Answer each question below.
1. Name 4 business considerations you might consider when researching a budget.
2. Describe how the following sources of data can be used for budget preparation
Competitor research –
Customer or supplier research –
Declared commitments in areas of operation –
Financial information from suppliers –
Financial proposals from key stakeholders –
Performance data/information from previous time periods –
Departmental, event or project budgets –
Grant funding guidelines or limitations –
3. Explain how the following internal¬ factors can impact on budgets.
4. Explain how the following external factors can impact on budgets.
5. How does involving staff “from the bottom up” in the budgeting process, help the business?
6. What does the process of preparing a draft budget usually involve?
7. How does breaking the budget down into groups, departments, or income and expense categories help colleagues?
