Read the case of Capital City Finance and Mortgage Brokers (CCF & MB) and complete the following tasks
Task 1: Developing and nurturing relationships with clients, other professionals and third-party referrers
George and Mildred now require you to write a plan to assist in developing and nurturing relationships with clients, other professionals and third-party referrers.
The layout and content of your plan should address the following:
- How CCF & MB’s policies and procedures and legislative, regulatory and professional codes of practice impact on developing and nurturing relationships.
- How you would use CCF & MB’s social, business and ethical standards to develop and maintain positive relationships.
- The importance of confidentiality and how you would maintain it in your dealings with colleagues, clients and other parties.
- How you would adjust your interpersonal style to the needs and situation of other parties.
- How you would go about developing and maintaining business and professional networks and other relationships to benefit the organisation; and how you would use them to identify and cultivate relationships in order to promote and market the organisation.
- How you could use and cooperate with other professionals and third parties to expand and enhance the reputation of the organisation, and to identify new and improved business practices.
- How you would build referral business through appropriate communication channels, to find and secure new business relationships.
- How you would identify referral needs and provide information about CCF & MB’s relevant products and services.
- How you would secure interviews with referral business so that the needs of clients can be met.
Task 2: Identifying risk and applying risk management processes
George and Mildred have become very concerned about the potential risks that could jeopardise
CCF & MB’s business operations. They were very impressed with your growth and marketing plans for
CCF & MB so they have now moved you into more of a general manager’s role with expanded responsibilities, including managing CCF & MB’s risk.
- As part of your new responsibilities you are required to develop a risk management plan which:
- Establishes the context for CCF & MB’s risk management plan.
- Lists and explains the tools you will use in assessing the risks you identify.
- Identifies the stakeholders you would consult in establishing context and the tools you would use in identifying CCF & MB’s risks.
- Identifies at least two risks that CCF & MB could face for each of the six categories of business risk including strategic risks, compliance risks, financial risk, operational risks, market and environmental risks and reputational risks with an appropriate risk statement for each identified risk.
Task 2: Improving the business
Over the last few months business for CCF & MB has been very good with a number of new clients coming on board as a result of implementing your business growth and marketing plans. However, neither you or the business owners are satisfied with maintaining the status quo; as you and they are committed to a program of continuous improvement.
You all feel that CCF & MB’s competitive advantage needs to be strengthened and a SWOT should be undertaken to establish CCF & MB’s strengths and weaknesses including benchmarking the business against the industry. You now decide that you will carry out a diagnosis of the business including a SWOT analysis and a benchmarking exercise to improve CCF &MB’s competitive advantage and its business. You are to produce a document covering your diagnosis, which will be distributed amongst CCF & MB’s key personnel.
As a minimum, your document should cover the following:
- The data you have used as part of your diagnosis to identify CCF & MB’s competitive advantage.
- A SWOT analysis to identify CCF & MB’s strengths and weaknesses, its threats and opportunities.
- How you identified and sourced relevant benchmarking data.
- How you selected the key indicators (and who you consulted with) for your benchmarking exercise.
- A consolidated list of the areas for improvement you have identified with a cost-benefit ratio established for each of them.
- Recommendations on the changes that may be required that will affect existing workflows or
CCF & MB’s organisational structure
- A high-level action plan that will implement and monitor the recommended changes to be made.
In addition to the material on your Part 2 learning guides, the following link gives you access to a
step-by-step guide to benchmarking and determining competitive advantage: