5. Define your operations by the following: a. Identify responsibilities for yourself and your 2 staff members (eg. admin assistant and a loan processor) b. Conduct a simple S.W.O.T. Analysis of your business (Strengths, Weaknesses, Opportunities, Threats - explained in Unit 12) c. Define your target audience (will they be first home buyers, investors, upgraders, other). d. What marketing strategies, marketing methods and technology will you use to promote your business? e. If you were to be needing finance to establish the new business, what sources of funding could you potentially use (e.g. own cash, business loan, investors, other)? f. What is your 12 months sales goal (Tip: you could answer this as a simple budget plan and/or refer to Unit 12 regarding commission forecasting). g. List 3 potential risks that you may encounter and therefore need to plan ahead for (include both internal and external risks) and what would be your risk management strategy for each of them? h. Outline a simple contingency plan for non-conformance (eg. a compliance requirement that you or a staff member breaches) so you are prepared to address this according to workplace procedures.Scenario Assume you are now a mortgage broker and you are either working as an independent contractor, or are self-employed or about to open a franchise. Alternatively, you may be a broker who has justjoined a business as an employee. If you have not started working in the nancial services industry, you will need to anticipate your role as you would see it in the future ie. a simulated workplace environment. In every situation you need a plan to succeed. As part of your assessment, you must assume you have 2 other staff members working with you (their roles are your choice). Your plan to ensure you are successful as a broker will include your recognition that attracting and retaining clients will be critical to the business's short and long term viability. You need to have strategies in mind, techniques you will use, software support ideas, thoughts about your advertising budget and goals to achieve from your commissions. Your goal around the income you desire is a good motivation, so think about how you will achieve that income goal. You and your team will also have \"Continuous Professional Development" requirement hours once you start, so outline this in your plan as it will have time and funding commitments as well as being a compliance necessity. The course content will have prepared you for understanding the many requirements, including compliance, that are critical for operating successfully in the nancial services industry. Long answers may not necessarily be required for all questions. Unit 12 will be a key source of information and you can utilise the internet as required. Units 9, 10 and 11 will also be helpful