Limited-time offer! Save up to 50% Off | Solutions starting at $6 each  

(solved) Hospitality Business Toolkit- PDF

Added on - 23 Nov 2020

Trusted by +2 million users,
1000+ happy students everyday
Showing pages 1 to 4 of 17 pages
Hospitality BusinessToolkit
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1: Investigating the different principles of managing and monitoring financial performance.3TASK 2............................................................................................................................................4P5. Different stages of HR life cycle applied to a specific hospitality job role and theirimportance for retaining and developing talent......................................................................4M2. Importance of HR life cycle in relation to strategic talent management in overcoming theissues of staff retention...........................................................................................................5D2. Valid judgements and recommendations on the way through which HR processes anddocuments can be improved for effective talent planning throughout the HR life cycle.......6P5. Performance management plan for a specific hospitality job role applying techniques toresolve both negative behaviour and overcoming the issues of staff retention......................7TASK 3............................................................................................................................................7P6. Specific legislation that a hospitality organization has to comply and adhere to...........7P7: Impact of employment and contract law on business decision making...........................8TASK 4............................................................................................................................................9P8: Interrelation of different functional roles.........................................................................9P9: Methods of communication, coordination and monitoring to strengthen the value chain.11REFERENCES..............................................................................................................................13
INTRODUCTIONHospitality business mainly concerns with providing services to the customers. This is abusiness which mainly deals in satisfaction of the customers. The organizations in hospitalitybusiness needs to adopt the new trends and technologies in order to gain the competitiveadvantage. In this way, the organizations should develop the financial strategies also so as toincrease profitability. This report is based on Bejos foods which is a London based firmspecializes in serving, salads, blended juice and smoothies. In this report, principle of financialmanagement and double entry bookkeeping on transaction in a ledger is explained. Stages of HRlife cycle for a job role in hospitality sector with development of performance management planis discussed. Apart from that, legislations followed by hospitality organizations and interrelationof different function in hospitality business is also explained. In the end, various methods forcoordination, communication and monitoring are discussed in this report.TASK 1P1: Investigating the different principles of managing and monitoring financial performance.Financial statements are the incomes and outputs of the transactions of finance within acompany. In order to manage these transactions, different principles of financial management areused. In case of Bejos foods, the principles of financial management are discussed below:Understanding of risk:In the financial department, the chances of risk are more. Since every company's capitalis managed by the financial department therefore it has become necessary for the management tocheck the risk before investing in any field. Stock and bond have more chances of return whileinvesting in other fields have risk of return. Therefore the management of Bejos food shouldunderstand the risk before investing in any direction.Pay Attention to taxes:The hospitality organization should keep in mind the capital investment of taxes. A partof capital should be given in the taxation which help the company in working with the legislationof country. Apart from, a financial software should be used by the company which can help themin calculating the part of taxation system. This will help the company in managing the taxation inan effective manner.Organizing the finances
The hospitality organization should keep in mind all the expenses and incomes beforetransacting in any filed. They should look upon credit cards, bank accounts, personal loans,brokerage accounts, mortgages, car loans and retirement accounts. With the help of which theycan easily manage the financial account and organization will not survive financially.Incomes and expenditures of business in one calendar yearIncomingsOutgoingsBenefitsDrinksAllowancesLunch purchasesWagesHousehold utility billsGiftsWeekly food shoppingClothesGiftsExplanation of specific termsTypes of cost:There are different types of cost through which the organization operatesits business functions and activities. Following are the cost of Bejos foods:Variable cost: The cost which is dynamic in nature is known as variable cost. These costsfluctuates as per the market conditions. This includes, beverages, sales commission,utility costs etc.Fixed cost: These are the costs which does not fluctuate according to the marketconditions. These are static in nature such as advertising cost etc.Semi variable cost: These costs are fixed for a level and fluctuate for a specific condition.Sales:Sales is the total revenue gathered by the organization by selling products andservices. In case of Bejos foods, the selling of beverages and food products to the customersprovides revenue to the company and that is known as sales.Purchase:It is the known as the purchasing of raw materials for the company throughwhich it can operates its business functions smoothly. In case of Bejos, the purchasing of foods,fruits, and other products can leads to smooth running of business.P2. Application of double entry book keeping system of debits and credits and Analysis of salesand purchase transactions to compile trial balanceDouble entry book keeping system
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document