Business Development: Oral Assessment Preparation for XYZ Brokers

This assignment outlines preparation for an oral assessment centered around a business broker scenario, focusing on key aspects such as client interaction, resource management, and communication techniques. The student addresses questions related to interpersonal skills, resource requirements for the assessment, and strategies for handling difficult client inquiries. The assignment includes recorded responses to questions about business strengths and weaknesses, plans for improvement, referral network expansion, staff performance management, and staff development. The student demonstrates an understanding of business analysis, performance monitoring, and leadership principles, providing detailed plans for improvement and growth within the context of a brokerage business. The assignment covers role-playing scenarios, requiring the student to apply communication skills and business knowledge in practical situations. Finally, it also covers how to manage and terminate a non-performing staff member.

Table of Contents
Part 2: Preparation for oral assessment............................................................................................2
Part 3: Oral response to questions....................................................................................................4
Part 4..............................................................................................................................................14
Task- Role play 1..................................................................................................................14
Task — Role Play 2..............................................................................................................16
Task – Role Play 3................................................................................................................18
Task – Role Play 4................................................................................................................19
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Part 2: Preparation for oral assessment
To prepare for your oral assessment you are required to complete the following tasks:
Question 1
How do you assess the need to adjust your interpersonal style to talk with different types of
clients or professionals? Provide one example of where your interpersonal style needs to be
adjusted to accommodate a client’s needs. For example, where there is a language difficulty or
perhaps difficulty in gaining confidence of a professional or referrer.
It has been seen that the people with strong interpersonal skills are tend to build more effective and
positive relationship with the clients and other co-workers that supports improved productivity of a
firm. It has been analysed and served by me in my day to day to interaction with clients that issue of
language barrier along with lack of confidence has been faced by me especially while answering the
difficult questions.
Thus, I need to improve my communication and interpersonal skills that would be done by me with
the help of getting effective training about most used languages so that the issue of language and
communication barrier can be eliminated while communicating with the client. Apart from this,
enhanced interaction with my colleagues and managers would also be made by me to get their
direction and guidance in order to boost my motivation and confidence level that would support
improved interaction and better development of the interpersonal skills. Thus, improvement in
interpersonal skills in effectively needed by me as it supports and make me able to give and receive
feedback effectively and ensure better resolution of the client problems along with leading and
provide better services to them. Apart from this, an analysis can also be made out that effective
communication and interpersonal skills set out he base for positive and effective relationship with
the client to have improved bonding with client and higher productivity level.
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Question 2
In Parts 3 and 4 of this assessment you will act as a broker and will be required to make oral
(audio recording) responses. Prepare a list of resources and equipment you will need to conduct
these oral assessments.
Following resource are required to effectively conduct and carry out an oral assessment:
 Observation
 Check List
 Portfolio
 Anecdotal Records
 Rating Scale
 Questionnaire or list of questions to be asked from the clients
Question 3
Aside from the resources and equipment identified in Question 2, what will you do to prepare for
the delivery of the loan proposal in the Part 4 Role Play? You can refer to the case study
information in Part 4. What communication techniques would you use to respond to any difficult
questions. This question demonstrates your ability to plan ahead for your interaction with the
customer.
The effective communication technique that would be sued by me to respond to the difficult
questions comprises of the effective listening to the question and remaining honest about the answer
to maintain the integrity and authenticity of the provided information. Beside this, I would try to
reply in a confident manner while maintaining the validity of facts to build improve trust and
rapport with the client while angering the difficult questions that ensures a more positive and
effective relationship with the client.
Part 3: Oral response to questions
Make a 10 minute recording of yourself answering the following questions. Before you start
make sure you have read the resources in your subject in KapLearn to assist you with your oral
assessment by audio recording. Leave the second column blank so you assessor can record a
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summary of your oral responses. You will need to rehearse your responses before the oral
assessment, to ensure that your responses are within the maximum time frame.
(Note: A volunteer is not required to complete these questions.)
Questions Summary of oral response (assessor only)
1. You own a broker business named XYZ Brokers and
employ five staff — two additional brokers and three
staff in support roles. Your support staff assist both
you and your additional two brokers in processing
loans. They also liaise with lenders and other parties
on loan matters.
As a business owner, you are concerned that XYZ
Brokers is not achieving the maximum potential it
could. You want to make improvements to the
business’s performance to assist in its growth. This will
involve some research and setting out a plan for the
future.
