Unit of competency Outline

Date retreived
22/07/2026 10:12 AM AWST

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Drive retail profitability

Drive retail profitability

Unit of competency
National Code
SIRRRTF003
State Code
AWX40
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
31/03/2016
View on TGA
State Implementation and Classification
Approved Date
13/09/2016
Field of Education
080301 - Business Management
Original Release Date
13/09/2016
Nominal Hours
55
Description
This unit describes the performance outcomes, skills and knowledge required to interpret financial information for a retail business, and to identify, promote and implement strategies to positively impact the business financials. This unit applies to senior personnel working in a diverse range of retail industry sectors and business contexts. They operate independently and are responsible for making a range of operational business decisions and financial planning and monitoring. No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
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.
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State Code National Code Title Type
AZZ8 SIR50116 Diploma of Retail Leadership Qualification