Hospitality Business Toolkit in Hospitality Industry

Added on - 22 Nov 2020

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Hospitality BusinessToolkit
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a) Recording all expenditures and incomes with the help of table.............................................1b) Explaining following terms as pertains in hospitality industry..............................................1c)Double entry book keeping system of debits and credits to record sales and purchasestransactions in general ledger......................................................................................................2TASK 2............................................................................................................................................4a) Different stages of HR life cycle applied to food and beverage hospitality job role and theirimportance for retaining and developing talent..........................................................................4b) Importance of HR life cycle in relation to strategic talent management and overcomingissues of staff retention................................................................................................................4c) Judgements and recommendations of HR processes and documents can be improved foreffective talent planning throughout HR life cycles...................................................................4d) Performance management plan for hospitality job role and techniques for resolving bothnegative behaviour and overcoming issues of staff retention.....................................................4TASK 3............................................................................................................................................6a) Specific legislations that a hospitality organisations has to comply and adhere.....................6b) Using specific examples illustrating company, employment and contract law potentialimpact upon business decision making in hospitality industry...................................................6c) Examining potential implications of regulations, legislations and standards upon decisionmaking in a hospitality organisation...........................................................................................6d) Critically reflect on potential impacts of regulations, legislations and ethical principlesupon decision making in a hospitality organisation....................................................................7TASK 4............................................................................................................................................7a) Different functional roles within hospitality sectors...............................................................7b) Different methods of communication, coordination and monitoring applied to hospitalityfor strengthening value chain....................................................................................................10c) Analyse different methods of communication, coordination and monitoring withindepartment of hospitality organisation for achieving organisational objectives andstrengthening value chains........................................................................................................11
d) Critically analyse different methods of communication, coordination and monitoring withindepartment of hospitality organisation and make recommendations........................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONHospitality sector mainly refers to a division of business which deals in hotels,restaurants, theme parks, lodging units, travel and tourism etc. In current scenario it is mostfastly growing business sector which further helps helps in improving economic development ofa country. Income or growth of this sector is highly dependant upon availability of free time aswell as disposable income or spending power of individuals (Anderson and et. al., 2017). Thisreport has been framed based on Sip and Scotch ice cream bar and juice cafe which has been setup in London, UK. This report focusses on various elements such as stages of HR life cycle,development of performance management plan, various hospitality roles and functions and theirinterrelationship with each other. Also legislations imposed on various business units have beenmentioned in this report.TASK 1P1 Investigate the principles of managing and monitoring financial performance.IncomingsOutgoingsWagesWeekly food shoppingGiftsClothesBenefitsGiftsAllowancesHousehold utility billsdrinksLunch purchasesSales:Sales is a term which combines selling a number of goods and services within aspecified time frame. Sales value of one business unit can be quite different from another. canbe different from another. Sales can also be known as a transaction that takes place between twoor more parties.Purchase:It is a process that refers to gaining possession of any property, goods orservices (Bowie and et. al., 2016). Buyers need to pay in a certain amount of money in return forgoods and services. It forms a major part of a number of business concerns and their day to dayworking schedules as well.Types of Cost1
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