Do you have a business model that keeps you compliant and gaining new business?
So often when reviewing or auditing RTOs I see some key areas that could mean opportunities for significant new business. Sometimes these RTOs are struggling to gain new clients, and when these noted points are mentioned the RTO owner is amazed they didn’t see it before.
Your business model is a plan to make money. It also needs to ensure that individuals who are responsible for making strategic or operational decisions (Board Members, RTO Owners, Managers, Team Leaders, Trainers, and Consultants) need to understand the regulatory framework operational requirements. yet this is not the case in so many businesses.
Review strategic and operational requirements regularly
It is important to have a business model that reviews RTO’s strategic and operational requirements regularly. To make sure it is compliant with the Standards for RTOs 2015, and to make changes that could impact on your business, your students and clients. This business model, if implemented regularly will impact the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.
The 2015 RTO Standards raised the level of requirements for the following processes:
- Industry engagement
- Assessment practices
- Amount of training provided
- Trainers’ and assessors’ requirements
- Marketing activities
- Continuous improvement
- Policies and procedures
- Recordkeeping and
- Partnership agreements
So what about money?
If you are doing these activities right, you will be making money. If you are not, then perhaps you need an RTO mentor. Someone who can review what is happening for you, and where the holes are. provide you with solutions to implement into your RTO, so you too can make money.
Complying with the Standards is mandatory for all RTOs, making money is not.