Hospitality Industry Business Toolkit

Added on - Nov 2020

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BUSINESSTOOLKIT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Manage finance and record transaction to minimise costs in reference to hospitalityindustry...................................................................................................................................1P2 General Ledger..................................................................................................................2P3 Basic Trial Balance...........................................................................................................3TASK 2............................................................................................................................................4P4 Review the different stages of the HR life cycle...............................................................4P5 Performance management plan and apply techniques to solve negative behaviour.........6TASK 3............................................................................................................................................7P6 Specific legislation related to hospitality organisation.....................................................7P7 Company, employment and contract law has potential impact on business decision making................................................................................................................................................7TASK 4............................................................................................................................................8P8 Different functional role in reference to hospitality sector...............................................8P9 Different methods of communication, coordination and monitoring..............................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONHospitality industry is a broad group of businesses which can provide different types ofproducts and services to customers(Ramasastry, 2015). It can provide satisfaction of customersand providing specific experience for them. The hospitality industry different from otherindustries because it relies so heavily on discretionary income and free time. Through hospitalityindustry provided different services such as food services, hotels, events, travel & tourism,luxury services and many others. To better understand this concept taken Indigo hotel which ispart of the world's first international luxury travel hotel and brand because each of their hotelshas its own distinctive style and ambience as historic building, city landmarks and many others.In the report consist of analysing finance and record transactions to minimise costs in referenceto hospitality industry. Apart from managing HR life cycle within human resource strategy andpotential impact of legislation and ethics in hospitality industry. In addition, determine theimportance of coordinating and integrating several functions of departments within hospitalityindustry.TASK 1P1 Manage finance and record transaction to minimise costs in reference to hospitality industryTo know financial performance of hospitality industry apply different key performanceindicator which can analysis the performance of a hotel. These indicators can help to managefinance in effective manner these are -Key performance indicator (KPI)– It is financial approach which can provide help tohotel in reference to achieve business objectives. Most of the organisation can select to KPI inreference to manage finance and achieve their targets in appropriate time. With the help of thistool measure performance of every department and mark those area where need to improvementin workers. The best part of this tool that it can help to measure performance in financial termand non financial term(Ebbers, 2014). Along with this, it increase the potential of employeesthat further helps in productivity and profitability. In the context of indigo hotel focus on theircustomer so they are increasing no of employees to provide efficient quality and products to theircustomers. To enhance their business there is need to improve skills of staff members andcustomer satisfaction. KPI can help to manager to identify those points which can related to1
specific situation like outstanding sales, cost revenue, cost of goods sold and increase profitmargin.Manager of Indigo hotel can follow the particular approach top manage finance as well asmeasure performance to provide appraisal and rewards through monitoring their activities.Employees performance will be divided into two parts such as -Qualitative– This approach part of KPI which can use to measure performance of hotelstaff members in reference to customer satisfaction. In indigo hotel apply this system todeterminate the performance of their staff members and take feedback from customer aboutthem. These feedback provided into ratings and on the basis these hotel can decide theirperformance. These rating very useful for manager and help to know about improvement aboutstaff members.Quantitative– As per the approach measure performance in quantitative way like howmany customers they can handle in limited time period whether it is good or bad. It is good wayto measure performance of employees and the manager of indigo hotel can evaluate severalconditions and situation through rating and grading system. It will help to denote theirperformance as per their performance and provide them reward according to their ratings(Smith,2013)P2 General LedgerHotel Indigo in Leicester SquareRoomsDebit (£)Credit (£)4204200025087500228830100000229500229500EquipmentsDebit(£)Credit(£)50620202
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