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The Budget Setting Process of Highgrove Manor Hotel for 2001
Looking back at 2000, Highgrove Manor Hotel was exercising a year of declining total occupancy rate and short on revenue. From the data table, it appears that hotel management had over-estimated the amount of money guests who would spend on the bistro, health club, and other income sources. Despite the private room occupancy are stabilized, the hotels still runs short of their total revenue. Increased interest rates of the loaner seem to aggravate that situation. By now, the budget should have been developed to estimate all the revenues in order to run the operation effectively and achieve the desired profit goals. Budgeting is part of the planning function of management. Preparation of budgets ensures management to plan ahead, forecast and control.
THE USES OF BUDGETING
Budgeting is being drawn up to serve two main purposes in most of the business. The first objective is financial planning, which involves the adapted plan for the whole organization to achieve its goals. The co-ordination plan for each department is one important characteristic of the planning. For example if the top management decide to increase conference room booking in a period of time.
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