Hospitality Business Toolkit Report: Business Performance Analysis

This report provides a comprehensive analysis of the hospitality business, focusing on various key areas. It begins by assessing financial performance, including the importance of financial statements, inventory records, and business transactions. The report then delves into the HR lifecycle, specifically examining recruitment and selection, onboarding and orientation, and exit and transition processes within the context of Alibi health drinks. A performance management plan is outlined, emphasizing the steps of planning, monitoring, and review to address employee turnover. Furthermore, the report explores the legal and ethical considerations relevant to the hospitality industry, such as the Health and Safety Act, Liquor Control Act, and Food Act. The report highlights the importance of decision-making in business operations and the impact of employment laws on the organization. The report provides insights into how Alibi health drinks can improve its business performance.

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
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P2.
Double-entry and book-keeping system defines that business transaction, recorded
amount in minimum two accounts (Ma, Cheng and Hsiao, 2018). This system require all suitable
transaction that amount enter as debits and equal to the entered amount as credits. Its basic
principles are as follows:
 The records of Book-keeping include accurate tally of income of business including sales
and transactions which results in payment which is either done immediately or at some
point in future.
 Breaking down of these expenses into various divisions like materials, rent, labour and
advertising.
 Keep record of expenses like if business incurs that payment is done at over time like
invoices of materials which allow pay terms like 15 to 30 days or use of bills with
particular due dates.
 If business make transactions of not receiving the immediate payment, a book-keeping
system is set up to record the payments which is received on the accounts of customer.
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P3.
Trial balance is the list of ledger which include broad ledger report which include book of
account of enterprise. This listing include name and value of each nominal ledger account and
balance. Each nominal book of account will clasp as either debit or credit scale (Foster and
Carver, 2018).
TASK 2
P4.
By considering the different areas of business, HR also has unique life cycle which
include various phases of employment and also helps in facing those challenges which arises
while managing employees (Lub and et. al., 2016). In relation with Alibi health drinks, counter
attendant who take order and serve food over the counter and this cycle is performed on this job
role. Few stages of HR life cycle are discussed as: Recruitment and selection: This stage depicts the process of analysing the need of job
and defining the requirements of the position. Both of terms are suitable at their own
places as recruitment is useful in creating a pool of interested job applicants and selection
is done when suitable number of candidates are gathered to apply for job role (Köseoglu
and et. al., 2019). To recruit candidates in Alibi health drinks, manager always need to
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consider that job position fulfils the requirements of employees because only their
satisfaction helps in retaining and development of counter attendant in serving food
within the organisation. For instance, company is facing issues in attracting suitable talent
who will retain for long period as for this, company will promote the vacancy at large
level in order to attract more candidates. Onboarding and orientation: It is a process which relies under the education of new
employees as here, managers will describe the policies and norms of company to newly
hired employees and also include the mission, vision and values. Overall, here employees
come to know about the working environment, rules and regulations of company and
many more (Schwager, Decker and Kaltenegger, 2016). While pursuing this function, the
managers of Alibi health drinks need to consider that they describe positive side of
company to counter attendant and provide them healthy working conditions to regulate in
an organisation as it helps in retaining and developing employees. For instance, currently
in company managers does not give suitable orientation and induction to candidates like
how to serve and criteria of serving and because of this they does not retain in company
and for this, company will hire expertise to give positive orientation to candidates by
which they retain for longer period of time.
 Exit and transition: This process depicts that exiting of employees from the organisation
as for this arising reason can be anything. Here, managers of Alibi heath drinks conduct
exit interview of employees regarding their experience and arising problems in an
organisation (Papetti, Christofle and Guerrier-Buisine, 2018). For instance, they conduct
interview because employees turnover rate increases and for this, they take suitable
actions like because of improper management their employees does not retain and in
relation with company take proper managerial actions which helps in retaining and
developing employees.
P5.
Performance management plan is a procedure which is useful in aligning, managing and
coordinating with employees and also helps in attaining strategic objectives. By determining the
current issues which is faced by Alibi health drinks is employee turnover and it is also in specific
job role which is counter attendant and to retain them, company need to overcome those negative
aspects which arise (Cunningham, 2019). There are many issues which HR manager face and for
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this, they need to properly motivate and recruitment to overcome these problems. For this,
performance management plan is made by HR manager to develop suitable plans for retention of
employees and it has few steps which are as follows: Plan: This step is useful in setting the precedence of singles and also assist them in
offering the suitable guidance and direction which is useful in holding and processing the
talent. For this, HR manager of company develop suitable plans and norms which is
helpful in overcoming the negative behaviour like demotivation, conflicts and so on and
also used in increasing the retention rate within an organisation. By taking the above
discussed job role, manager will discuss and develop suitable plans to retain counter
attendants and also encourage them in overcoming the negative behaviour. Monitor: This factor is useful in overlooking the plans and strategies which made to
increase the number of workers and also hold talented employees within an organisation.
