Profit Masters Club Code Of Practice

Profit Masters Club member and explains what it means to be a member of the Profit Masters Club. Profit Masters Club Partner and Affiliate members:

• Demonstrate their compliance with the Code before joining as a Profit Masters Club Partner or Affiliate member.
• Explicitly renew their commitment to the Code every year.
• Can be audited in the event of a client complaint to the Profit Masters Club or on the initiative of the Profit Masters Club Membership Committee. If upheld, complaints can result in reprimand or expulsion.

As Partner or affiliate members of the Profit Masters Club, each company will always: 1. Put their client’s interests first: Profit Masters Club Partner or Affiliate members make sure that the objectives and terms of any project or assignment, including remuneration, are agreed with the client in advance. In any conflict, the duty to the clients must prevail.

• Proactively gather feedback from clients on an ongoing basis and act upon feedback trends
• Ensure that documented objectives for any project or assignment are agreed with the client .
• Documented processes are in place for any conflicts of interest
• Client feedback is an integral part of individual performance assessment and reward mechanisms
• There is transparency about costs and all information relating to cost is relayed and agreed before a project or assignment begins
• Variations to cost and scope are notified in advance and agreed with the client.

2. Focus on delivering sustainable value to the client: Profit Masters Club Partner and Affiliate members ensure a clear focus on value and the transfer of knowledge to clients. Client references are always taken up before a company is admitted to be a the Profit Masters Club Partner or Affiliate Member. These must demonstrate high levels of client satisfaction. Member audits also review references from clients.

• Terms of engagement clearly state benefits and what success looks like
• A benefits relationship plan is in place
• Post project or assignment evaluation takes place to asses the realisation of the agreed benefits.
• There is an acknowledgment of ant risk upfront and appropriate joint action is taken to mitigate
• Progress /checkpoint reporting is put in place which confirms the direction of and work triggers change where necessary, ensuring that there are no surprises and work can be complete on time and to agreed price.
• A quality assurance process is in place.
• An audit trail is in place to track significant activity

3. Employ people with the right skills and experience to help their client, and continually develop their expertise: Profit Masters Club Partner and Affiliate members employ staff, with relevant experience and qualifications. They also have formal training and development programmes for their staff, together with annual performance appraisals.

• A competency framework is in place
• There are processes in place to match competency to client needs
• Skills are matched to clients needs
• Where subcontractors are used, they are of good quality and well briefed on the project or assignment objectives and the values of the member firm
• Ensure that all their staff and subcontractors are aware of the Profit Masters Club Code of Practice.

4. Be clear and transparent with the client: Profit Masters Club Partner and Affiliate members must disclose any information which could influence their ability to work on a particular project or assignment.

• Agree with the client who is the main stakeholders are for negotiation and sign off
• The client has a clear understanding of what member is going to do
• There is joint responsibility between the client and the member about what each is responsible for in terms of project or assignment delivery and what is in and out of the scope of the proposal
• Jargon is avoided. Language used is clear, straightforward and unambiguous
• There is transparency about costs, including expenses, and all information relating to cost appears in one place in the terms of engagement.
• There is transparency about any fee’s or commissions
• There is transparency about the resources available to do the work and risk related to their availability.
• The use of subcontractors is disclosed and work closely monitored.
• There is transparency over timescales.

5. Be trustworthy, independent and objective: Profit Masters Club Partner and Affiliate members keep strictly to all agreements about the confidentiality of information. Members only accept work that they are qualified and have the capacity to undertake.

• Ensure client confidentiality, eg, they comply with the British Standard on confidentiality of information.
• A program is in place which reinforces messages about respect for client confidentiality
• Client case studies, quotes, and references are used only with the clients prior permission.
• Experiential advice is given to clients based on market evidence
• Be financially strong enough to deliver on their commitments: All Profit Masters Club Partner and Affiliate members have a track-record in the industry –

a. They have been in operation for at least three years before they join the Profit Masters Club. b. They are financially self-supporting and can meet all their liabilities c. Effective risk management and business resumption plans are in place