Hospitality Business Toolkit

TASK 1

1) Principles of managing and monitoring financial performance

There are various principles which is use to managing and monitoring financial performance of a company. Some major of them which can be adopt Gym Freak juice centre to improve there financial conditions from which they are currently facing are mentioned below:-

• Follow appropriate legislation and regulations:- All expenditures and activities which is conduct by respective juice centre must be based or comply on proper policies, rules and regulations (Bowie and et.al., 2016). Which help them in smooth functioning of business.
• Consider financial budget before adopting any idea:- Gym Freak juice centre must operate there business activities and functions by considering there budget or within budgets.
• Evaluate and analysis financial consequences:- Gym Freak juice centre must evaluate and analysis financial consequences before adopting any new project or activity which help them in allocating resource in effective manner.
• Always plan substitute for any idea:- Respective company must prepare will some substitute or safeguard idea or plan so that they effectively protect themselves from loss situation.

For example all expenditure are based or rely on actual source of income in household and accordingly they prepare budget.

So accordingly Gym Freak juice centre prepare there budget so that they can run there business and operations in appropriate and effective manner.

Key financial term:-

Sales: Sales is related to activities of selling number of good and services in a particular or given period of time. For example in context of Gym Freak juice centre they identify there target so that they can achieve there goal related to sales on monthly basis.

Purchase: It refers to situation when organisation activities to take products and services to attain or accomplish goal and objectives in appropriate manner (Kysilka and Csaba, 2013). Such as respective juice centre make proper advertising and promotion activities which leads to enhancement of numbers of purchases. Along with this by it they able to attain there goal and objectives in effective manner.

Input cost: It refers to cost which include direct material cost, direct labour and other thinks which is related to production of goods and services (Legrand, Chen and Sloan, 2013). Such as for calculating input cost Gym Freak juice centre include cost like cost of fruits, protein power, milk and many others. Along with this they also include cost of facilities which they are serving such as air conditioner, chairs, tables, peace full ambiances and so on.

2) Double entry book-keeping system and basic trial balance

Double entry system:- It refer to system of accounting in which each every entry needs to comparable and different entry to an other account. In other work it means making entry of a transaction in two accounts (Singh, 2015). Gym Freak juice centre maintain double entry system so that they can make a financial statement in appropriate manner. Such as they borrow loan from bank, this entry is record in both account assets for cash balance account and liabilities for loan payable account.

Trial Balance: It refers to statement which include all debits and credits in book of double entry account (Legrand and et.al., 2012). For this respective juice centre include all namer of nominal accounts and its amount.

3) Balance of rule

Balance of rules refers to condition in which financial account of current is close at year ending and then carry forward to next year (Nickson, 2013). This is shown by current financial action which is mentioned below:-

TASK 2

1) Stages of HR life cycle for retaining and developing talent

In an organisation HR plays an important role in retaining and developing employees talent. It helps in attaining goal in appropriate manner and for this HR manage of Gym Freak juice centre adopt life cycle for employees improvement which is mentioned below and they are conducting recruitment for receptionist for there Juice Centre:-

(Source: Employee Life Cycle, 2018)

Recruitment: At this HR of respective juice centre recruit employees according to there requirement or vacant position. In this manager do talent acquisition through software in which they identify appropriate candidates for vacant position. Then conduct pre employment scanning in which they they conduct interview with candidates after this HR decide who is effective for required position which is receptionist.

On-boarding: When appropriate candidates get selected they will get onboard training in which HR of respective centre mainly focus on establishing relationship with new employees and old employees (Sipe, 2013). This can be done for time duration of 90 days in which new employees know about working environment and there task or jobs.

Development: In this manager of Gym Freak juice centre provide future growth opportunities to there employees so that they retain for long term or duration. For this they give them training and development session and promote according to work.

Retention: In this step manager of respective company motivate and encourage there employees so that they feel satisfy and connected towards workplace and retain for a long time. Along with this for retention Gym Freak juice centre also provide future career growth opportunities.

Off- boarding: It is a process in which HR manager of Gym Freak juice centre take exit interview and feedback when there employees left company (Pirani and Arafat, 2014). This will help them in improving weak points in order to achieve goal and objectives.

HR manager of Gym Freak juice centre conduct analysis and evaluation for hiring appropriate candidate for position of receptionist, which is given below:-

Box 1: Advertisement related to receptionist position will be placed at different job portals and social media.

Box 2: For deciding appropriate candidate company use resume scanning and face to face interview method.

Box 3: Interview Questions

• Are you confident enough to handle every workplace related situation?
• Do you have skills to handle peoples on call?
• Are you familiar with new software for trenching quarries of customers and employees?
• Do you have experiences in speed typing?
• What do you understand by your position and work?

Box 4: At induction and on boarding manager of respective company conduct welcome and training session so they new employees get familiar with there working environment.

