Budgeting in Entreprenuerial Finance
Lecture – Notes and Highlights
This pandemic has caused a lot of issue for companies and business who drive their productivity on sales and volume. This class, discusses budgeting and other financial metrics that introduce you to how bottom line figures are affected by the performance achieved in overall business goals. So, we have to study and learn how a budget that was created in the beginning of this financial year for most companies, took a drastic hit due to an “unforseen variable” experienced by the Coronavirus. The following types of business and organizations are having challenges at the moment, due to this pandemic:
· Companies sell online products for revenue
· Companies that sell products in traditional brick and mortar stores
· Businesses that offer services to clients, and need clients to drive business revenue
· Restaurants, that interact with customers in the food industry, needing customers to drive business revenue
These are just a few types of business models that are having tremendous challenges due to the global pandemic, the coronavirus. Corporate Finance is understanding all of these metrics, and understanding when financial positions have changed for companies and businesses is important to manage the financial operations of any business or organization.
How has this virus affected our economy? What issues do you feel the coronavirus has caused business and companies financially? How do you think Entrepreneurs dealt with these financial challenges?
Case Study – Community Business Report
Write a case study, (NO LESS THAN 500 WORDS, AND ANYTHING LESS WILL AFFECT YOUR GRADE) of a business you know in your community where you live, that has had to change the way they do business because of the coronavirus. Also, discuss in your case study how this has potentially affected their financial position. As business owners and being our own financial analysts, we can predict and draw conclusions based on variables presented to us. What does this mean Dr. Ross? This means you do not have to talk to the owners or workers of the business to find out how they are POSSIBLY doing, but you can take the following variables an draw an educated assumption to help your response for your case study assignment:
· What type of services do they offer?
· What type of business is it?
· Do they have clients they give services to?
· What type of products do they offer?
· Do they need human interaction to drive their sales?
These following variables, you can use to determine how the virus is affecting your selected business for your case study.