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Hospitality Business Toolkit-Assessment Brief

   

Added on  2021-01-03

17 Pages4298 Words67 Views
Hospitality BusinessToolkit

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Investigation of different principles of managing and monitoring financial performance.....12. Apply double entry book keeping system of debits and credits to analyse sales and purchasetransactions in ledger...................................................................................................................33. Preparation of basic trial balance by using balance off rule...................................................4TASK 2............................................................................................................................................61. Review various stages of HR life cycle applied to Family Meet............................................62. Develop performance management plan for Family Meet.....................................................8TASK 3............................................................................................................................................91. Identify specific legislations that Family Meet has to comply and adhere to.........................92. Examples related with how company, employment and contract law has potential impact onbusiness.......................................................................................................................................9TASK 4..........................................................................................................................................101. Interrelation between different functions and roles within hospitality sector.......................102. Different methods of communication, ordination and monitoring applied within specificdepartment of the organisation..................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONHospitality industry refers to broad group of businesses which provides vast range ofservices to their customers. Their focus is to enhance customers satisfaction by giving themspecific experiences (Anderson and et. al, 2017). This industry depends on disposable incomeand availability of leisure time. In this report, a restaurant Family Meet has been opened atBishops gate in London EC2N. It is a family restaurant which aims at providing healthy saladswith blended juices and smoothies. This file includes management and monitoring of financialperformance, book keeping system and produce basic trial balance. Apart from this, HR lifecycle is applied, performance management is analysed. Furthermore, different legislations andlaws are identified. At last different functional roles and methods of communication,coordination are identified. TASK 11. Investigation of different principles of managing and monitoring financial performanceFamily Meet is a new restaurant which is started London. It has turned into flourishingenterprise on Bishops gate. Smoothies and healthy salads which are blended with juices areprovided to their customers. Principles refers to fundamental proposition or truth which sufficeas foundation for system of behaviour. They helps to enhance performance of organisation.Financial performance is defined as ability and efficiency of organisation by which they cancomplete specific task so that they can achieve their organisational goals and objectives. In

context of Family Meet, they are opting for different principles for managing and monitoringtheir financial performance, they are mentioned below: Arrangement of finance: It is essential for Family Meet to manage and structure their funds andfinance sources effectively. This will aid them to conduct their functionalities and operationswith high high accuracy and efficiency. Their financial performance will be declined if excessivefinancing is carried out through usage of debts. For this, they need to maintain and supervisefinancial performance in systematic manner.Management of expenditure: Financial performance deals with profitability conditions oforganisation. To achieve this, organisation must ensure that their disbursement and optimisationof funds managed. As Family Meet is new restaurant, they need to minimise their cost so thatthey can survive within market. This aids them to analyse whether they are at profit or loss(Bowie and et. al, 2016).Finding risk factors: Family Meet has opted to implement this principle so that they can haveeffective funds in future. They need to analyse relevant factors which can have affect on theirfinancial status. This will assist them to gain stable growth. Above mentioned principles will aid Family Meet restaurant in management andmonitoring of financial performance. This will provide them effective guidelines by which theycan organise and maintain their funds with respect to risks which they can have in future.A. Over one calender month, incomes and expenditures of business are as:IncomingsOutgoingsWagesWeekly food shoppingGiftsClothesBenefitsGifts, drinks, AllowancesHousehold utility bills, lunch purchasesB. Explanation of some peculiar terms:Sales: They refers to activities which are incidental to number of goods which are sold atspecific moment of time. In context of restaurant, it can be termed as number of services (whichinclude food and beverages) which are delivered to customers. It is a total income which isattained by organisation in particular time. In Family Meet restaurant, sales is achieved by

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