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Elements and Performance Criteria

1. Diagnose the business
   • Data required for diagnosis are determined and sourced
   • Competitive advantage of the practice is determined from the data and a SWOT analysis undertaken
2. Benchmark the business
   • Sources of relevant benchmarking data are identified and sourced
   • Key indicators for benchmarking are selected in consultation with key stakeholders
   • Like indicators of own practice are compared with benchmark indicators and areas for improvement identified
3. Develop plans to improve practice performance
   • A consolidated list of required improvements is developed with cost-benefit ratios for required improvements determined
   • Work flow changes resulting from proposed improvements are determined and ranked according to agreed criteria
   • An action plan to implement the top ranked improvements is developed and agreed
   • Organisational structures are checked to ensure they are suitable
4. Implement and monitor plan
   • Implementation plan is developed in consultation with all relevant stakeholders and indicators of success of the plan agreed
   • Implementation is monitored against agreed indicators and adjusted as required

Required Skills

Required skills

welldeveloped communication skills to determine and confirm practice business requirements using questioning and active listening as required liaise with others share information listen and understand negotiate outcomes with professional colleagues use language and concepts appropriate to cultural differences research skills for accessing and managing information including benchmarking data interpreting documentation coordinating tasks welldeveloped numeracy and IT skills for identifying and using financial modelling accessing and using appropriate software such as word processors spreadsheets and databases accessing internet information highly developed literacy skills to read and interpret documentation from a variety of sources and recording gathering and consolidating financial information welldeveloped problem solving skills to identify any issues that have the potential to impact on the practicebusiness improvement and to develop options to resolve these issues when they arise teamwork skills for working and consulting with others when developing improvement plans for the business planning skills to develop effective business plans and implementation strategies

Required knowledge

current financial practice systems and structures methods of interpreting benchmarking and business strategy information methods of selecting relevant key benchmarking indicators SWOT analysis techniques where to acquire required business and benchmarking data

Evidence Required

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
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit	Evidence of the ability to identify the key indicators of business performance for the practice source and use a wide range of available information sources including acquiring information not readily available within a practice analyse data and determine areas of improvement for practice negotiate required improvements to ensure implementation
Context of and specific resources for assessment	Assessment must ensure competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment technology software and consumables access to relevant legislation regulations and codes of practice
Method of assessment	A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills setting and reviewing workplace projects and business simulationsscenarios evaluating samples of work accessing and validating third party reports
Guidance information for assessment

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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, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.
Data required includes:	appropriate business structures break even data business environment factors competitor products, marketing and branding competitor pricing and response to pricing demographic factors economic conditions expected revenue levels, short-term and long-term internal policies, procedures and practices level of client service which can be provided level of commercial activity market changes segmentation consolidation fragmentation definition organisation capability political, legislative and regulative impacts pricing policy revenue assumptions growth rate social factors staff levels, capabilities and structure technological impacts.
Competitive advantage includes:	services and products fees location timeframe.
SWOT analysis includes:	external opportunities such as: changing market economic conditions external threats such as: industry fee structures strategic alliances competitor marketing internal strengths such as: staff capability recognised quality internal weaknesses such as: poor morale under-capitalisation limiting technology.
Key indicators may include:	client base fee structure number of staff overhead and overhead control personnel productivity (particularly of principals) profitability salary cost.
Organisational structures include:	legal structure partnership limited liability company organisational structure and hierarchy reward schemes.

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