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Evidence Guide: SIRXSRM802 - Lead the development of business opportunities

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

 

SIRXSRM802 - Lead the development of business opportunities

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

Analyse areas of potential new business.

  1. Consult with business owners and key staff members within the organisation to canvass and identify areas that may offer future business opportunities.
  2. Review research to provide relevant knowledge about the business environment and emerging trends.
  3. Analyse the strengths and weaknesses of competitors.
  4. Identify and evaluate opportunities and threats from the internal and external environments.
  5. Consult with current clients and stakeholders to enhance understanding of their preferred products and services.
Consult with business owners and key staff members within the organisation to canvass and identify areas that may offer future business opportunities.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Review research to provide relevant knowledge about the business environment and emerging trends.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Analyse the strengths and weaknesses of competitors.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and evaluate opportunities and threats from the internal and external environments.

Completed
Date:

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Evidence:

 

 

 

 

 

 

 

Consult with current clients and stakeholders to enhance understanding of their preferred products and services.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Analyse organisational strengths and weaknesses.

  1. Review internal documentation to build understanding of organisational capacity to respond to new business opportunities.
  2. Put in place structured processes to identify organisational strengths and weaknesses.
  3. Conduct a financial analysis to determine the cost of current sales or service delivery and the returns generated to the organisation.
  4. Gather and analyse relevant research that assesses current customer satisfaction.
Review internal documentation to build understanding of organisational capacity to respond to new business opportunities.

Completed
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Put in place structured processes to identify organisational strengths and weaknesses.

Completed
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Conduct a financial analysis to determine the cost of current sales or service delivery and the returns generated to the organisation.

Completed
Date:

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Gather and analyse relevant research that assesses current customer satisfaction.

Completed
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Prepare a business development plan.

  1. Negotiate and determine required outcomes, objectives and performance measures for the business development plan.
  2. Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.
  3. Test business development initiatives for acceptance in the marketplace.
  4. Analyse risks associated with the initiative and ensure compliance with legislative and regulatory requirements.
  5. Prioritise potential business development opportunities for action.
  6. Develop a business plan to support the priority initiative, ensuring it is fully costed and resourced.
  7. Seek approval where required for the business development plan according to organisational policies and procedures.
Negotiate and determine required outcomes, objectives and performance measures for the business development plan.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Prepare feasibility studies and reports that assess viability, profitability and sustainability of development opportunities.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Test business development initiatives for acceptance in the marketplace.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Analyse risks associated with the initiative and ensure compliance with legislative and regulatory requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Prioritise potential business development opportunities for action.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop a business plan to support the priority initiative, ensuring it is fully costed and resourced.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Seek approval where required for the business development plan according to organisational policies and procedures.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Manage the implementation of the business opportunity.

  1. Design, develop and implement the strategy to deliver the new business initiative using identified organisational protocols and processes.
  2. Identify and allocate financial and non-financial resources to support the delivery of the business development opportunity.
  3. Develop and oversee the roll-out of marketing and communication processes to the target market launching the new business initiative.
Design, develop and implement the strategy to deliver the new business initiative using identified organisational protocols and processes.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and allocate financial and non-financial resources to support the delivery of the business development opportunity.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop and oversee the roll-out of marketing and communication processes to the target market launching the new business initiative.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Evaluate the success of the initiatives.

  1. Monitor and evaluate new business initiatives against desired outcomes and performance measures.
  2. Identify and oversee implementation of techniques for building repeat business and sustained client relationships.
  3. Review the business development plan in line with changing organisational and business requirements.
Monitor and evaluate new business initiatives against desired outcomes and performance measures.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and oversee implementation of techniques for building repeat business and sustained client relationships.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Review the business development plan in line with changing organisational and business requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

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

Evidence of the following is essential:

researches and consults to identify areas for future business development

uses analysis and judgement to weigh risks and establish priorities for development

develops a business plan that demonstrates business viability and resource requirements for success

develops an implementation process to ensure effective roll-out of the business initiative

evaluates success of business initiative against clear performance indicators.

Context of and specific resources for assessment

Assessment must ensure access to:

a retail work environment

current and varied range of relevant text and online information sources

relevant internal documentation, including:

customer profiling data

payroll data and trends

sales data and trends

stock turnover data

strategic and business plans

relevant publicly available data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

observation of performance in the workplace

a role play

customer feedback

answers to questions about specific skills and knowledge

review of portfolios of evidence and third-party workplace reports of on-the-job performance.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Required Skills and Knowledge

Required skills

initiative and enterprise skills to:

apply lateral and creative thinking to the development of new opportunities

demonstrate management skills

interpersonal skills to negotiate and persuade

literacy and numeracy skills to:

prepare complex business documents, such as business cases

present information to and consult with staff, business owners, clients and stakeholders

analyse profitability of new opportunities

planning and organising skills to develop and manage the implementation of new business opportunities

problem-solving and analytical skills to:

assess new growth opportunities

analyse strengths and weaknesses of competitors

evaluate client preferences

exercise judgement and decision making when selecting opportunities for business development

Required knowledge

budgeting and financial planning procedures

concepts and models of:

business case and plan development

effective communication

risk management planning and processes

industry and client networks and their operation

organisational policies and procedures related to business development

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 individual, accessibility of the item, and local industry and regional contexts) may also be included.

Research may include:

primary research accessed or commissioned from external sources

primary research conducted in-house, including:

qualitative research

quantitative research

search of publicly available annual reports for listed companies

search of publicly available business records

secondary research, including publicly available data accessed through desk-based research.

Strengths and weaknesses of competitors may be analysed using tools, including:

mystery shopping to identify customer service standards and products or services offered

analysis of substitute services, such as:

use of internal and informal skill development

free vendor training

interviews with clients regarding past experiences

document and website analysis

Porter’s Five Forces analysis

SWOT analysis.

Opportunities and threats may be generated by factors, including:

changed client needs and preferences

changed competitor environment

changed government policy settings

declining industries

emerging competitors

macro-economic trends that can dampen or stimulate demand and influence client confidence

new and emerging industries

new or changing technologies

size and profile of the potential market.

Internal documentationmay include:

customer profiling data

payroll data and trends

sales data and trends

stock turnover data

strategic and business plans.

Financial analysis may be conducted using a range of techniques, including:

balance sheet analysis

break even analysis

cash flow analysis

cost-benefit analysis

daily sales and trend analysis

gross profit

profit and loss analysis

return of assets analysis

return on investment (ROI) analysis

sales per employee

sales per square metre of floor space

sales to inventory ratio

stock turnover rate.

Business development initiatives:

are diverse and reflect the nature and structure of the industry in which the organisation operates

may include the following broad categories:

developing and selling new services to existing clients

developing and selling new services to new clients

expanding volume of current services sold to existing clients

selling current services to new clients.

Legislative and regulatory requirementsmay include:

alcohol and liquor laws

emergency management

employment laws

environmental standards and protection

food safety and handling

intellectual property and licensing

local government authority planning and permit requirements

merchandising licensing

public safety, including fire safety

responsible serving of alcohol

Australian consumer law

traffic management

work health and safety (WHS).

Marketing and communication processes may include:

advertising

brand management

internet and ‘viral’ marketing

personal selling

product placements

promotions

public relations

social networking sites

sponsorships

word of mouth.