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Evidence Guide: SIRRRTF003 - Drive retail profitability

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

SIRRRTF003 - Drive retail profitability

What evidence can you provide to prove your understanding of each of the following citeria?

Evaluate and plan retail financials.

  1. Access and accurately interpret budgetary and financial plans of the business.
  2. Measure financial results, identifying patterns and trends, including variances from budget and financial plans.
  3. Identify factors that could improve financial performance and limit variances from budget and financial plan.
  4. Identify contingency actions to be adopted if financial circumstances change.
  5. Clarify and negotiate, with relevant personnel, changes required to the budget and financial plans.
Access and accurately interpret budgetary and financial plans of the business.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Measure financial results, identifying patterns and trends, including variances from budget and financial plans.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify factors that could improve financial performance and limit variances from budget and financial plan.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify contingency actions to be adopted if financial circumstances change.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify and negotiate, with relevant personnel, changes required to the budget and financial plans.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control financials.

  1. Monitor financials regularly to accurately identify actual results against budget and financial plans.
  2. Identify trends and patterns including variances from budget and financial plans, and take prompt corrective action within work role where significant deviations occur.
  3. Review variable and semi-variable costs to highlight opportunities.
  4. Complete workplace documentation and other records of budget performance and expenditure, and report to relevant personnel.
  5. Recommend, and implement within work role, activities that improve business financial performance and limit variances from budget and financial plan.
Monitor financials regularly to accurately identify actual results against budget and financial plans.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify trends and patterns including variances from budget and financial plans, and take prompt corrective action within work role where significant deviations occur.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review variable and semi-variable costs to highlight opportunities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete workplace documentation and other records of budget performance and expenditure, and report to relevant personnel.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommend, and implement within work role, activities that improve business financial performance and limit variances from budget and financial plan.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Positively impact the financials.

  1. Consult relevant internal personnel, including work team, on ways to increase productivity and reduce labour spend.
  2. Identify and document strategies to increase productivity and reduce labour spend.
  3. Promote the strategies adopted to improve productivity and financial profitability, including advising the work team on their roles in improving business financials.
  4. Monitor implementation of strategies, and support team to improve sales results.
  5. Identify changes to strategies to improve uptake and outcomes.
  6. Delegate responsibilities and accountabilities relevant to budget and financial achievement in accordance with organisational policies.
Consult relevant internal personnel, including work team, on ways to increase productivity and reduce labour spend.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and document strategies to increase productivity and reduce labour spend.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promote the strategies adopted to improve productivity and financial profitability, including advising the work team on their roles in improving business financials.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor implementation of strategies, and support team to improve sales results.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify changes to strategies to improve uptake and outcomes.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Delegate responsibilities and accountabilities relevant to budget and financial achievement in accordance with organisational policies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Evaluate and plan retail financials.

1.1.Access and accurately interpret budgetary and financial plans of the business.

1.2.Measure financial results, identifying patterns and trends, including variances from budget and financial plans.

1.3.Identify factors that could improve financial performance and limit variances from budget and financial plan.

1.4.Identify contingency actions to be adopted if financial circumstances change.

1.5.Clarify and negotiate, with relevant personnel, changes required to the budget and financial plans.

2. Monitor and control financials.

2.1.Monitor financials regularly to accurately identify actual results against budget and financial plans.

2.2.Identify trends and patterns including variances from budget and financial plans, and take prompt corrective action within work role where significant deviations occur.

2.3.Review variable and semi-variable costs to highlight opportunities.

2.4.Complete workplace documentation and other records of budget performance and expenditure, and report to relevant personnel.

2.5.Recommend, and implement within work role, activities that improve business financial performance and limit variances from budget and financial plan.

3. Positively impact the financials.

3.1.Consult relevant internal personnel, including work team, on ways to increase productivity and reduce labour spend.

3.2.Identify and document strategies to increase productivity and reduce labour spend.

3.3.Promote the strategies adopted to improve productivity and financial profitability, including advising the work team on their roles in improving business financials.

3.4.Monitor implementation of strategies, and support team to improve sales results.

3.5.Identify changes to strategies to improve uptake and outcomes.

3.6.Delegate responsibilities and accountabilities relevant to budget and financial achievement in accordance with organisational policies.

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Evaluate and plan retail financials.

1.1.Access and accurately interpret budgetary and financial plans of the business.

1.2.Measure financial results, identifying patterns and trends, including variances from budget and financial plans.

1.3.Identify factors that could improve financial performance and limit variances from budget and financial plan.

1.4.Identify contingency actions to be adopted if financial circumstances change.

1.5.Clarify and negotiate, with relevant personnel, changes required to the budget and financial plans.

2. Monitor and control financials.

2.1.Monitor financials regularly to accurately identify actual results against budget and financial plans.

2.2.Identify trends and patterns including variances from budget and financial plans, and take prompt corrective action within work role where significant deviations occur.

2.3.Review variable and semi-variable costs to highlight opportunities.

2.4.Complete workplace documentation and other records of budget performance and expenditure, and report to relevant personnel.

2.5.Recommend, and implement within work role, activities that improve business financial performance and limit variances from budget and financial plan.

3. Positively impact the financials.

3.1.Consult relevant internal personnel, including work team, on ways to increase productivity and reduce labour spend.

3.2.Identify and document strategies to increase productivity and reduce labour spend.

3.3.Promote the strategies adopted to improve productivity and financial profitability, including advising the work team on their roles in improving business financials.

3.4.Monitor implementation of strategies, and support team to improve sales results.

3.5.Identify changes to strategies to improve uptake and outcomes.

3.6.Delegate responsibilities and accountabilities relevant to budget and financial achievement in accordance with organisational policies.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

evaluate financial performance of a retail business over a specific organisational financial period

develop and document a financial plan for the same retail business detailing:

strategies to drive sales

strategies to reduce labour spend

strategies to reduce cost of goods

contingency planning

implement the above financial plan demonstrating the following financial monitoring and control activities:

communicating and delegating responsibilities:

team or individual sales targets

roster to labour spend

shrinkage targets

measuring financial results to identify trends

reviewing variable and semi variable costs

consulting the team on financial management and performance.

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

retail financial planning and reporting

for the specific industry sector:

external factors impacting on financial results

competitor activity

market performance

for the particular retail organisation:

budgets and financial plans

internal factors impacting on results

individual store circumstances impacting on financials

process to amend stock allocation

promotional calendar

recruitment process

shrinkage targets

financial results including:

sales

variable costs

semi variable costs

financial contingencies and contingency planning:

amending stock allocation

sales promotions

recruitment strategies

strategies to monitor retail financials:

measuring results to identify trends:

team or individual performance

trading days or times with peak or low performance

external market factors

reviewing variable and semi variable costs:

labour

utilities

consumables

financial management strategies:

management of variances

driving sales by:

increasing average spend

increasing customer loyalty

increasing traffic

reducing labour spend:

increasing productivity

reducing non-contact hours

reducing overtime if applicable

reducing cost of goods:

reducing aged stock and markdowns

reducing internal theft and fraud

reducing external theft

managing administrative errors.