This report examines the key aspects of the hospitality business toolkit, focusing on Premier Inn as a case study. It begins by investigating the principles of managing and monitoring financial performance, including the application of the double-entry bookkeeping system to record transactions in a general ledger and the production of a trial balance. The report then delves into human resource management, reviewing the different stages of the HR life cycle, such as recruitment, induction, career development, retention, and termination, and their importance in retaining and developing talent within the hospitality sector. Furthermore, it develops a performance management plan, highlighting techniques to address negative behavior and staff retention issues. The report also identifies relevant legislation, including company, employment, and contract law, and illustrates their potential impact on business decision-making. It explores the interrelation of different functional roles within the hospitality sector and explains various methods of communication and coordination. The report concludes by emphasizing the importance of these elements for the overall success of a hospitality business.
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