Why would a sole proprietor/ partnership need to prepare a budget, and what type of budget would be needed? Joe Bloggs Pty Ltd has just gained a major contract, which will generate additional income over a 2 year period, but will also require extra resources. At the same time, however, they are planning to expand into website sales. What type of budget/s would they need to prepare, and why? What methods could they use to fund the website expansion? When setting budgets it is a good idea to make contingency plans. What are contingency plans and why are they necessary? You are a sales manager for a large hospitality operation, and required to review and provide feedback via email on the budget document. What process would you follow, and what are some of the questions you would ask in order to provide valuable feedback? Explain and discuss the things that might be taken into consideration when prioritising income and expenditure requirements for a budget. Why should employees be involved in setting and monitoring the budget? Budgets are used to allocate resources for work. What are some of the resources that might be required in a hospitality operation? List at least 8 different resources that might be allocated via the budget. In what ways might information relating to budgets and resource allocations be communicated to staff? What is the importance of collecting, filing and maintaining accurate financial/ resource allocation records?
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