p6 illustrate the use of budgets as a means of exercising financial control of a selected company
unit 2 p6 illustrate the use of budgets as a
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Unit 2 - Business Resources
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Sadia Hussain Unit 2
Budgeting
Introduction
‘’Tesco plc, trading as Tesco, is a British multinational groceries and general
merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire,
England, United Kingdom. It is the third-largest retailer in the world measured
by gross revenues and ninth-largest retailer in the world measured by
revenues.’’ Tesco is a British Multinational retailer; they mostly sell everyday
groceries and other goods such as clothes, DVD’s, electronics, toys etc. Tesco is
widely known by everyone in the UK as it is a successful business with 440,000
colleagues. The company has over 6,800 stores around the world, including in
India, Malaysia, Ireland, Poland, and China and in many more locations. Tesco
is a Labour intensive organisation; they rely on people, this means they use
most of their money on wages that they pay to the employees that work for
them, instead of using most of their money on technology.
Businesses have to keep control of their finances so they know how much
money is coming and going out, it is to make sure that they are not spending
too much and that they have enough money to pay the suppliers and their
employees to keep the business going and running properly. From keeping a
tight control on the finances, Tesco can save a lot of money because it will help
them to only purchase the stock that is required instead of wasting too much
on a stock that will not be sold, as this increases the company’s expenses,
exceeding the revenue which lowers their profit. Businesses need to keep
control of their cash flow so they have enough to pay the employees and
suppliers, as they are some of the most important stakeholders of a business.
Businesses also have to control their cash flow by making sure that their
customers are paying and on time because if they do not then this will impact
Tesco’s profit.
What is budgeting?
‘’A budget is an estimation of revenue and expenses over a specified future
period of time; it is compiled and re-evaluated on a periodic basis.’’ A budget is
a financial plan for the future revenue and expenditure for a business; it helps
a business plan how much revenue they will make and what the costs will be.
Budgeting helps businesses plan and keep in control of the costs and avoid
overspending, set targets and objectives, and improve the overall performance
because if a business is in control of their income and expenditure they are
more likely to avoid any mistakes that could lead to more major issues in the
1
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