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Budget planning and administrative policies

By Lloyd Gordon

The most effective method of financial planning is the use of the budget. A budget is the expression of the financial expectations in the areas of sales, production and costs. A budget is a reflection of subjective values determined by the people in charge of various sectors of the business. Budgeting is the quantifying of the goals and expectations of the restaurant determined from an analysis of past performance. This data is interpreted in the context of the present situation and an educated guess is made about what will occur in the future. Budgeting permits you, the operator, to: 1. examine past performance in a positive...

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