FNSPRM602
Improve the practice


Application

This unit describes the skills and knowledge required to analyse, develop and implement plans to improve the business of a financial practice. It requires the application of diagnosis and benchmarking skills, not for the technical side of the practice but to provide strategies for general business improvement.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide guidance in strategic organisational activity and continuous improvement.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Diagnose business

1.1 Determine and source data required for diagnosis

1.2 Determine competitive advantage of practice from data and undertake SWOT analysis

2. Benchmark business

2.1 Identify and source relevant benchmarking data

2.2 Select key indicators for benchmarking in consultation with key stakeholders

2.3 Compare similar indicators of own practice with benchmark indicators and identify areas for improvement

3. Develop plans to improve practice performance

3.1 Develop consolidated list of required improvements and determine cost–benefit ratios for required improvements

3.2 Determine workflow changes resulting from proposed improvements and rank according to agreed criteria

3.3 Develop and agree on action plan to implement top ranked improvements

3.4 Check organisational structures to ensure they are suitable

4. Implement and monitor plan

4.1 Develop implementation plan in consultation with all relevant stakeholders and agree on indicators of success of plan

4.2 Monitor implementation against agreed indicators and adjust as required

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill

Performance Criteria

Description

Reading

1.1, 1.2, 2.1-2.3, 3.4

Researches and analyses detailed and complex textual information and numerical data from a range of sources to identify specific criteria and determine actions required

Writing

1.2, 2.2, 3.1, 3.2, 3.3, 4.1

Develops documents using appropriate formats and organises information and data logically and sequentially

Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience and purpose of the documentation

Oral Communication

2.2, 3.3, 4.1

Participates in verbal exchanges using active listening and questioning techniques to elicit information and confirm understanding

Provides instructions and presents information structuring tone, pace and content in line with the audience and purpose

Numeracy

2.1, 2.2, 3.1

Interprets, compares and consolidates numerical and financial information to determine requirements, including the manipulation of data for modelling and benchmarking activities

Navigate the world of work

3.4

Works autonomously, making high level decisions to achieve and improve organisational goals

Monitors and reviews organisational policy, procedures and adherence to legislative requirements to implement and manage change

Interact with others

2.2, 3.2, 4.1

Selects, implements and manipulates communications systems, processes and practices to negotiate outcomes

Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion

Shares knowledge, information and experience openly as an integral part of the working relationship

Get the work done

1.1, 1.2, 2.1-2.3, 3.1-3.4, 4.1, 4.2

Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands

Gathers and analyses data, and seeks feedback to improve plans and processes

Makes high impact decisions in a complex and diverse environment, using input from a range of sources

Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals


Sectors

Practice management