Concepts in preparing budget and forecast for hospitality
Preparing a budget and forecast is an integral part of hospitality strategic management.
Budget and forecasting are not just paper exercise to set targets, the process helps in aligning the marketing and operational strategies together to achieve a common goal. Have you wondered what is the basis of Budgeting & Forecasting revenue and expenses?
We held a live workshop to teach how we can prepare budget and forecasts and discuss this topic in fair detail. This course is re-production from live recorded videos of the workshop to give you a taste of concepts in budgeting & forecasting.
Please note this is not an excel class and we are not doing real budget here. however, we are understanding fundamentals lying under how revenue and expenses are forecasted.
Who Should Subscribe
- You should have some understanding of your business and financial statements.
- If you wish to learn the fundamentals of how budget and forecast are created (not relying on excel of system calculations)
About the Case Study
- Case Study in question is a hotel, hence all concepts are related to hospitality however other industries might get benefit from it.
If you have any feedback of feel i missed anything please let me know and I will add those
What you’ll learn
- Fundamentals of Budgeting
- How Revenue is Forecasted
- How Expenses are forecasted
- This is not an Excel Class, We will learn theoretical aspects
- How Capital Budgeting is Done
- Labour Cost Budget Concepts
Are there any course requirements or prerequisites?
- Students should be familiar with basic accounting terms.
- The workshop was for hospitality however other industries can also benefit
Who this course is for:
- Startups & Small Business Owners who wish to get a concept of how to make a budget
- Non-Finance background managers
- Finance Managers / Asst Finance Managers