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Unit 4: The Hospitality Business Toolkit

Unit 4: The Hospitality Business Toolkit

Introduction

Everyone needs to understand the business – not just their own part of it but how all the different aspects link together. The actions of a hospitality manager can have an impact on other areas, and their actions can affect interrelationships with those departments, so students will need to understand all this and be able to take effective, informed decisions.

 

Many hospitality managers are at ease with the customer service side of the hospitality business, but are less comfortable diving into the financial side of things.  Yet to be a successful hospitality manager, you must know how to control your department or property’s finances responsibly and effectively.

 

Every business requires its future leaders to have a level of understanding of key factors to drive both profitability and brand success. Using tools such as human capital, planning to recruit and retain the best staff, to interpreting and applying financial key indicators to drive profitability or gain market share. 

 

This unit is designed to provide students with key skills for becoming competent managers in a hospitality environment; this will allow them to understand key principles with regard to key performance indicators both financial and non-financial. 

 

This unit aims to give students the opportunity to develop their business acumen, covering a number of different business activities applied within the hospitality industry context. These include forecasting and budgeting, interpreting financial statements, recruitment and retention of staff, effective communication and dealing with legislation and regulation.

 

The assessment will be undertaken drawing on learners’ different skills to include both written and practical activities; the work will be undertaken both individually and in groups.

 

By the end of the assessment, students will have demonstrated an understanding of key business principles and practices, including:

 

  • Financial aspects of hospitality
  • Human Resources
  • Legislation and the law
  • Effective communications

Unit Learning Outcome:

 

LO1: Investigate how to manage finance and record transactions to minimise costs responsibly within the hospitality sector

 

Assignment Brief and Guidance

 

Scenario and Activity:

 

You have opened your own business, which is turning into a thriving enterprise at Bishops gate in London EC2N.  Your specialism is inventive, healthy salads, which you are serving with a range of blended juices and smoothies.

You are delighted to find that a gymnasium has opened next to you, which is bringing in additional trade.

You are also fortunate that you have a business mentor, who is available to provide business advice to help your business grow.  The mentor also helps by testing your knowledge through a series of regular questions and challenges that they set you.

Currently you are exploring with your mentor ways to increase evening sales.  One of your ideas is to take your range of juices and smoothies, and blend these with alcoholic spirits to create a healthy alternative to the nearby wine bar.  Your mentor thinks this is an excellent idea, but starts by challenging some of your financial controls.

 

In producing the report you will :

  • Provide an introduction to the financial transactions of your hospitality business by identifying the types of source documents and the recording processesyou  follow.
  • Explain the principles of double entry bookkeeping system of debits and credits, using your personal income and expenditure for a month as an example.
  • Demonstrate the need for an accountingreport  andpresent a Trial balance using a sample data, stating the stepsused  andpurposeof  theTrial Balance, using examples throughout.
  • Analyse types ofCost and,say how they can be managed to influence the financial performance of your business and evaluate the importance of accuraterecording  oftransactions in line with accepted accountingprinciples .
  • Include a conclusion that critically evaluates the role of financial management andmonitoring  inachieving positive growth in your business; include your own recommendations.

 

 

Task  2:  Report

Unit Learning Outcomes

 

LO2 : Assess how to manage the Human Resources lifecycle within the context of HR strategy

LO3 : Illustrate the potential impact of legal and ethical considerations on a hospitality business

 

Assignment Brief and Guidance

 

Scenario and Activity:

 

You have been appointed as an assistant talent acquisition manager within a hospitality organisation of your choice [ your own place of work if appropriate]. Working closely with the HR director you are to develop, manage, and improve the annual performance review process. You are reviewing and updating training and development programmes for food and beverage managers in order to improve programmes and procedures to promote employee engagement, retention and professional development.

 

Selecting a specific job role within the food and beverage department, you are to review the issues regarding retaining staff, as well as the stages of the HR life cycle and how these can support talent acquisition and retention. You will then develop a performance management plan. This is to be submitted as part of the training for food and beverage managers.

 

In preparing the report you should:

 

  • Provide an overview of the issues in talent acquisition and retention within the food and beverage sector
  • Relate factors to a specific hospitality job in the food and beverage sector
  • Identify specific legislation(s) that hospitality organisations has to comply and adhere to  and how this reflects in the company’s employment contract and its potential impact on business decision-making.
  • Evaluate each stage of the HR life cycle and the importance HR plays in supporting, growing and retaining talent applied to the specific job role
  • Develop a performance management plan to support the specific job role
  • Make recommendations on how processes and documents at each stage of the HR life cycle can be improved.

 

 

 

 

Task  3:  Individual Presentation

Unit Learning Outcome:

 

LO4 Explain the importance of coordinating and integrating various functions of departments within the hospitality sector

 

Assignment Brief and Guidance

 

Scenario and Activity:

 

Your line manager has just discussed the need to have the most effective staffing structure in your organisation.  You have been tasked to investigate this further, to integrate your organisations departments functions to minimise cost and improve coordination  and communication using a chart (organ-o-gram) for the business.

 

You plan to summarise your communication plan by drawing  these up on the whiteboard in your office so that you can draw in corresponding lines to your own structure.

 

 

In preparing the presentation you should:

 

  • Review how different functional roles within the hospitality sector interrelate
  • Explain the different communication method used
  • Analyse the effectiveness of the different communication methods in monitoring specific department.
  • Create a mind-map of how different communication methods can be used in effectively integrate the different department
  • Make recommendations on how processes and documents can be improve company’s departmental integration.

 

 



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