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Guillermo Furniture Store Scenario
Guillermo is a business owner who is presented with a difficult challenge. Guillermo runs a local furniture company, which has been in existents for years. He purchases his timber locally and labor is cheap. Business was good until two competitive companies moved in on the store’s prosperity. Guillermo is in a dilemma, he has to compete with the two competitors, which uses technology, and more modern day labor. On top of that, the community that once provided him with timber is growing, and new homes are being developed which decreases his cheap supply of timber. This paper will explore the various opportunities that Guillermo’s Furniture can explore in order to increase revenues, maintain the high quality and reportable furniture that it produces, operate on a high ethical scale and compete with the threatening uprising local competition.
A budget is a quantitative perspective of a plan, and helps with the implementation of the plan. Budgets help push planning to the center of the business’s focus. Without budgets, planning will not get the focus that it should and at this point, it could mean the downfall of an entire business. Guillermo’s furniture company would be able to use the budgets reports in the decision making process by reviewing the actual budget report. Guillermo has some choices to make that will affect the business. If Guillermo utilizes the budget report, he will be able to use the data to help with his decision-making. He will also be able to delete unnecessary material, used for furniture production and substitute the valued furniture polish.
Good decisions should be made on relevant data however; performance reports will help with the comparison results with plans. Guillermo could advertise the various products that he is trying to add to his business. If successful results are found from increase in revenues, he will find that the advertising worked and increased the…