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Hospitality Business Toolkit - Gym Freak

   

Added on  2020-10-22

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Hospitality BusinessToolkit
Hospitality Business Toolkit - Gym Freak_1

Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................31) Principles of managing and monitoring financial performance.........................................32) Double entry book-keeping system and basic trial balance...............................................43) Balance of rule...................................................................................................................6TASK 2............................................................................................................................................61) Stages of HR life cycle for retaining and developing talent..............................................62) Importance of HR life cycle to management.....................................................................93) Judgements and recommendations of HR processes.........................................................94) Performance management plan..........................................................................................9Factors to a specific hospitality job in food & beverage industry:-.....................................11TASK 3..........................................................................................................................................11Covered in PPT.....................................................................................................................11TASK 4..........................................................................................................................................111) Different functional roles within hospitality sectors........................................................112) Different methods of communication, Coordination and monitoring applied to hospitality143) Evaluation of different methods of communication, coordination and monitoring.........154) Critically evaluation of different methods of communication, coordination and monitoring..............................................................................................................................................15CONCLUSION..............................................................................................................................15REFRENCES.................................................................................................................................17INTRODUCTIONHospitality industry is a field which is categorised as wide industry that offer variousservices like event planning, travelling, theme parks, lodging, transportation, cruise and manymore. There are number of hospitality industry such as restaurant, hotel, amusement parks,travelling and so on (Jayawardena and et.al., 2013). It is mainly segmented into four segments
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that are food and beverages,travel and tourism, lodging and recreation. Organization taken forthis assignment is Gym Freak juice centre which is located in London. That is serving freshjuice, refreshment drinks and protein shakes which mainly concern with gym freak and healthconscious peoples. Topics cover in this assignment are principles which is use for managing andmonitoring financial performance and various stage of HR life cycle in this industry. Along withthis it explain development strategy which establish to conduct job role and it also explain rulesand regulation of hospitality industry. It is also include several functions of this industry as wellas it include methods of communication, monitoring or coordination which is essential forbusiness. TASK 11) Principles of managing and monitoring financial performanceThere are various principles which is use to managing and monitoring financialperformance of a company. Some major of them which can be adopt Gym Freak juice centre toimprove there financial conditions from which they are currently facing are mentioned below:-Follow appropriate legislation and regulations:- All expenditures and activities which isconduct by respective juice centre must be based or comply on proper policies, rules andregulations (Bowie and et.al., 2016). Which help them in smooth functioning of business.Consider financial budget before adopting any idea:- Gym Freak juice centre mustoperate there business activities and functions by considering there budget or withinbudgets. Evaluate and analysis financial consequences:- Gym Freak juice centre must evaluateand analysis financial consequences before adopting any new project or activity whichhelp them in allocating resource in effective manner. Always plan substitute for any idea:- Respective company must prepare will somesubstitute or safeguard idea or plan so that they effectively protect themselves from losssituation. For example all expenditure are based or rely on actual source of income in household andaccordingly they prepare budget. IncomingsOutgoingsBenefitsDrinks
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GiftsLunch purchasesWagesGiftsAllowancesHousehold utility billsWeekly food shoppingClothesSo accordingly Gym Freak juice centre prepare there budget so that they can run therebusiness and operations in appropriate and effective manner. Key financial term:-Sales: Sales is related to activities of selling number of good and services in a particularor given period of time. For example in context of Gym Freak juice centre they identify theretarget so that they can achieve there goal related to sales on monthly basis. Purchase: It refers to situation when organisation activities to take products and servicesto attain or accomplish goal and objectives in appropriate manner (Kysilka and Csaba, 2013).Such as respective juice centre make proper advertising and promotion activities which leads toenhancement of numbers of purchases. Along with this by it they able to attain there goal andobjectives in effective manner. Input cost: It refers to cost which include direct material cost, direct labour and otherthinks which is related to production of goods and services (Legrand, Chen and Sloan, 2013).Such as for calculating input cost Gym Freak juice centre include cost like cost of fruits, proteinpower, milk and many others. Along with this they also include cost of facilities which they areserving such as air conditioner, chairs, tables, peace full ambiances and so on. 2) Double entry book-keeping system and basic trial balance`Double entry system:- It refer to system of accounting in which each every entry needsto comparable and different entry to an other account. In other work it means making entry of atransaction in two accounts (Singh, 2015). Gym Freak juice centre maintain double entry systemso that they can make financial statement in appropriate manner. Such as they borrow loan frombank, this entry is record in both account assets for cash balance account and liabilities for loanpayable account. ParticularsDebitCreditCash in hand (Overdraft)10700Petty cash expenses750
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