Hospitality Business Toolkit

HOSPITALITY
BUSINESS TOOLKIT

Table of Contents

INTRODUCTION
Hospitality industry is the broad sector which include many departments in it such as
food and beverages, accommodation, lodging, event planning and so on. Here, the occurrence of
enterprise depends on the convenience of rest time and financial gain. Each and every business
need its leader who guide and direct them in future and also interpret the assorted key
components to accomplish the gainfulness and happening (Bowie and et. al., 2016). This report
is based on the Alibi health drinks who offer fruit juice blends with packed full of 19 essential
vitamins, minerals and natural herbal extracts. This report is going to cover the management of
finance and record the transactions to reduce cost in a responsible manner and also assess the
management of HR life cycle by analysing HR strategy. It also understand the impact of legal
and ethical consideration on the hospitality business. The purpose of this report is to provide
opportunities to develop their business awareness and also increase their sales in healthy drinks.
TASK 1
P1.
To assess the performance of business, many critical questions are asked which needs to
be answered like is the business runs in smooth manner? Is it successful or fail? Growth drivers
and so on. There are many ways monitor and manage the financial performance of company
which are discussed as:
Preparing key financial statements: It is the primary report which every company should
prepare in terms of balance sheet and P&L statement. It is not only the crucial index of the public
presentation of enterprise but they are also need statutorily (Mariani and et. al., 2018). They also
provide an overview of the financial conditions of business and also describe the owners that
they came to experience about how their project is faring.
Preparation of inventory records: There are many businesses which hugely invest in the
equipments, machinery and raw products. They also maintain the straight stock list records as it
will tell them about the stock and its requirements in order to make final products and also
determine the wastage and missing of any equipment at any point of time (Jarratt and et. al.,
2019). It will also tell the requirement of purchasing more raw materials and also calculate the
stock turnover and input and output ratios.
Business transaction
1