Australian Budget Monitoring and Preparation

Strategic Allocation: Advanced Budgeting Techniques

Project 2
STUDENT NAME:
BATCH:
TEACHER:

eVersity

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 Case Study 1: "Seasons of Change: Adapting Budgets in a Coastal Resort"
Background:
The Coastal Haven Resort, a picturesque seaside destination known for its summer peaks and off-season tranquillity, faced the challenge of maintaining
profitability year-round. To address this, the financial team embarked on a budget overhaul, applying advanced budgeting techniques to adapt to seasonal
fluctuations.
Strategy Development:
● Q1-Q2 (High Season): The team projected higher revenue based on historical occupancy rates, allocating increased budgets for marketing campaigns to

maximize occupancy and upsell services.

● Q3 (Shoulder Season): Budgets were adjusted to reflect the reduced foot traffic, shifting focus to maintenance and staff training without compromising

service quality.
● Q4 (Low Season): Introduced innovative budget-friendly packages to attract locals and implemented cost-saving measures.

Budget Adjustments:
● Revenue Diversification: Explored alternative revenue streams like hosting events and partnering with local businesses for exclusive guest experiences.

● Cost Management: Implemented energy-saving initiatives and vendor renegotiations during the low season to manage operational costs.

Outcomes:
● Enhanced revenue stability across seasons, with a 15% year-over-year profit increase.

● Improved staff retention and guest satisfaction scores due to better resource allocation.

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 Case Study 2: "Tech-Savvy Dining: Budgeting for Innovation in the Culinary Scene"
Background:
Gastronomy Innovations, a mid-sized restaurant group, sought to revolutionize the dining experience by integrating technology. Their strategy involved budgeting
for tech upgrades and staff training, anticipating a substantial return on investment through increased efficiency and customer engagement.
Strategy Development:
● Tech Integration: Budgeted for the acquisition of a state-of-the-art reservation and table management system to streamline operations.

● Customer Experience: Allocated funds for immersive digital menu experiences and interactive ordering systems at tables.

● Staff Upskilling: Invested in comprehensive training programs to ensure the staff were adept at using new technologies.

Budget Adjustments:
● Marketing Focus: Redirected traditional advertising funds to digital marketing, emphasizing the unique tech-forward dining experience.

● Operational Efficiency: The new tech implementations led to reduced wait times and increased table turnover, positively impacting revenue.

Outcomes:
● A 20% increase in online reservations and a noticeable uptick in positive online reviews.

● Achieved a higher average bill value due to the interactive menu's upselling features.

These case studies are designed to demonstrate the practical application of advanced budgeting techniques, showcasing the importance of flexibility, innovation,
and strategic foresight in financial planning. Students can draw on these examples to understand how dynamic budgeting directly impacts an organization's
success.

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 INITIAL BUDGET REVIEW AND FEEDBACK IMPLEMENTATION TEMPLATE

TASK 1

Budget Item Initial Estimate Feedback Summary Adjusted Estimate Rationale for Adjustment
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Revenue Streams

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● Accommodation

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● Food & Beverage

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● Events

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Operating Costs

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● Staff Salaries

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● Marketing

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● Utilities

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 …continue… …continue… …continue… …continue… …continue…

This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the student.

Note:

This document should be filled out with the specific details pertinent to the context.

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 FINANCIAL FORECASTING AND STRATEGIC ADJUSTMENTS TEMPLATE

TASK 2

Forecasting Element Current Trend Analysis Predicted Changes Impact on Budget Strategy for Adjustment
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Market Growth

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Competitor Activity

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Economic Indicators

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This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the student.

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 SCENARIO PLANNING AND CONTINGENCY BUDGETING TEMPLATE

TASK 3

Scenario Likelihood Impact Contingency Plan Contingency Budget Allocation

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Increase in Tourism

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Change in Supplier Costs

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New Regulatory Policies

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This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the student.

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 PERFORMANCE METRICS AND EVALUATION FRAMEWORK TEMPLATE

TASK 4

Performance Metric Target Actual Variance Strategic Response

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Occupancy Rate

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Revenue Growth

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Cost Efficiency

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This template was provided by eVersity for the purpose of this project. All entries and content are the responsibility of the student.

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 Instructions for Students:
● Fill in all sections with data relevant to your assigned or chosen hospitality business.

● Use the feedback summary to adjust initial estimates responsibly.

● Analyse trends and predict changes to input into the financial forecasting section.

● Consider various scenarios that could impact the business and plan contingencies accordingly.

● Establish performance metrics before the project starts and compare them with actual data during the review phase.

● The rationale column should be filled with thoughtful insights explaining why certain adjustments were made.

● All figures should be supported with valid, reliable, and relevant information.

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