices, safety requirements and environmental constraints. It is to comply with relevant regulatory requirements or Australian Standards requirements.

The following resources must be available:

• materials and equipment relevant to assessing candidate's ability to prepare for self-management in racing
• work instructions and related documentation.

Method of assessment 

Assessment methods must satisfy the endorsed Assessment Guidelines of the Racing Training Package.

The suggested strategies for the assessment of this unit are:

• written and/or oral assessment of candidate's required knowledge
• observed, documented and firsthand testimonial evidence of candidate's application of practical tasks
• inspection of completed work
• simulation exercises.

Where performance is not directly observed any evidence should be authenticated by supervisors or other appropriate persons.

This unit may be assessed in a holistic way with other units of competency relevant to the industry sector, workplace and job role.

Guidance information for assessment 

Assessment methods should reflect workplace demands (e.g. literacy and numeracy demands) and the needs of particular target groups (e.g. people with disabilities, Aboriginal and Torres Strait Islander people, women, people with a language background other than English, youth and people from low socioeconomic backgrounds).

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below.

The range statement provides details of how this competency can be used in the workplaces of the racing industry prepare for self-management in racing. Workplaces include administration buildings, harness and thoroughbred stables and racecourses, training tracks and public areas.

Financial record keeping and budgeting  may include:

• bank statements
• business financial structure, for example trust or sole trader
• business or personal budgeting of expenditure and income
• record-keeping systems, including software programs
• records of race rides or drives, including earnings of rider or driver
• records of fees for services provided for horse owners or trainers
• receipts of expenditure
• tax invoices.

Investment , insurance , taxation and superannuation  will include:

• investment:

• accessibility to funds
• banks
• bonds
• financial institutions
• property
• reasons for investment
• share markets

• insurance:

• accident or injury
• income protection
• life
• motor vehicle
• property
• public liability
• trauma
• travel

• taxation:

• Australian business number
• business activity statements
• income taxation returns
• goods and services tax
• pay-as-you-go tax (PAYG)

• superannuation:

• diverse or specialised portfolio
• high risk or low risk
• lump sum payment
• personal and employment contributions
• rollover
• tax benefits.

Investigations of future career options  may include:

• financial goals
• identifying alternative career preferences
• retraining or new training requirements.

Marketing opportunities  may include:

• brochure or pamphlet advertising
• industry publications
• internet, including web page
• marketing within rules of racing
• media releases
• personal contact with drivers, owners, riders or trainers
• radio interviews
• television appearances
• word of mouth.

Business promotion  will include:

• promotion of services:

• drivers
• riders
• trainers

• clients:

• owners
• trainers

• riders' agents (thoroughbred):

• assisting rider or employer of apprentice to secure rides
• fee for service
• licensing and rules of racing compliance.

Unit Sector 

Harness and thoroughbred racing codes

Co-requisite units 

Functional Area 

Racing performance services