Grow Your Business Assessment 2

Grow Your Business Assessment

AAMC Training Group

Grow Your Business Assessment 2

Student’s name:Michael Braut

For your assessment to be marked you must complete and upload all tasks and this cover sheet via the AAMC Training Group portal. Your assessment tasks must be uploaded in an electronic format i.e. Word, Excel, PDF or Scan. A maximum of five (5) attachments (maximum 20MB each) can be uploaded for this assessment. Please see the step-by-step instructions in your Member Area on how to upload assessments.

Once your assessment has been uploaded it will be pending review with your nominated course assessor and marked within 5-10 working days. You will receive an email advising you have been marked as “satisfactory” or “additional information required”.

I certify that this work is my own, that I have not duplicated the information from another source. I also state that I have referenced appropriately all information that I have gathered from other sources.

I understand that plagiarism is a form of cheating. It is taking and using someone else’s thoughts, writings or inventions and representing them as my own. I also understand that Plagiarism is a serious act and may result in a student’s exclusion from a module or a course.

Checklist of attachments:

☒ Task 1 – Investment property finance plans ☒ Task 2 – Vehicle finance plans

Please indicate style of course undertaken:

☒ Online ☐ Virtual Class

If you have queries relating specifically to your assessment please log an ‘Assessment Query’ under the HELP tab on your Members Area dashboard and a Student Support officer will respond.

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CREDIT TRANSFER You may be able to claim credit transfer for a unit/s of competency that you have previously completed with AAMC Training or another RTO. If you have been awarded a record of result or statement of attainment for any of the units detailed below then please go to the Credit Transfer tab in your Learning Centre and follow the prompts. This assessment relates to the following units of competency: FNSPRM613 Grow financial practices Please refer to AAMC Training’s full Recognition Policy for further details.

STUDENT INSTRUCTIONS

The assessments in this module are all based on the Case Study Scenario (repeated below) and your Marketing Plan from the previous assessment. You are to target your existing database and do research on securing new business clients. In this assessment you will take your Marketing Plan from Grow Your Business Assessment 1 and create promotional strategies in line with your growth goals for both investment property and vehicle finance.

Your Action and Monitoring Plans will be required for the final assessment in this module – Grow Your Business Skills Signoff.

Case Study Scenario

You are a finance broker working in your own business as a sole trader for the past five (5) years and offer a range of mortgage and personal finance to individuals and couples, and business owners. You have reviewed the sales figures from last year, and the breakdown of types of finance (%) settled for the business. The business has had strong results in the owner-occupied construction finance, especially for first home buyers.

You have decided that you would like to diversify and expand the business into other areas of finance, especially high net worth investors and cross promotion of products to existing clients.

The two drivers influencing these goals are:

  1. increased enquiries from existing clients regarding vehicle loans and
  2. a visit from your aggregator BDM who mentioned that investor clients are a little more astute when it comes to finance.

Your original Vision Statement

We support new home buyers and simplify the maze of government grants when buying and building.

Excerpt from the original business plan explained the vision statement

To grow the business by supporting new home buyers to acquire the most suitable finance to suit their requirements by working with professional local builders and developers. To attract government support for new home buyers and provide a range of suitable lenders who deal in construction and basic introductory loans with 100% offset facilities.

Business considerations

Your current clients have asked for assistance with consumer and business car loans. You are currently not accredited with many lenders. The return the business expects to receive for these types of loans is between $1,000 and $2,500 per client for loans in the range of $35,000 to $60,000. These clients may be attracted to variable rate loans over 5-10 years.

You have relationships with key referral partners that have ‘high net worth clients’ who already own their own homes and looking to invest in property. They have agreed to let you promote to these clients to increase interest.

Your estimated income per client is between $3,000 and $4,000 for home loan, ranging from $450,000 to $600,000. These buyers may be attracted to fixed rate, interest only loans. You have agreed to pay your referral partners 15% of the commission received.

*NB These figures are purely fictitious and not indicative of the commissions you would earn as broker. There are many other considerations when calculating income from brokerage.

Task 1 – Investment Property Finance

Create promotional strategies in line with your growth goals

Considerations in line with your relevant growth goals:
PeopleYour target market for each promotional strategy identified in your Marketing Plan.
Promotion
What promotional tool/materials are you going to use to reach your target clients? print advertising, giveaways, displays etc. How are you going to reach them? online advertising, mail-outs, media releases, events, website, blog/social media
PlaceConsider where your clients are situated in location to your office/you Where will the promotion take place in what area?
ProductsThink about what products may be relevant to your target market.
  1. Your promotional plan – complete the template below.
People
Research two products you are going to promote. Include: lender name product name interest rates (comparison rate must be included)
Promotional tools
Promotional activities
Create your branding statement to attract your target market. What is your unique selling proposition?
What is the date for delivery/ implementation?
  1. Research and compare two (2) mortgage products.
  • Refer to https://www.canstar.com.au to assist you in completing product comparisons.
  • Provide the URL and insert a screenshot of the product pages to show the evidence that your research aligns with your target market.
  1. Budgeting and Return on Investment (ROI)

Use the expected income per target client and work out the expected return from your promotional activity. The remainder of your figures for this exercise will be assumptive and based on your own research but should be verifiable by the research you conducted on the products.

