Video Resource
Welcome to module "Budgeting and financial planning" where you will learn how to create and manage effective budgets using digital tools to ensure your business stays financially sustainable and adaptable.
Learning contents, activities and resources
Start by going through this comprehensive PDF to help you get acquainted and broaden your understanding of the module and apply the knowledge gained
Hands-on infographic
Take action towards responsible budgeting/financial decisions to support your entrepreneurial journey
May the Forecast Be With You (And May It Be Accurate)
Sara is the owner of the catering company in her city. She operates on the market for two years directing her services mostly to individual clients. As her clients number is growing steadily, she decides to direct her catering offer also to companies. This involves investing more money in her catering business, hiring new employees and moving into bigger premises. Can you help Sara to predict sales revenue?
CHALLENGE 1: Budgeting for sustainability
Sara wants start sales forecasting for her business expansion. What should be the first step?
CHALLENGE 2: Gathering relevant internal data
Sara is preparing to collect all the necessary internal data that she will need for her sales and revenue forecasts. What can Sara learn by analyzing past revenue?
CHALLENGE 3: External factors important for revenue forecast
In the next step, Sara is preparing to collect the external data that she will need for her sales and revenue forecasts. Can you help her to choose the best information sources?
CHALLENGE 4: Sales methods
Sara based on market research regarding competition decides on investments towards areas with the highest potential for growth and profitability. She investigates her clients' needs, preferences, and goals, and offers them solutions that match or exceed their expectations. What methods she can use?
CHALLENGE 5: Upselling
Upselling is a _____ ______ that involves encouraging your clients to upgrade to a more expensive or higher-end version of what they originally wanted.
CHALLENGE 6: Cross selling advantages
To be ahead of competition Sara is also planning to use cross selling method. Can you help her see the advantages?
CHALLENGE 7: Profit with purpose
Cross-selling is when you suggest your clients to buy additional/more expensive products or services.
CHALLENGE 8: Time to plan the marketing strategy?
Sara is planning her marketing strategy. Which of the following is the most important aspect of marketing?
Escape Room
Challenge yourself and your understanding with our digital escape room by reflecting on your prior module knowledge and experience
Test Your Knowledge
Financial Literacy Quiz
What is the role of budgeting in enterprises?
What are the key components of strategic financial planning?
What is a key feature of a good financial planning app?
To adjust financial plans in response to unpredictable changes in the business environment, a company owner must:
How can you develop and manage budgeting process in contexts requiring adaptability and strategic revision?
Effective financial planning is crucial for both individual and team success because:
Personal Notes
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