Free Drive-Thru Business Budgeting Essay Sample
Wal-Mart is one of the most top rated businesses in the world today. With this in mind, it is but proper for the company to expand their line of business by creating the famous drive thru aspects of operation. This will include various drive-thru businesses such as car wash, restaurant and even gas stations. However, it cannot be denied that there is a need for a careful budgeting of expenses and resources in order to actually push through with it with a very small percentage (if not totally inexistent) of failure. The following are the main aspects of the drive-thru execution that needs to be budgeted:
1. Construction. Depending on the type and kind of drive thru that has to be established, there should be an ample amount of money that has to be set aside for the construction. Make sure that there is enough money allotted to buy quality and state-of-the-art construction materials. With the cost of the construction materials nowadays, there is a need to research where the company can buy the cheapest yet high quality materials for constructing the drive thru. This is especially through for car wash, restaurant and gas station drive thru. This will probably take about 70% of the total budget for the execution of the budget.
2. Workers' compensation. Additional workers are needed in relation to the type of drive thru that will be executed. This can take 20% of the total budget. The percentage is geared towards covering the employees' salary should the business will not reach the targeted profits at the allotted time of operation.
3. Advertising. This can take up 10% of the total 100% of the budget. There is not much amount of budget needed to advertise the drive thru since it can be done through leaflets and pamphlets. Wal-Mart has a stable number of clients and they can easily spread the word that Wal-Mart is now offering drive thru services.
4. Technology Integration. Incorporating state-of-the-art technology into the drive-thru infrastructure is crucial for efficiency and customer satisfaction. Allocating a portion of the budget, say around 5%, for implementing cutting-edge ordering systems, contactless payment options, and high-tech signage can elevate the drive-thru experience. Embracing innovations like mobile app integration for pre-ordering can streamline operations, reducing wait times and enhancing overall customer convenience.
5. Environmental Sustainability. In the contemporary business landscape, environmental consciousness is a significant factor. Setting aside a percentage, perhaps 5%, for eco-friendly practices in construction materials and energy-efficient equipment aligns with the growing consumer demand for sustainable initiatives. This not only contributes positively to the environment but also enhances Wal-Mart's corporate social responsibility image.
6. Contingency Fund. Unforeseen challenges are inevitable in business. Allocating a contingency fund, approximately 10% of the budget, acts as a financial safety net. This reserve can be tapped into if unexpected issues arise during construction, operation, or marketing. It serves as a proactive measure, ensuring that any hurdles can be addressed without compromising the overall success of the drive-thru initiative.
7. Employee Training. With the introduction of a new operational model, investing in comprehensive training programs for the additional workforce is essential. Designating around 5% of the budget to employee training ensures that staff is well-equipped to handle the nuances of the drive-thru service, enhancing customer interactions and operational efficiency.
By factoring in these additional considerations, Wal-Mart not only fortifies the budgetary framework but also positions itself as an industry leader in embracing technological advancements, environmental sustainability, and proactive risk management. This holistic approach ensures a well-rounded and resilient foundation for the successful implementation of the drive-thru initiative.