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Hospitality Business - Assignment PDF

   

Added on  2020-12-29

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Hospitality Business Toolkit

Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................3Principles of managing and monitoring financial performance.............................................3Double entry book-keeping system and basic trial balance...................................................4Balance of rule to complete the ledger...................................................................................6TASK 2............................................................................................................................................6Stages of HR life cycle for retaining and developing talent...................................................6Importance of HR life cycle to management..........................................................................9Judgement and recommendations of HR processes...............................................................9Performance management plan............................................................................................10Overview of the issues in talent acquisition and retention with food & beverage sector.. . .11TASK 3..........................................................................................................................................11Covered in PPT.....................................................................................................................11TASK 4..........................................................................................................................................11Different Functional Roles in Hospitality Sector.................................................................11Different Methods of Communication, Coordination and Monitoring to Hospitality Industry13Evaluating Different Methods of Making Communication..................................................14Critical Evaluation of Different Methods of Communication..............................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONHospitality industry is one of the largest and most competitive sector that offer variety ofservices such as accommodation, travelling, event planning, transportation and many more. It isone of the most competitive sector which experience everyday a new concept for servingcustomer in more efficient manner (Kysilka and Csaba, 2013). Current report is about a Fit &Fine restaurant which is newly opened in London and offer healthy food like salad by mixing itup with smoothies and juices. This report consists of a description about several principle usedfor financial management along with double entry book keeping, trial balance and balance offrule. In addition to this it also includes stage of HR life cycle and its importance along withperformance management plan. Apart from this it also describe about laws of hospitality industryand its impact over decision making. At last it describe about different functionality role alongwith communication and coordination methods applied in hospitality sector. TASK 1Principles of managing and monitoring financial performanceFinancial performance is defined as the process of analysing the performance of acompany on the bases of its financial availability and profitability which support in performingbusiness operations effectively (Benckendorff and et. al., 2015). Fit & Fine restaurant offervariety of healthy as well as tasty salad and other related dishes along with blended smoothies &juices for providing a healthy benefit to fitness freak people. This restaurant is at Bishops gatewithin London EC2N which is just next to the Gymnasium that also help it in attracting morecustomers to their premises in order have healthy food as well as drinks. But in order to perform its operations effectively it is very essential for the manager ofrestaurant to manage and monitor its financial performance so that it will be able to achievemaximum profit at minimum cost. So, in order to maintain and monitor financial performance ofrestaurant effectively manager must follow below given principles: Principle 1: Budget must be prepared effectively:- The manager of restaurant mustfocuses over enlisting the resources and finance which are required to perform the task

effectively in order to form up an effective budget plan. Manager of Fit & Fine restaurantmust try to measure the current financial performance to identify and rectify the errorswithin financial transaction so that it will able to minimise its operational cost. Principle 2: Budget must be attainable, realistic and reasonable:- A budget plan mustbe strictly formed for minimising the expenses but it should be formed in a way which isrealistic, easier to attain and reasonable. This will help manager of fit & fine restaurant toperform its operation effectively without compromising over quality as well asprofitability.Principle 3: Budget should be made after thorough analysis:- As per this principle abudget must formed after performing a thorough analysis within the organisationaloperations and requirement (Bruce and Stephens, 2017). Manager of fit & Fine restaurantmust consider mission and objectives along with operations so that operations can beperformed within available fund toward the direction of its goals and objectivesPrinciple 4: Action financial performance must be compared:- In order to monitor andmanage its financial performance, manager of Fit & Fine restaurant must regular compareits present as well as budgeted financial performance. This comparison help in providinginformation regrading the area which require improvement in financial operations. There are some expenditure and income sources which fit & Fine restaurant have areexplained below: Incomings (source of income)Outgoings (Types of expenditures)Gifts Weekly food shoppingBenefitsDrinks AllowancesClothesGiftsDouble entry book-keeping system and basic trial balanceDouble entry book keeping system of accounting is defined as the concept which statethat every business transactions must be recorded as a correspondingly within two differentaccounts named as debit and credit (Chung and Chung, 2018). By maintaining a double entrybook keeping the of Fit & Fine restaurant will be able to keep a better record of operationsperformed by them. The accountant of restaurant must enter the information so that there must be

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