Subject Code :- SITXFIN004
Title :- Budget Planning Project
Assessment Type :- Assignment
Assessment Task 2: Budget planning project
This task requires you in the role of the Resort Manager for Blue Healer to determine the scope and nature of all of the budgets that need to be prepared for Blue Healer and then to draft and finalise a marketing budget for the business.
SITXFIN004 Budget Planning Project Assignment
You will need access to:
your learning resources and other information for reference
Marketing Budget Briefing Report template
Finance Policies and Procedures
accounting software
printer
space for a meeting
roleplay participants.
Ensure that you:
review the advice to students regarding responding to written tasks in the Hospitality Works Student User Guide comply with the due date for assessment which your assessor will provide ad here with your RTO’s submission guidelines answer all questions completely and correctly submit work which is original and where necessary properly referenced submit a completed cover sheet with your work avoid sharing your answers with other students.
Assessment information :-
Information about how you should complete this assessment can be found in Appendix A of the Hospitality Works Student User Guide. Refer to the appendix for information on:
SITXFIN004 Budget Planning Project Assignment
Where this task should be completed
how your assessment should be submitted.
Note:
You must complete and submit an assessment cover sheet with your work A template is provided in Appendix B of the Student User Guide How ever if your RTO has provided you with an assessment cover sheet please ensure that you use that.
Activities :-
Complete the following activities.
Carefully read the following scenario:
Blue Healer is a health resort and convention centre based in the Blue Mountains near Sydney which has been operating for 5 years. The resort Blue Healer is made up of five areas: catering spa meeting rooms accommodation and administration.
Blue Healer is very popular due to its competitive pricing structure quality service and state of the art facilities.
The resort was set up by Paul Byrnes, a burnt out consultant who wanted to provide a service for corporate executives to retreat from their business for at least a short time. Paul had a lot of networks and to date most of the business has been from Paul’s existing networks and word of mouth referrals. The business has a functional web site.
Sales continue to increase but Paul wants to retire completely and step back from the business. Thus he has hired a Resort Manager to oversee the business (you). An important aspect of the business that he wants the Resort Manager to focus on is preparing and monitoring budgets.
Current staff include an Accounts and Administration Manager Resort Supervisor,
House keeping staff receptionist and contract therapists. Profit and loss reports show the status of the business financial health.
Determine and confirm scope and nature of the budgets
SITXFIN004 Budget Planning Project Assignment
In your new role the first step you need to take is to the determine the scope and nature of all of the budgets that need to be prepared for Blue Healer.
Draft an email to send to Paul to find out this information Ensure your email includes questions that will provide all of the information you need to know as well as identifies internal data sources that you need to access.
Paul Byrnes your assessor will answer your email so that you are able to forget ahead with developing the required budgets.
• Develop a Marketing Budget Briefing Report
As per the response provided to you you are to focus on developing a Marketing Budget Briefing Report.
Use Marketing Budget Briefing Report Template to develop your report.
Review profit and loss for previous financial years to identify amounts spent on marketing for the previous two financial years as well as the information provided to you by Paul
Identify at least two sources of information on recommended marketing expenditure that could be used to inform the marketing budget.
In addition identify external factors that could impact on the marketing budget This means that you should conduct market research on trends within the industry in terms of growth and opportunities and the types of marketing that similar businesses are conducting.
• Send an email to the CEO and Accounts and Administration Manager your assessor
The text of the email should be in grammatically correct English written in an appropriate polite business It should introduce and summarise the contents of the attachment.
Attach your Marketing Budget Briefing Report to the email.
Ask for input on your Marketing Budget Briefing Report The CEO and Accounts and Administration Manager your assessor will provide you with feedback for input into your budget.
• Draft Marketing Budget
You are required to draft a Marketing Budget based on your Marketing Briefing Report and the input provided from the CEO and Accounts and Administration Manager (your assessor).
To develop the Marketing Budget you should use the accounting software used by your RTO.
Save this document as draft Marketing Budget and send it via email to the CEO and Accounts and Administration Manager your assessor. Your email should clearly outline the options for marketing expenditure as per your marketing budget as well as your recommendations for the budget.
You will discuss your draft budget at a meeting with the CEO and Senior Managers.
Your assessor will advise you of the date of the meeting.
• Participate in a budget meeting.
The next part of the assessment requires you to participate in a meeting with the CEO role-played by your assessor and the Accounts and Administration Manager role played by another student to discuss the marketing budget. At the meeting the CEO will attempt to negotiate another option for the budget. You are required to demonstrate your negotiation skills to persuade the meeting participants that your budget is the best option.
At the meeting you will need to:
Explain the marketing budget you have developed and the various options.
Seek input on the budget.
Negotiate for your budget as presented.
During the meeting you will need to demonstrate effective communication skills including:
Speaking clearly and concisely
Using non-verbal communication to assist with understanding
Asking questions to identify required information
Responding to questions as required.
SITXFIN004 Budget Planning Project Assignment
• Revise the marketing budget
Following the meeting revise your marketing budget to incorporate feedback from the CEO and Accounts and Administration Manager.
You are to revise your marketing budget and send it out as Final Marketing Budget with in 2 days of holding the meeting You will be assessed on meeting this timeline.
Save this document as Final Marketing Budget and send it out via email to the CEO and Senior Managers.
The text of the email should be in grammatically correct English written in an appropriate polite business like style.
It should introduce and summarise the contents of the attachment.
• Meet with colleagues to discuss the marketing budget.
The final part of the assessment requires you to meet with colleagues to confirm the Marketing Budget for the year.
You are also required to introduce the team to the company’s Finance Policies and Procedures.This is to ensure that they understand financial management responsibilities and reporting arrangements so that the marketing budget can be accurately implemented and monitored.
These requirements form part of the company’s requirements for finalising budgets.
At the meeting you will need to:
Discuss the overall budget allocation for marketing
Discuss the amounts allocated to each marketing activity
Provide an outline of the Finance Policies and Procedures.
During the meeting you will need to demonstrate effective communication skills including:
Speaking clearly and concisely
Using non-verbal communication to assist with understanding
Asking questions to identify required information
Responding to questions as required.
Using active listening techniques to confirm understanding.
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