Describe how you would
• gain an understanding of the strengths and
opportunities for your business
• identify the weaknesses and threats to the
business
• obtain benchmarking data to assist with your
review of the existing performance of your
business
• develop a plan for improvement and growth, and
who you would involve or consult
• implement and monitor the progress.
Strengths:
 Highly skilled workforce.
 Innovative range of financial
products
 Transparent functioning
 Innovative IT solutions.
Opportunities
 High purchasing power and people
looking to more investment
opportunities
 Growing rural market
 Earning Urban Youth
Weakness
 Less level of pentation is being seen
in current Market
Threats
 Strict financial provisions and rules
 Higher competition level
The existing performance of XYZ broker
business is effective as we are able to
provide bets service to client and having
skilled workforce that ensures more than
20% profitability fir coming one year.
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Plan for improvement
 Providing better financial training
and learning to staff on regular
basis.
 Making effective use of marketing
tool.
Monitor progress
Use of key performance indicator (KPI)
tool would be made to monitor and check
the performance which provide better
analysis of actual performance with
budgeted performance.
2. One of the initiatives coming from your review of the
business is to develop and grow additional business
and networking relationships, while always being
aware of the legislative, regulatory and professional
codes of practice that must be followed.
What are some of the actions your team would take
to:
• expand your referral network
• build and maintain professional business
relationships
• expand and enhance your business’s reputation in
the marketplace while always adhering to client
privacy requirements, governing laws and industry
codes of practice.
To expand the referral networks I would like
to diverse by my business referral network
along with putting much content into referral
network and invest more quality time with
key relationships.
I would build and maintain professional
business relationship with the client through
becoming more authentic in providing
information along with sharing and
maintaining vulnerability in the business.
Beside this, regular feedback about the
services are also taken from the client to
have improvement in the brokerage services.
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I will make use of effective marketing and
promotion technique in order to expand and
improve my business reputation in the
market place.
3. You have developed concerns lately over your staffs’
ability to complete work efficiently and effectively.
They seem to put in a lot of hours, but at times you
have discovered staff working on tasks that have
already been started or completed by someone else.
Describe the actions you need to take to improve the
performance of the team, their outputs and, at the
same time, create more team harmony. In your
answer you might consider the following:
• How would you go about a review of work
allocations and who would you involve in the
process?
• What record of job roles would need to be
developed and implemented?
• How would you monitor individual and team
performances?
• How you would reward excellent individual and
team performances?
I would like to engage some third party to
effectively review the opportunity for
Supervisors and Employees to annually
review the allocation of work duties, discuss
individual work allocations within the
context of the Employee's duties, training
and development opportunities.
Use of records management resources,
design and develop filing systems, business
classification schemes and undertake records
surveys along with set up and review
documenting records systems would be
made to record the job roles.
Implication and use of performance matrix
would be made to analysis individuals and
team performance.
Proper bonus and extra perks based on the
performance along with recognitions would
be provided to the individuals and team
performance who performed in excellent
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manner.
4. You consider staff development an important part of
your role and you take pride in seeing staff develop
and advance to new roles.
Describe how you would:
• identify development and training needs of staff
• manage a non-performing staff member
• terminate a staff member who is performing
poorly, if their performance does not improve.
• Identify development and training
needs of staff.
Staff development is crucial for organisation
as it will lead to have major impact on
overall performance and capability of
business to carry out required set of task in
accurate manner. To recognize training and
development needs, you should initially set
clear assumptions for every part inside your
business. This makes a benchmark to screen
performance against. Audit job descriptions
when new positions are made, or when
rolling out generous improvements to
existing jobs. Make sure to occasionally
represent more modest changes too. Doing
this makes it more obvious what abilities a
representative needs on the off chance that
they are to be effective in every job. What's
more, thusly this assists you with
recognizing abilities holes and expected
training and development needs. Put out
clear goals for workers and react to
performance blips on an individual premise.
Understanding why performance is messed
up places you in a superior situation to react
decidedly and offer fitting training.
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• Manage a non-performing staff
member.
Dealing with the performance of your
workers can be a test, particularly on the off
chance that you have staff who consistently
neglect to deliver satisfactory outcomes.
Giving clear, evenhanded and productive
input is the initial step of overseeing
underperforming or non performing
employees. Doing this makes it more
obvious what abilities a representative needs
on the off chance that they are to be effective
in every job. What's more, thusly this assists
you with recognizing abilities holes and
expected training and development needs.
Put out clear goals for workers and react to
performance blips on an individual premise.