Box 5: For performance review respective juice centre compare past performance of employees with performance after training and development session. By this they able to know that employees is adapting situation in effective manner or not.

Box 6: For conducting learning and development Gym Freak Juice Centre provide training to new receptionist so that she/ he will conduct there work in proper manner. Training which they can provide are related to new software, how to handle clients and phone calls in proper manner.

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Box 7: Promotion is related to activities in which in which a person get succession and increment according to there work and job performance. It is important for company manager to promote employees because by it they feel motivated and retain at workplace for long time.

Box 8: It refers to situation where employees leave there organisation when they feel demotivated and disconnected toward company. For this employer can make appropriate strategies and adopt promotional methods to motivate employees.

Box 9: Exit interview questions

• Why are you leaving current position?
• How was your relation with your manager?
• Do you want to give any advice or suggestion?
• What are factors like and dislike about your job?
• Do you think we should provide any special training for your positions?

2) Importance of HR life cycle to management

HR life cycle is important for every organisation because by it manager able to hire appropriate employees and retain them for a long time period. Some major important of HR life cycle in respect of Gym freak Juice centre such as by this HR manager of respective company is able to recruit appropriate and effective employees according to position or recruitment (Benckendorff and et.al., 2015). When this juice centre adopt this they training and develop there employees skills which help them in conducting work or task in approaches manner and given period of time. Along with this they also able to retain staff for long term which help them in saving cost of recruitment on regular basis. This will also able to get get suggestions and advice from employees which help respective company in conducting improvement. More over by this respective juice centre able to retain employees and staffs for a long time.

3) Judgements and recommendations of HR processes

Recommendations which is given to manager of Gym Freak Juice Centre for conducting HR process in effective manner is that for retain employees they can provide or develop training and development sessions. Respective company also conduct motivation session so that employees feel connected toward workplace. For this they may organised motivational sessions, appraise employees, promote them and many more. To retain and motivate employees respective company conduct meeting and discussions with employees in which they discuss issues and problems which they are facing. Then manger of company make strategies to overcome from issues and problems.

4) Performance management plan

Performance management plan refers to technique and tool which is conducted by a company in order to enhance employees performance (Weinstein and Morritt, 2012). By this employees able to improve there performance and grab opportunities in effective manner. Gym Freak Juice Centre conduct performance management plan to evaluate and analysis employees performance. Respective company develop performance management plan to resolve issue that there employees are coming late to office.

The role play script which is develop on the issue of employees are behaving rude in at workplace. Discussion on this issues with employee and manager of Gym Freak Juice Centre is given below:-

Script 1:

Manager: I am observing and analysing that Mr. Jones is behaving rude and irritating to every staff, do you have any idea behind this?

Employee: Yes sir, this is so because Mr. Jones is feel over burdened due to work pressure. May be due to this he is feel irritated and behaving rude.

Manager: Okay I understand So do you have any suggestions to overcome this?

Employee: Yes sir, according to me you must add more members in Mr. Jones teams so that there work presser get reduced and he able to conduct work in proper manner.

Manager: Okay, I will arrange or hire more employees accordingly. But along with this I also want to organized training sessions for you so that you can handle presser in appropriate and effective manner.

Employee: Okay thank you sir for understanding Mr. Jones problems.

Manager: I hope after that session Mr. Jones able to handle work in effective manner and attain goal.

Script 2:

Manager: I am observing and analysing that Mr. Jones is behaving rude and irritating to every staffs?

Employee: Yes sir, I also feeling this and other employees also discussing about it.

Manager: Do you have any idea why he is having like this?

Employee: No sir, I asked Mr. Jones why he is behaving like this, then he reply I don't want to talk to you and I don't care about other.

Manager: Okay, then then inform Mr. Jones that if he won't do as per instructions we have to take some strict action.

Employee: Okay sir, I will inform him.

TASK 3

1) Legislations of hospitality organisations

In every industry or sectors following legislation is compulsory which help in conducting business operations and function in appropriate and effective manner. Gym Freak juice centre follow various type of legislation and regulation which help them in conducting work in proper manner, some major of them are mentioned below:-

The food Act, 1997: It include various of hospitality sectors. Major aspects which is included in this are how food will be prepare, how to do composition of food products, food additives, hygiene and cleanliness at food preparing place (Barrish, 2012). This act is applicable at various places like hotel, restaurant, wholesaler and retail dealers of mill, meats, packed food and so on.

Liquor Control Act, 1987: This act or legislation is develop by considering various aspects such as to control sales and consumptions of alcohol, to diminish misuse of liquor and many more. For this government made regulations and legislation for selling alcohol and also provide training for it.

