Unit of competency Outline

Date retreived
22/07/2026 9:07 PM AWST

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Improve business of financial practices

Improve business of financial practices

Unit of competency
National Code
FNSPRM612
State Code
OCZ24
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
080301 - Business Management
Original Release Date
22/04/2021
Nominal Hours
60
Description
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 to provide strategies for general business improvement.The unit 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. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Diagnose business
  • 1.1 Determine and source data required for diagnosis
  • 1.2 Undertake SWOT analysis and determine competitive advantage
  • 1.3 Identify business priorities, objectives, needs and requirements
2. Benchmark business
  • 2.1 Identify and source required benchmarking data
  • 2.2 Select key indicators for benchmarking in consultation with required stakeholders
  • 2.3 Compare similar indicators of own practice with benchmark indicators and identify areas for improvement
3. Develop plans to improve business performance
  • 3.1 Develop and agree on criteria for improvement with relevant stakeholders
  • 3.2 Develop list of required improvements and determine cost–benefit ratios
  • 3.3 Determine workflow changes resulting from proposed improvements and rank according to agreed criteria
  • 3.4 Develop and agree on action plan to implement top ranked improvements
  • 3.5 Check organisational structures against criteria
4. Develop implementation plan and monitor implementation
  • 4.1 Develop implementation plan in consultation with relevant stakeholders and agree on indicators of success of plan
  • 4.2 Monitor implementation against agreed indicators and adjust as required
No information
No information
Replaces
State Code National Code Title Type
AUS63 FNSPRM602 Improve the practice Unit of competency