Hospitality Business Toolkit Assignment (Solution)

Hospitality Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
a) Investigate the principles of managing and monitoring financial performance......................1
b) Explaining following terms as pertains in hospitality industry.............................................2
c) Double entry book-keeping system of debits and credit records sales and purchasing
transaction in a general ledger.....................................................................................................2
d) Basic trail balance applying the use of the balance off rule to complete the ledger...............3
TASK 2............................................................................................................................................4
a) Different stages of HR life cycle of hospitality and importance for retaining and developing
talent............................................................................................................................................4
b) Importance of HR life cycle to strategic talent management and overcoming issues of staff
retention.......................................................................................................................................5
c) Judgements and recommendations of HR processes and documents can be improved for
effective talent planning throughout HR life cycles...................................................................6
d) Performance management plan for hospitality job role and techniques for resolving both
negative behaviour and overcoming issues of staff retention.....................................................6
TASK 3............................................................................................................................................8
a) Legislations of hospitality organisations ................................................................................8
b) Company, employment and contract law potential impact upon business decision making..8
c) Potential implications of regulations, legislations and standards upon decision making.......9
d) Potential impacts of regulations, legislations and ethical principles upon decision making. .9
TASK 4..........................................................................................................................................10
a) Different functional roles within hospitality sectors.............................................................10
b) Different methods of communication. Coordination and monitoring applied to hospitality
for strengthening vale chain......................................................................................................12

c) Different methods of communication, coordination and monitoring within department of
hospitality organisation for achieving organisational objectives and strengthening value
chains.........................................................................................................................................13
d) Different methods of communication, coordination and monitoring within department of
hospitality organisation and recommendations.........................................................................13
CONCLUSION..............................................................................................................................13
REFRENCES.................................................................................................................................14
.......................................................................................................................................................15

INTRODUCTION
Hospitality industry is wide and involve several areas such as planning of events, theme
parks, lodging, travelling, accommodation facilities, cruise line and so on. Respective sector is
fast growing which result in development of economy by providing job opportunities and better
living standards (Bowie and et.al., 2016). The given assignment is based on Savoury & Dietary
Restro which is located in London and offering in salads, smoothies and blended juice for health
conscious people. Below mention report is going to explain principles of managing and
monitoring financial performance. Along with the, different stages of HR life cycle within
respective industry as well as develop performance management plan for performing job role.
Apart from this, it will also discuss rules and legislation which have to be followed by hospitality
association. Moreover, relation within various function of hospitality company will be
highlighted as well as methods for communication, coordination or monitoring needed for
business will be discussed.
TASK 1
a)
There are some principles of managing and monitoring financial performance are as
follows :-
Actual financial outcomes should be compare with budget on regular basis – it is
important to compare financial result with budget on timely basis so that financial performance
can be measured, unnecessary cost will be avoided, transactions will be adequately supported
and so on.
Budget must be establish for providing tool to – It assist in measuring present financial
performance, discover significant transaction errors and so on. Apart from this, it will assist in
detecting substantial modifications in circumstances as well as business conditions (Singh,
2015).
Preparation of working capital statements and financial rations – It is necessary for
the company to put together regular working capital statements as well as periodic calculations
of current and quick ratios. Because it will help in identifying how many assets they have in
comparison of liability. Along with this, what ratio of assets they can convert in cash quickly.
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