2) Company, employment and contract law impact upon decision making

In every organisation law and legislation is essential to conduct business in smooth and appropriate manner. There are certain type of law which is applicable in an organisation such as Company, employment and contracts (Higgins-Desbiolles, Moskwa and Wijesinghe, 2017). These all type of rules and regulations affect or impact on decision making of a manager. Law within a workplace apply differently on a employees and it is shown in LAW formate. Where L is use to designated staff which are major in respect of assure conformity. A refers and use for designated employees who have certain responsibility and authority to assure compliance according to regulation and rules. Whereas W indicate those employees who are not directly affected by legislation or rules within a workplace.

3)Reflection on Potential implications of regulations, legislations and standards upon decision making

While conducting evaluation of legislation and regulation which is applicable on hospitality industry I able to understand that by it government control misuse of alcohol. I also get to know that there are different different legislation according to various industry or sectors. By understanding I get to know that rules and regulation is important for carry out business operation in effective manner. Below given table shows various companies which have been defend for violation of different rules and legislation with there fines:-

TASK 4

1) Different functional roles within hospitality sectors

In every sector or industry there are various functional roles which they have to perform to conduct business operations in appropriate and effective manner (Sobaih, Ritchie and Jones, 2012). Some of major functional role which is conduct within hospitality sectors are human resources, finance, marketing, chef and may more.

For effective conducing of operations and function every industry maintain there organizational chat. Some of them are given below:-

Theme park

(Source: Organization chat of theme park, 2019)

Hospitality sector

(Source:Organizational chart of hospitality industry, 2019)

Hotel

(Source: Organization chart of hotel, 2019)

2) Different methods of communication, Coordination and monitoring applied to hospitality

There are various methods and techniques which is use by a company in order to conduct effective communication, coordination and monitoring. Some major of them which can be use in hospitality sectors are poster, group meeting, whatsapp chat, graph, picture, group chat, verbal, one to one meeting and many more (Sobaih, Ritchie and Jones, 2012). By using this in appropriate manner company of hospitality sector conduct work in proper manner.

3) Evaluation of different methods of communication, coordination and monitoring

There are various method which can be use by an organization for communication, coordination and monitoring. Gym Freak Juice Centre can select group meeting and whatsapp chat for communicating messages, coordination and monitoring with staff (Jayawardena and et.al., 2013). By this employees feel connected and valuable that there employer help them in conducting work in effective manner. This will motivate employees and help respective juice centre in attaining there goal and objectives in effective and appropriate manner.

4) Critically evaluation of different methods of communication, coordination and monitoring

Method which is appropriate and selected by Gym Freak Juice Centre is group meeting and whatsapp chat this will help them in communicating with there employees in proper manner and also help in coordinating and monitoring staffs (Bowie and et.al., 2016). By these channel or mode employees also feel motivated, connected and they able to share there problems in appropriate and effective manner. This will help respective juice centre in attaining goal and objectives in effective and appropriate manner. There is also some limitation of it that some people feel shy in group and they not able to communicate in appropriate manner.

Conclusion

For above discussed point it can be conclude and evaluate that hospitality industry is widest industry in compression of others. There are various type of principles which can adopt by an organisation in order to monitoring financial status. Company maintain and develop various type of financial accounts in order to know there financial status such as trial balance and double entry system. For conducting business operation and function in appropriate manner company has to follow various laws and legalisations. When company hire staff they follow various steps so that they can hire appropriate and effective employee for vacant position. There are also a proper structure which is follow by every organisation or industry. Company also use various methods for communication, coordinating and monitoring staff. Such as verbal, group meeting, posters, whatsapp chat, picture,, graph and many more.

Refrences

• Jayawardena, C., and et.al., 2013. Trends and sustainability in the Canadian tourism and hospitality industry.Worldwide Hospitality and Tourism Themes.5(2). pp.132-150.
• Bowie, D., and et.al., 2016.Hospitality marketing. Routledge.
• Kysilka, D. and Csaba, N., 2013. Employee turnover in the hospitality industry.Anale. Seria Stiinte Economice. Timisoara,19, p.377.
• Legrand, W., Chen, J.S. and Sloan, P., 2013.Sustainability in the Hospitality Industry 2nd Ed: Principles of Sustainable Operations. Routledge.
• Singh, R., 2015. Empirical examination of the impact of total quality services on hospitality industry business.Journal of Quality Assurance in Hospitality & Tourism.16(4). pp.389-413.
• Legrand, W., and et.al., 2012. Making 20 2020 Happen: Is The Hospitality Industry Mitigating Its Environmental Impacts? The Barriers And Motivators That German Hoteliers Have To Invest In Sustainable Management Strategies And Technologies And Their Perceptions Of Online Self Help.WIT Transactions on Ecology and the Environment. 161.pp.115-126.
• Nickson, D., 2013.Human resource management for hospitality, tourism and events. Routledge.
• Sipe, L.J., 2013.Leadership for innovation in the memories business: A mixed methods study of a hospitality and tourism marketplace. University of San Diego.

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