Assessment Requirements for SIRRRTF003 Drive retail profitability

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Assessment Requirements for SIRRRTF003 Drive retail profitability

Modification History

Not applicable.

Performance Evidence

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.

Knowledge Evidence

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.

Assessment Conditions

Skills must be demonstrated in a retail environment. This can be:

an industry workplace

a simulated industry environment.

Assessment must ensure access to:

organisational budgets and financial plans

organisational financial results including:

sales

variable costs

semi variable costs

stakeholders and team members with whom the individual can interact; these can be:

relevant personnel and team members in a retail workplace, or

people who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=ca051b1b-5101-4ec2-ac1c-49699303188d