Business Health Check Factors

Added on - 21 Feb 2021

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Business Health Check
Table of ContentsINTRODUCTION................................................................................................................................3MAIN BODY.......................................................................................................................................3LO 1......................................................................................................................................................31.1 Analysing history and short as well as long term business objectives..................................31.2 Defining factors creating impact on business operations of the company............................51.3 Improvements in the business organisation as per the Ansoff’s Growth Matrix..................7M1. Evaluating SMART criteria of the objective of organisation..............................................8LO 2......................................................................................................................................................92.1 Reviewing the effectiveness of business...............................................................................9AC 2.2 Business plan to improve the efficiency of the organization........................................10LO 3....................................................................................................................................................163.1 Evaluating required skills of management and staff...........................................................163.2 & D3. Plans and method for skill development..................................................................17M3. Analysing effect of experience, skills and abilities of management and staff on business.18CONCLUSION..................................................................................................................................18REFERENCES...................................................................................................................................19
INTRODUCTIONFor every business organisation, overall financial health and position plays a crucial role informulation of sound business policies and plans. With the help of financial statements of everybusiness, its financial information can be ascertained and decision can be made accordingly. Byhaving proper use of business health check tools, it can help in monitoring of potential risks andfactors which are creating negative impact on the functioning of business operations. Businesshealth and position can be determined with the help of financial ratios such as Liquidity ratio,Current Ratio, Net profit ratio or Debt - equity ratio etc. In this report, emphasis will be made onHilton Hotels and Resorts which is one of the leading hospitality sector industry having itsheadquarter in McLean, United States. This is one of the global brand having its business operationsacross the world in around 85 countries. The report will discuss about short as well as long termobjectives of Hilton along with factors influencing its operational working. Further, PESTLE,Porter's five forces and SWOT analysis will be done for assessing factors influencing Hilton. Also,measures to be adopted for improving the working of this hotel will be disclosed by using Ansoff'sGrowth Matrix. At last, the report will define skills which every management and staff shouldpossess for the betterment of business organisation.MAIN BODYLO 11.1 Analysing history and short as well as long term business objectives.Hilton Hotels and Resorts is one of the multinational hospitality industry which is providingits services worldwide. Hilton Hotels and Resorts are now known as Hilton Hotels. This hospitalitycompany is providing its services at full potential in respect of hotels and resorts. According to theyear 2018, Hilton hotels and resorts is having property of around 5865 with 912,960 number ofrooms in different countries and territories (Hilton Hotels and Resorts,2019). It is operatingcurrently in 85 countries and union territories across the six continents.Out of property hold by Hilton Hotel, 66 properties are owned and leased withapproximately 20,264 rooms. And 276 properties are properly managed with number of rooms at119,594. Among properties which are franchised are 244 having 75,765 rooms.Short term objectives of Hilton Hotels are as follows:1.This business organisation is focusing on reducing the energy consumption level in respectof direct business operations and activities.
2.Also, it has emphasizes on reducing the overall emission level of Carbon dioxide in theenvironment by making effective and proper use of carbon emission tools such as carbonfootprint etc.3.This hospitality company has also focuses on minimizing its waste quantity. The companyhas taken measures in form of formulation of sound business policies, plans and strategiesrelated to minimization of wastage of business resources (Papargyropoulou and et.al., 2016).Also, emphasis has been made on making effective and efficient utilization of businessresources by making proper allocation as per the needs of business departments.4.One of the short term goal of Hilton Hotel is to making proper utilization of water resources.It has set target for reducing its overall water consumption and also focuses on making reuseand recycle process.Long term business objectives of Hilton Hotels are as follows:1.One of the major business goal for this hospitality company is to conduct its businessoperations in a sustainable manner. Hilton has always ensures on becoming leader in thehospitality sector by developing strategies, plans and policies related to sustainabilityfactors.2.By evaluating current and future purchasing policies as well as practices across differentbrands for ensuring that different services and products range as provided by hotel not onlyenhance the experience level of the guest but also focuses on driving values for owners inform of high profitability.3.It has also aimed at improving its operational efficiency level by adopting new and advancedtechnological aspects, techniques, building designs. This has been done with the aim ofenhancing and increasing the satisfaction level of its customers and guest thereby makingthem happy.4.Also, it has its mission and vision statement stating delivering high quality and betterimproved hospitality services to all its guests including both the businessmen and leisuretravellers coming to Hilton (Manhas and Tukamushaba, 2015).5.It has also focuses on customer relationship management and its improvement for buildinghigh customer base and retention as well thereby creating brand image.6.Hilton has also made concern related to starting of the self service counters, schemes andseamless services, automation mode for the ease as well as benefits of its customers, guestsand travellers.
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