1. Implement financial plan 1.1 Identify financial information requirements and obtain specialist services, as required, to profitably operate the business in accordance with the business plan1.2 Produce financial budgets or projections, including cash flow estimates, as required for each forward period, and distribute to relevant people in accordance with legal requirements1.3 Negotiate, secure and manage business capital to best enable implementation of the business plan and to meet requirements of financial backers1.4 Develop and maintain strategies to enable adequate financial provision for taxation in accordance with legal requirements1.5 Develop, monitor and maintain client credit policies, including contingencies for debtors in default, to maximise cash flow1.6 Select key performance indicators to enable ongoing monitoring of financial performance1.7 Record and communicate financial procedures to relevant people to facilitate implementation of the business plan2. Monitor financial performance 2.1 Regularly monitor and report on financial performance targets, and analyse data to establish extent to which the financial plan has been met2.2 Monitor marketing and operational strategies for their effects on the financial plan2.3 Calculate and evaluate financial ratios according to own or industry benchmarks2.4 Assess financial plan to determine whether variations or alternative plans are needed, and change as required3. Required knowledge to be assessed To complete the unit requirements safely and effectively, the individual must: discuss benchmarking explain financial decision-making relevant to the business summarise significant financial indicators outline purposes of financial reports clarify preparation and interpretation of budget/actual reports identify principles for preparing balance sheets and their interpretation outline debt
collection procedures or strategies characterise principles for preparing profit and loss statements and their interpretation discuss stock records and stock control relevant to the business.4. Foundation skills ⪠Evaluates complex text to determine legislative, regulatory and workplace documentation⪠Prepares written reports and workplace documentation that communicate complex information clearly and effectively⪠Articulates clearly using specific and relevant language suitable to audience to convey requirements, and employs listening and questioning techniques to confirm understanding⪠Participates in verbal negotiations using tone and language suitable to audience⪠Interprets numerical information to calculate all relevant financial information⪠Appreciates implications of legal and regulatory responsibilities related to own work⪠Selects appropriate form, channel and mode of communication for a specific purpose relevant to own role⪠Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals⪠Makes a range of critical and non-critical decisions in relatively complex situations, taking a range of constraints into account⪠Uses formal and informal processes to monitor implementation of ideas and reflect on outcomes5. Performance evidence Evidence of the ability to: operate the business according to the business plan, including:o adhering to legal requirementso meeting requirements of financial backerso defining strategies for debt collection and contingencies for debtorso managing cash flowo defining key performance indicatorso communicating with relevant people monitor the business against financial plan and make changes as req