BoatWorld Plc Board Report Assignment
BoatWorld Plc is an international leisure company which rents boats to holiday makers. The company operates in the UK and France.
The company has been operating for 25 years and had revenues last year of £250 million. It was listed on the London Stock Exchange 10 years ago and has a market capitalisation of £300 million with debt of £50 million. The founder, James, is the CEO and owns 15% of the shares.
The company headquarters is located in Woking which accommodates 20 staff including management, sales, finance, HR and administration. It has three operations in the UK and five in France. In these centres it employs 125 staff assisting customers and maintaining the boats.
The company is planning to open a new outlet in the Netherlands and two in Germany. This will lead to the rollout of 30 new boats with support facilities.
The company has always used a traditional budgeting system. The Finance Director, Hayley, joined 3 years ago but is concerned that this approach might not be the most appropriate. However, if a change of budget approach is going to be made, she thinks it should happen in time for next year’s budget process. That way any “bugs” can be ironed out before the company goes through more significant changes in the following years.
Prepare a report of up to 1,250 words for the board addressing what a budget is, the various traditional budgeting approaches as well as a discussion of some of the alternative budgeting methods available such as rolling budgets, zero-based budgets, and activity-based budgets, explaining their relative strengths and weaknesses
Key Learning Outcomes
- Demonstrate knowledge of the various budgeting approaches including an understanding of the purposes of preparing budgets in the context of planning and control.
- Demonstrate the application of the various budgeting approaches, showing how they might be used to plan future cost management for the case study company
- Demonstrate with examples of how case study company products and processes would be budgeted for in a traditional approach and using the alternative methods
There are various definitions of what a budget is. At its simplest, it can simply be referred to as a business plan for the short term. Shim, Siegel and Shim (2012) defined a budget as the formal expression of goals, plans, and objectives as set by organizational management covering all aspects of operations for a given period of time.
Companies use budgeting and its tools as a process to enact detailed projections, targets, and direction, concerning various financial aspects of operations such as revenues and expenses for a specified period of time, taking into account both internal and external conditions that may be prevailing at the time.
Budgets are thus financial plans that enable the control of future operations and results. Budgetary tools are required for the effective and efficient operation of jobs and activities across organizations both public and private. When used effectively, the preparation of budgets can result in systematic and productive management. Preparation of budgets facilitates control and planning, fundamental in achieving short, medium as well as long-term objectives (Shim et al 2012).
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