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Managing Business Effectively Through Recovery In The Face Of Technological Advancement

Managing Business Effectively Through Recovery In The Face Of Technological Advancement


Word count: 3500 words

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The Report has Two Activites:

Activity-A: Part of the report investigates managing finance and recording transactions to minimise costs responsibly within the hospitality sector (LO1)

Learning Outcomes:

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

Scenario and Activity:

In your capacity as the Assistant Manager within a hospitality organization, with significant responsibility of providing mentorship to incoming apprentices within our establishment. In line with this role, your manager has entrusted the task of preparing a comprehensive report that will serve as an induction manual. This manual will meticulously outline all the annual business transactions and accounting procedures that the organization engages in. This effort is particularly crucial in light of the increased reliance on technology within the industry during the ongoing COVID-19 recovery phase.

You will be required to include the following in your report :
• An introduction to the financial transactions of your hospitality business by identifying the types of source documents and the recording processes you follow. (using the accounting cycle diagram).
• Investigate (look into systematically) the principles of managing and monitoring the financial performance of your business.
• Explain the principles of the double-entry bookkeeping system of debits and credits, using standard data from your operations.
• Produce and analyse a trial balance using sample data of sales and purchase transactions, stating the steps used and the purpose of the Trial Balance
• Using the sample data of sales and purchase transactions in a trial balance, analyse the errors in the trial balance and their rectifications
• Analyse types of cost and how they can be managed to influence the financial performance of your business and show how profit margins can be calculated using an example of your choice (show the process)
• Discuss the importance of accurate recording of transactions in line with accepted accounting principles and 
• Include a conclusion that critically evaluates the role of financial management and monitoring in achieving growth in your business; include your own recommendations.

Activity-B:
➢ Assesses how to manage the Human Resources (HR) life cycle within thecontext of HR strategy (LO2)
➢ Illustrates the potential impact of the legal and ethical considerations on a hospitality business (LO3)
➢ Explain the importance of coordinating and integrating various functions of departments within the hospitality sector (LO4)

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 in a hospitality business
LO4: Explain the importance of coordinating and integrating various functions of departments within the hospitality sector.

Scenario and Activity:
You have assumed the role of an Assistant Business Development Manager overseeing a recently established customer support department within the hospitality sector. In collaboration with the HR Director, your primary responsibility involves the assessment and
enhancement of training and development strategies designed for all supervisors. The objective is to elevate the quality of programs and procedures, ultimately fostering employee engagement, retention, and professional growth. Your report will encompass various aspects, including HR strategies, legal and ethical considerations pertinent to the hospitality industry. This entails ensuring strict adherence to regulatory requirements and optimizing employment contracts within the selected hospitality organization.

The report would be expected to include:
LO2:
• A review of the different stages of the HR life cycle as applied to issues in talent acquisition and retention within the food and beverage sector.
• Evaluate each stage of the HR life cycle and the importance HR plays in supporting, growing and retaining talent as applied to the specific job role.
• Develop a performance management plan to support the specific hospitality job role (you can use Table for clarity).
• Make valid judgments and recommendations on how processes and documents at each stage of the HR life cycle can be improved using examples.

LO3
• Identify specific legislation(s) that hospitality organizations has to comply and adhere to, in the daily transaction of business using examples to explain where applicable.
• Illustration of how the company’s employment and contract law impact business decision-making.
• Examine the potential implications of any Two(2) of the regulations on standards using examples.
• Critically reflect on the impact of ethical issues of regulations, legislations and principles by identifying Two (2) ethical issues and make valid judgments and recommendations on how legislation can help improve the company employment contract.

LO4
• An exploration of the different functional roles within the hospitality sector and how they interrelate using an organisation chart ( use a known hospitality organisation).
• Explain the different communication methods and levels used in an organisation.
• A review of Coordination and Integration within a business organisation using examples where necessary.
• Analyse the effectiveness of different communication methods, integration, and monitoring within a specific department can help achieve overall organisational objectives and strengthen the value chain.
• Make valid judgments and recommendations on how coordination and integration enhance overall business performance.

Reference: Harvard Referencing System

The post Managing Business Effectively Through Recovery In The Face Of Technological Advancement first appeared on Krita Infomatics.

The post Managing Business Effectively Through Recovery In The Face Of Technological Advancement appeared first on Krita Infomatics.

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