Because of this strategy, motivation skill of HR manager gets increase and also overcome
their barriers by which performance gets foster and useful in eliminating the employee
turnover (Zainullina, 2017). After developing the suitable plans and strategies,
performance of counter attendant is monitored by HR manager to overcome the negative
behaviour. Presently, Alibi health drinks is facing problems in retain their employees and
because of this, their productivity gets affected. To overcome this issue, they use many
retention techniques such as developing relations, providing suitable training, working
environment etc. which is useful in reducing the work load and also develop coordination
and confidence among them to perform specific job role.
 Review: It is considered as the last phase of public presentation direction plan which
describes that performance of employees need to be reviewed by higher authorities. Here,
the performance of counter attendant is reviewed and also determine various barriers in it.
It is also essential to review the performance of and analyse the suitable measures taken
to reduce employee turnover.
TASK 3
P6.
There are many legislations which are needed to fulfil by Alibi health drinks which
operated in hospitality industry. So, it is crucial for organisation to follow the suitable rules and
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regulations which are developed by government to conduct business operation in suitable
manner. These laws are formulated for the conditions and safety of consumers and employees
who are the important portion of this business. It is important for Alibi health drinks to follow all
rules and legislations which are helpful in the operations of business activities and these laws are
discussed as under:
Health and safety act 1974: This act is concerned with the safety of each and every
individual who is the part of this sector. It becomes the roles and responsibilities of the
department manager to maintain safety of its guest and workers (Yusupova and Pozdeeva, 2018).
It is also helpful in developing the positive reputation of company in the market place. This act
assist in attracting more and more customer base and in terms of Alibi health drinks they need to
follow all the rules and regulations which include in safety act in order to meet the needs of
customers.
Liquor control act 2003: This act is establish in order to control the gross sales and
ingestion of liquor. This act is introduced with the purpose of eliminating the misuse of alcohol.
It represents the all those companies who offer alcohol and any other type of liquor to their
respective customers who have absolute cognition regarding the drinks. It is also important that
Alibi health drinks provide training to their employees to offer right and adequate amount of
alcohol.
Food act 1990: It is also significant for company to follow this act in order to develop
company which provide food products to their customers. It offer guidelines to the company and
whole industry to offer only those products which are not harmful for consumers (Bowie and et.
al., 2016). It is important for Alibi health drinks to follow this act as this company provide
healthy drinks to their customers and also create strong and positive relation with consumers. It
is also helpful in gaining competitive advantage over other competitors in order to earn more
profits.
P7.
It is important for those companies who deals in food services that they follow suitable
rules and regulations as it is helpful in taking better and effective business decisions. It is
important for Alibi health drinks to take proper decisions for their business to attain suitable
goals and objectives. Decision making is the important business function which have direct
impact on the functioning of organisation and its performance (Mariani and et. al., 2018). For
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this, company, employees and various contract laws will impact their decision making and put
huge impact on the productivity and profitability.
Employment law: Employees of an organisation are considered as the significant part of
company as it is helpful in developing aims and objectives as decision making plays an
important role in successful execution of suitable decisions (Jarratt and et. al., 2019). It also
significant that platform of employees and their activities needs to be correct and effective for
Alibi health drinks as because of this they can easily achieve suitable goals and objectives. Needs
of employees and their performance put major impact on the decision making of employees
which is taken by Alibi health drinks as they should not provide any harm to their employees.
Company law: It is the important element in which decisions are taken for the
achievement of goals and objectives. For this, various rules and policies are developed which put
both affirmative and antagonistic influence on the decision making of company. So, it is
important to analyse environment in which Alibi health drinks provide their products and helps
in taking improved business judgment. For instance, goals and objectives of Alibi health drinks
grow and develop its business to become the leading provider of healthy drinks.
Contract law: There are various laws which impacts the decision making process of
company. Contracts define the agreements which are enforced by law (Ma, Cheng and Hsiao,
2018). There are different contracts which influences the Alibi health drinks and their
judgements for doings business operations. So, it is important for company to take suitable
decisions according to the employment law and any modification in occupation law impacts the
decisions and functioning of organisation.
TASK 4
Covered in PPT
CONCLUSION
From the above information, it is concluded that the HR life cycle in important in
retaining and developing the talent with in an organisation. In respect of this, by analysing the
weak performance and skills, performance management plan is developed which is useful in
improving and reviewing the performance of employees. In addition to this, specific laws and
legislations are described which needs to be followed by an organisation and also helpful in
taking decisions.
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REFERENCES
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