Significance of Budgeting in The Hospitality Sector: More Than Just Numbers
Significance of Budgeting in The Hospitality Sector: More Than Just Numbers
Significance of Budgeting in The Hospitality Sector: More Than Just Numbers
Accounting Memorandum
To: Founder, [Hospitality and Catering Startup]
Introduction
Dear [Founder’s Name],
Risk Mitigation
In an industry often plagued by external shocks like economic downturns
or pandemics, budgeting acts as a crucial risk mitigation tool. By setting
aside contingency funds and planning for various scenarios, businesses
can better prepare for unforeseen challenges, thereby enhancing
resilience and long-term sustainability (Doe & Brown, 2022).
● Salary: £11,250
● Depreciation: £15,000