Considerations

  • When preparing a budget, you must consider all associated costs i.e. people, technology, supplies, suppliers, cost per click/lead (social media) etc.
  • When estimating a % of interest, you should research and consider what is appropriate for the type of promotional activity you are completing.
  • What would be your conversion rate from % of interest? Remember: not all clients that show interest in your promotion will take up your offer.
  • When estimating the yield you will need to consider what income you would earn from each client after you have paid any commissions for referrals – refer to the case study (as a new broker you will not know these figures until you start your business)
  • Return on investment (ROI) – this is a highly important factor in understanding the success of your marketing and whether it will be worth the effort. It forms part of your growth projections.
Budget
% of interest
Conversion rate
Yield per client
ROI
  1. Create an action plan that outlines the tasks involved in the delivery of your promotional activity.

Each task will have several steps – for instance, creating a brochure requires designing, writing, formatting, printing, marketing software communication channel you might use, etc.

The table has allowed for 6 steps, you may add to this if necessary or if you can reasonably do the task in less steps this is also acceptable, however it is expected there will be a minimum of 4 steps as shown in the example provided above.

ACTION PLAN
No.TaskSteps involved for this taskResources Required e.g. software, supplier etcWho or which support is requiredStart dateFinish date
1





2





3





4





5





6





  1. Monitoring your plan

Keeping track of the progress of your promotional plan is completed over a period of time, between your start date and end date. Think about your dates and where you see your promotion at each stage and complete the Monitoring Plan template below. Also, use the links provided in the Learning Guide to further research methods on monitoring your market plan.

Consider:

  • Remember, your dates need to align with your start date and the last check in should be before your end date. For the purpose of this exercise, we have added three check points (you may have more than this with regard to some marketing activities when they happen ‘in real life’ or IRL).
  • Monitoring methods to determine you are on target to achieve your success indicators % of interest and ROI:
  • how you would check the progress of a social media ad campaign to determine your monitoring process, i.e. key metric; review sales figures a month after the promotion. Please note there are many more ways and it is expected that you provide other methods as well.
MONITORING PLAN
StagesReview DateProposed monitoring methodAnticipated results for promotional period
First check in


Next check in


Final check in


Task 2 – Vehicle Finance

Create promotional strategies in line with your growth goals

Considerations in line with your relevant growth goals:
PeopleYour target market for each promotional strategy identified in your Marketing Plan.
Promotion
What promotional tool/materials are you going to use to reach your target clients? print advertising, giveaways, displays etc. How are you going to reach them? online advertising, mail-outs, media releases, events, website, blog/social media
PlaceConsider where your clients are situated in location to your office/you Where will the promotion take place in what area?
ProductsThink about what products may be relevant to your target market.
  1. Your promotional plan – complete the template below.
People
Research two products you are going to promote. Include: lender name product name interest rates (comparison rate must be included)
Promotional tools
Promotional activities
Create your branding statement to attract your target market. What is your unique selling proposition?
What is the date for delivery/ implementation?
  1. Research and compare two (2) vehicle products.
  • Refer to https://www.canstar.com.au to assist you in completing product comparisons.
  • Provide the URL and insert a screenshot of the product pages to provide the evidence that your research aligns with your target market.
  1. Budgeting and Return on Investment (ROI)

Use the expected income per target client and work out the expected return from your promotional activity. The remainder of your figures for this exercise will be assumptive and based on your own research but should be verifiable by the research you conducted on the products.

Considerations

  • When preparing a budget, you must consider all associated costs i.e. people, technology, supplies, suppliers, cost per click/lead (social media) etc.
  • When estimating a % of interest, you should research and consider what is appropriate for the type of promotional activity you are completing.
  • What would be your conversion rate from % of interest? Remember: not all clients that show interest in your promotion will take up your offer.
  • Return on investment (ROI) – this is a highly important factor in understanding the success of your marketing and whether it will be worth the effort. It forms part of your growth projections.
Budget
% of interest
Conversion rate
Yield per client
ROI
  1. Create an action plan that outlines the tasks involved in the delivery of your promotional activity.

Each task will have several steps – for instance, creating a brochure requires designing, writing, formatting, printing, marketing software communication channel you might use, etc.

The table has allowed for 6 steps, you may add to this if necessary or if you can reasonably do the task in less steps this is also acceptable, however it is expected there will be a minimum of 4 steps as shown in the example provided above.

ACTION PLAN
No.TaskSteps involved for this taskResources Required e.g. software, supplier etcWho or which support is requiredStart dateFinish date
1





2





3





4





5





6





  1. Monitoring your plan

Keeping track of the progress of your promotional plan is completed over a period of time, between your start date and end date. Think about your dates and where you see your promotion at each stage and complete the Monitoring Plan template below. Also, use the links provided in the Learning Guide to further research methods on monitoring your market plan.

Consider:

  • Remember, your dates need to align with your start date and the last check in should be before your end date. For the purpose of this exercise, we have added three check points (you may have more than this with regard to some marketing activities when they happen ‘in real life’ or IRL).
  • Monitoring methods to determine you are on target to achieve your success indicators % of interest and ROI:
  • how you would check the progress of a social media ad campaign to determine your monitoring process, i.e. key metrics; review sales figures a month after the promotion. Please note there are many more ways and it is expected that you provide other methods as well.
MONITORING PLAN
StagesReview DateProposed monitoring methodAnticipated results for promotional period
First check in


Next check in


Final check in


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