Hospitality Business Toolkit Assignment - Bishop Bake
Added on 2020-11-12
17 Pages4358 Words478 Views
HospitalityBusiness Toolkit
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11. Principles of managing and monitoring financial performance..............................................12. Application of double entry book keeping system of debits and credits and Analysis ofsales and purchase transactions to compile trial balance............................................................3TASK 2............................................................................................................................................61. Reviewing the different stages of the HR life cycle applied to Bishop Bake-smithrestaurant.....................................................................................................................................62. Development of performance management plan for Bishop Bake-smith restaurant ...........8TASK 3............................................................................................................................................91. Identification of specific legislation that is necessary for Bishop Bake-smith restaurant toadhere..........................................................................................................................................92. The way in which company, contract law and employment has potential impact on business.....................................................................................................................................................9TASK 4..........................................................................................................................................101. Interrelation between different functions and roles within hospitality sector.......................102. Different methods of communication, monitoring, ordination applied in a specificorganisation department ...........................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONHospitality is vigorous relationship in between a guest and a host. It mainly includeentertainment of visitors, guest and strangers (Anderson, 2017). Hospitality industry is a wideterm which include event planning, lodging, cruise line, theme parks, restaurants and otheradditional fields. Organisation operate their function in hospitality sector with a motive toprovide effective satisfaction to a customer while earning profit simultaneously. In addition tothis, it is important for company engage in the function of hospitality to operate their businessactivities within government rule and regulation. Present report is conducted on, Bishop Bake-smith restaurant in Elizabeth road,London. This restaurant is specialised in providing exquisitefood and smoothies. In this report, discussions have been made on, certain legislations,management plan and interconnection of various roles and function in hospitality sector. Lastly,numerous ways of communication and effective coordination and monitoring of otherdepartment in an organisation are also included in this report. TASK 1 1. Principles of managing and monitoring financial performanceIn order to maximise performance level of an individual or an organisation it is essentialto manage and monitor day-to-day functions in effective manner. Principles are basically aguideline in order to conduct a activity in formative manner. While, financial performance on theother hand, is ability or a efficiency to accomplish a goal in efficient way. In relation withBishop Bake-smith restaurant there are some principles which will aid them to manage andmonitor their financial performance:Composition of finance: Finance is lifeblood of any business organisation it makeinternal and external activities of a company function in effective manner. In relation to this, it isessential for Bishop Bake-smith restaurant to make formative strategies and appropriate policiesto manage their funds and use them effectively for business process. Funds are directly linkedwith activities of all business departments in an organisation. In addition to this, it is the basicresponsibility of restaurant manager to find different sources of funds in order to run theirbusiness operations in smooth and sound manner.
Manage expenditure and optimise costs: It is the first and foremost responsibility of abusiness owner to manage their expenditure so to perform their business activities in costeffective manner. This will help them to accomplish their goals with more profitability. It contextwith, Bishop Bake-smith restaurant it is the basic responsibility of restaurant finance manager todevelop formative strategies and implement certain cost effective techniques like, cost analysisand budget analysis as to operate their financial activities in sound manner. It will benefit themto reduce their cost and utilize that same for their future purpose (Moeti, 2016). Identification of risky factors: It is essential for an organisation to perform theiractivities in effective manner so to achieve stable growth and identify potential risk uncertainty.In context with Bishop Bake-smith restaurant it is essential for them to effectively evaluatecertain risk factor and implement formative strategies to overcome them. This will help them tomaintain their growth rate in continuous manner. It is important for Bishop Bake-smith restaurant manager to monitor their financialperformance in effective manner in order to ensure their future sustainability. A. During an accounting period incomes and expenditures of business organisation are asfollow:IncomingsOutgoingsBenefitsDrinksAllowancesLunch purchasesWagesHousehold utility billsGiftsWeekly food shoppingGiftsClothesB. Explanation of some specific terms:Types of cost: In an organisation there are various types of business activities andfunctions performed in day-to-day manner which is necessary to be operate in cost effectivemanner. In context with Bishop Bake-smith restaurant it is important for their managers toevaluate and monitor their cost techniques as this will help them to effectively determine theirprofitability and performance. Mentioned below there are some certain cost related to restaurantoperations:
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