Having read Chapter 16 from the Bateman text, reviewed “How to Write a Business Plan” from the SBA Web site, read the Ammons (1999) journal article, and referencing the journal reviews you have chosen to use in your final project, complete the following:
Part A: In your own words answer the following:
How are budgetary controls beneficial?
Describe the dangers of not having a budget.
What are some of the common mistakes in budgeting?
Part B: Benchmarking is the process of comparing the practices and technologies of other companies to your organization’s practices.
Briefly explain the concept of benchmarking as a control. Identify the weaknesses and limitations of benchmarking as well as its benefits. While thinking about ways to use benchmarking as a control in the company you chose for your final assignment, what companies might you use as comparable benchmark companies? Why did you choose these companies and are there any specific areas of service or production you would benchmark to validate the efficacy of your project?