I will give workers convenient, aware,
ordinary criticism in regards to performance
concerns, what their practices mean for the
organization, and what is required and
anticipated from the representative going
ahead is significant. It's vital when managing
a failing to meet expectations worker, that
you remember them for making singular
performance targets. Ask representatives
how they might want to improve, what they
might want to accomplish and any new
abilities they wish to master.
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• Terminate a staff member who is
performing poorly, if their performance does
not improve
In XYZ brokers organisation, for each job,
you ought to have a job description. These
job description includes detail about
company expectation form employees as
well as responsibilities that needs to be
performed by employees. Regardless of
whether you don't have anything formalized,
you ought to have a strong comprehension of
the capacities and obligations of every job in
your group. You ought to likewise know the
stuff for workers to be effective in every job.
I will write a proper document of
termination to the staff member who is not
able to improve their performance.
5. As a business owner, team leadership is a big part of
running a successful business. Essentially, you are
responsible for:
• leading by example
• enhancing the image and profile of the business
• encouraging staff to participate in decision-making
for their own growth
• monitoring business and individual performances.
Describe how you would deal with and prioritise each
In order to build a successful business, it is
very important to lead employees in correct
and accurate manner. team leadership is
consider to be crucial part of business and it
will help in enhancing overall performance
and capabilities of a team. Leadership play
significant role in business as it is helpful for
providing correct and accurate direction to
others as well as encouraging them to carry
out practices in effective manner. As a
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of the above responsibilities in your role as a business
owner of XYZ Brokers, in order to build a successful
business.
owner of XYZ Brokers it is crucial for me to
perform different practices and task of a
team leader in more significant and accurate
manner. In this my first priority is to perform
leadership practices through leading by
example. This is significant for motivating
employees to carry out practices and task in
effective and efficient manner. It is essential
that leader is setting correct examples for
followers. This is significant for providing
correct path to them. After this I will focus
on encouraging staff to participate in
decision-making for their own growth. It is
important to encourage staff members to
take active participation in business decision
making. This will lead to enhance new and
creative ideas for business as well as assist
in growth or success of organisation. I need
to motivate employees as well as reward
them for providing interesting and creative
idea for growth of business. This is helpful
for enhancing business performance as well
as increase capabilities of organisation to
attain desired goals. After this I will focus on
monitoring business and individual
performances. As a owner it is my crucial
responsibility to monitor business as well as
individual performance. This is significant
for enhancing overall performance of
business. By monitoring performance of
business as well as employees I will be able
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to take correct and accurate measure that is
essential for successfully growth of XYZ
Brokers. I need to work on enhancing the
image and profile of the business. This is
important for increase business goodwill as
well as attracting more and more customers
towards company.
6. Running your own successful business can be rewarding. But
it does come with risk.
All successful businesses identify and manage these risks by
adopting a Risk Management Strategy, as well as processes to
manage these risks. You understand that you will require help
from others in formulating your Risk Management Strategy.
Describe:
• how you would analyse and document the various risk
exposures in your business
• who will be the key stakeholders that you would involve in
identifying the risks and formulating a Risk Management
Strategy
• how you would effectively liaise and communicate with
stakeholders
• how you will keep these stakeholders informed at each
stage of the process and obtain their commitment to assist
in management of the identified risks.
How you would analyse and
document the various risk
exposures in your business
The initial phase in Risk
Analysis is to recognize the
current and potential threats that
you may confront. Whenever
you've recognized the threats
you're confronting, you need to
compute both the probability of
these threats being
acknowledged, and their
conceivable effect. Risk
Analysis a fundamental tool. It
can assist you with
distinguishing and comprehend
the risks that you could look in
your job. Thusly, this assists you
with dealing with these risks,
and limit their effect on your
arrangements.
• Who will be the key
stakeholders that you would
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involve in identifying the risks
and formulating a Risk
Management Strategy
Internal and external
stakeholders can be any of the
following: Company employees:
management and staff, The
Board, third parties, Customers,
Shareholders (can be represented
by board), Labour
representatives, Local/national
government authorities and
Other interested parties.
• How you would
effectively liaise and
communicate with stakeholders.
It is essential for me to
effectively liaise as well as
communicate with stakeholders
in order to provide them correct
and accurate information. So
from this I have determined that
a proper meeting with
stakeholders will be significant.
Stakeholder meetings are the
most well-known specialized
strategy set up for companies,
particularly since they can save
time in passing on the message
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