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Food and Beverage Cost Control Strategies

   

Added on  2020-03-16

11 Pages2016 Words163 Views
Business DevelopmentFinance
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Running head: FOOD AND BEVERAGEFood And BeverageName of the Student Name of the University Author Note
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1FOOD AND BEVERAGEExecutive SummaryThe report is aimed to look into the aspects of enhancing the skills required for applying therelevant hospitality concepts in a live business case. Through this report, the aim is to helpunderstand the importance of financial management and cost control practices applicable withinthe hospitality industry. Financial Management is a crucial aspect of any business and more so incase of restaurant business. This is the core aspect which requires careful planning on the part ofany restaurant to avoid wastage and minimize losses. To accurately allocate finances forundertaking different activities which would allow enable a restaurant to conduct their businessin a smooth and efficient manner, is a must. Keeping a close watch on how the finances aremanaged is the responsibility of Food and Beverage Manager along with the person responsiblefor taking care of the accounts. The restaurant Attica located in Ripponlea, Victoria is beingconsidered.
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2FOOD AND BEVERAGETable of Contents1.Introduction..............................................................................................................................32.Discussion................................................................................................................................32.1Interview...........................................................................................................................3i) Which type of hospitality enterprise does the interviewee manage?.......................................3ii) How does the interviewee maintain the cost control of the....................................................4a) Front House Operations...........................................................................................................4b) Back House Operations...........................................................................................................4iii)Which financial control methods do the manager use in daily business operations ?......53) Investigation Report On The Findings Of The Interview About Cost Control And FinancialManagement Practices And Evaluation Of Effectiveness...............................................................64) Conclusion...................................................................................................................................65) References...................................................................................................................................86) Appendices................................................................................................................................10
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3FOOD AND BEVERAGE1.IntroductionThe main aim of the report is to understand the details regarding the practices followed forfinancial management and cost control in Hospitality Industry. For any business to attainprofitability on a regular basis, the important thing is to find out ways through which costs can becontrolled and finances can be managed constantly so that there is no chance of the resourcesgetting wasted (Bratton and Gold 2012). To look into aspects of finances by making full use ofthe resources is essential to get the business in order. Cost Control is required because a businessshould always be on the lookout for expansion, through opening up of new branches, adoptproper marketing strategies to draw attention of the target customers. These can only be achievedwhen expenses get controlled by a significant margin through adopting certain measures to carryout activities within a threshold (Brigham and Ehrhardt 2013).2.Discussion2.1Interview Now the Food and Beverage Manager of restaurant Attica of Victoria is beinginterviewed for the purpose of finding out information regarding cost control and aspectof financial management. The interview questions and the responses are as follows : i) Which type of hospitality enterprise does the interviewee manage?The food and beverage manager of Attica had responded by saying that he is the food andbeverage manager of this multi-cuisine restaurant, where footfalls are very high in this season.Restaurants are always in demand especially when they are able to maintain the quality withmoderate pricing for all the items (Brigham and Houston 2012). The seating arrangement and themenu provided also have bog roles to play for determining the number of employees required.
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