Contribute to the financial effectiveness of the business
Overview
This standard is about the monitoring and effective use of business resources, meeting productivity and development targets to make a positive contribution to the effectiveness of the business. You are also required to ensure that individuals who may assist you to deliver services to individuals work effectively too. Users of this standard will need to ensure that their practices reflect up-to-date information, policies, procedures and best practice guidance.
The main outcomes are:
- contribute to the effective use and monitoring of resources
- meet productivity and development targets
Performance criteria
You must be able to:
Contribute to the effective use and monitoring of resources
1. follow your business procedures for monitoring the use of resources
2. ensure stock levels are maintained and monitored
3. use resources in a way which complies with legal and business requirements
4. use working methods that promote environmental and sustainable working practices
5. collaborate and work with colleagues to promote a positive commercial impact, to include:
5.1 roles and responsibilities
5.2 limits of authority when self-employed and employed
6. check all deliveries are accurate and complete against order documentation reporting any inaccuracies and or damages
7. identify and resolve any problems with resources within the limits of your authority
8. report any resource problems you cannot resolve to the relevant person
9. make constructive recommendations to improve the use of resources to the relevant person
10. make recommendations which clearly show the benefits of implementing your suggestions
11. ensure financial and administrative records are accurate, legible and up-to-date
Meet productivity and development targets
12. set, agree and record your productivity and development targets with the relevant person to meet the needs of the business
13. seek opportunities that will help you to meet your productivity and development targets
14. regularly review and record your progress towards the achievement of your productivity and development targets
15. prepare and agree an action plan that will help you to meet your productivity and development targets
16. meet your set productivity and development targets consistently and within the agreed timescale
Knowledge and Understanding
You need to know and understand:
*Contribute to the effective use and monitoring of resources *
1. your business's requirements relating to the use of the resources
2. the critical aspects of current legal requirements relevant to your business relating to the use of resources
3. current legal requirements relating to the sale of retail goods
4. the different types of working methods that promote environmental and sustainable working practices
5. how the use of digital technologies and social media can improve business efficiency and productivity
6. your own limits of authority in relation to the use of resources
7. to whom to report recommendations
8. how the effective use of resources contributes to the profitability of the business
9. how loyalty and incentive programmes can increase custom and contribute to the profitability of the business
10. how business ordering systems work and how to interpret them
11. the importance of keeping accurate records for the use and monitoring of resources
12. the common problems associated with business resources and how to resolve them
13. how to present the benefits of recommendations in a positive manner
14. how to negotiate and agree productivity and development targets
15. how to respond positively to negative feedback
16. general principles of time management applicable to the delivery of business services
Meet productivity and development targets
17. why it is important to meet your productivity and development targets
18. the consequences of failure to meet your productivity and development targets
19. the types of opportunities that can be used to achieve your productivity and development targets, such as promotion of new products and services, seasonal promotions and special offers
20. why you should regularly review your targets
21. the importance of gaining feedback of your performance and development needs from others
Scope/range
Resources
- human
- stock
- tools and equipment
- time
- commercial space
- digital technologies
- use of media
Productivity and development targets
- retail sales
- technical services
- personal learning