Hospital Business Toolkit

Introduction

The hospitality sector is a complex and dynamic industry encompassing many businesses, including hotels, restaurants, bars, and event venues. In this industry, managing finances and recording transactions effectively is crucial for minimizing costs and maintaining responsible practices (Horngren et al., 2013). This requires a solid understanding of accounting principles, including maintaining double-entry financial records and using the double-entry principle for recording sales and purchases in the general ledger. However, managing finances is just one aspect of running a successful hospitality business. The human resources life cycle is also critical, including attraction, recruitment, onboarding, development, and separation. Additionally, reducing staff turnover by creating effective performance management plans can improve overall operations (Burgess, 2015). Compliance with legislation is also necessary for hospitality organizations, as is the consideration of organizational and workforce factors, contract law, and the interrelation of various functional roles within the industry.

Effective communication, coordination, and monitoring tactics can also aid in improving the value chain. This paper will explore these key aspects of managing a successful hospitality business and provide insights and strategies for doing so effectively. This report covers both aspects, providing insights into managing finances responsibly within the hospitality sector and improving HR processes, communication, coordination, and monitoring methods for effective talent planning and retention (Burgess, 2015). Additionally, it explores the different legislations that hospitality organizations must comply with and how various functional roles interrelate to improve the value chain.

Manage finances and record transactions to minimize costs within the hospitality sector.

A trial balance is a statement of all the balances in a company’s accounts at a given time (Horngren et al., 2013). It is usually prepared at the end of an accounting period, such as a month or a year, and it is used to ensure that the total debits equal the total credits in the company’s accounts (Burgess, 2014). A trial balance statement includes all the accounts in the company’s general ledger and lists each account’s balance debit or credit. The accounts are arranged in the order they appear in the ledger, and the total debits and credits are calculated and compared to ensure they are equal. If the trial balance does not balance, it indicates an error in the accounting records, such as a posting error or a math mistake (Burgess, 2014).

Managing finances in the hospitality sector can be challenging as it involves multiple revenue streams and expenses (Burgess, 2014). However, to minimize costs responsibly, it is essential to have a robust financial management system that includes recording transactions, analyzing financial data, and creating financial reports. Trial balance is a useful tool that can help manage finances and record transactions in the hospitality sector (Horngren et al., 2013). Therefore, managing finances in the hospitality sector requires careful recording of transactions, analysis of financial data, and creation of financial reports.

Principles of Accounting

Accounting principles are guidelines and concepts that govern the accounting profession. These principles ensure that financial statements are reliable, relevant, comparable, and understandable to users (Horngren et al., 2013). The principles of accounting can be broadly categorized into two groups: the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) (Burgess, 2014). The GAAP is a set of guidelines established by the Financial Accounting Standards Board (FASB) in the United States. At the same time, the IFRS is a set of guidelines established by the International Accounting Standards Board (IASB) and used in many countries worldwide (Horngren et al., 2013). They provide a framework for preparing financial statements that are reliable, relevant, comparable, and understandable to users. Adherence to these principles is essential for maintaining the integrity of the accounting profession and ensuring the credibility of financial information provided to stakeholders.

The principles of accounting include:

Accounting entity: This principle requires that the financial business’s financial activities be separated from its owners’ finances so that the business’s financial statements reflect only its activities and not those of the owners.

Going concerned: This principle assumes that the business will continue to operate indefinitely and its assets will not be sold or liquidated. This allows the business to record long-term assets and liabilities that will be used in the future.

Monetary unit: This principle assumes that all transactions will be recorded in a common currency, such as the dollar, euro, or yen. This allows for easy comparison of financial statements across periods and among different companies.

Period: This principle requires that financial statements be prepared for a specific period, such as a month, quarter, or year. This allows for the monitoring of a company’s financial performance over time.

The cost principle requires that assets be recorded at their historical cost rather than their current market value. This ensures that the financial statements are objective and not influenced by fluctuations in the market.

Full disclosure: This principle requires that all material information be included in the financial statements or footnotes. This allows stakeholders to make informed decisions about the company’s financial performance.

The matching principle requires that expenses be recorded in the same period as the revenues they generate. This ensures that the financial statements accurately reflect the profitability of the company.

Revenue recognition: This principle requires that revenue be recorded when earned, regardless of when it is received. This ensures that the financial statements accurately reflect the company’s revenue streams.

Conservatism: This principle requires that accountants be conservative when making estimates and judgments. This ensures that financial statements are balanced and that stakeholders are correctly labeled.

The movement of money during a financial transaction impact both the balance and value of an account (Horngren et al., 2013). These transactions are recorded using accounting journals. Business transactions can be categorized in different ways, depending on the purpose of the classification. These categories can help businesses organize their financial transactions and create financial statements that accurately reflect their financial position and performance (Burgess, 2014). Here are four commonly used categories of business transactions.

Revenue and Expenses: Transactions related to the income and expenses of a business are considered revenue and expense transactions (Horngren et al., 2013). Revenue transactions include sales of goods or services, interest income, and investment gains. Expense transactions include the cost of goods sold, salaries and wages, rent, utilities, and other operating expenses.

Asset and Liability: Transactions that involve the acquisition or disposal of assets or liabilities are classified as asset and liability transactions. Asset transactions include purchasing or selling, equipment inventory, and investments (Horngren et al., 2013). Liability transactions include borrowing or repaying debt, paying or receiving accounts payable and accounts receivable, and paying salaries and wages.

Cash and Non-Cash: Transactions can also be classified based on whether they involve cash or non-cash transactions. Cash transactions involve cash exchange, such as payment for goods or services, while non-cash transactions involve exchanges of goods or services for other goods or services.

Internal and External: Transactions can also be classified based on whether they are internal or external to the business. Internal transactions occur within the company, such as transferring funds between departments or allocating overhead expenses (Horngren et al., 2013). External transactions involve outside parties, such as purchasing goods from a supplier or selling goods to a customer.

Financial transactions relating to annual disclosures in catering are utilized in computing earnings over a specific time frame (Horngren et al., 2013). Simply Catering can monitor its revenues and resource usage by relying on these reports. Managers must assess the company’s budget and expenses before deciding on future investments. All accounting entries must be accurately recorded for future reference.

Maintaining double-entry financial records

Maintaining double-entry financial records is an essential part of accounting. It refers to an accounting system where every financial transaction is recorded in at least two accounts, a debit account and a credit account, under the fundamental accounting equation: Assets = Liabilities + Equity (Horngren et al., 2013). This means that a credit of equal value must balance every debit.

Double-entry accounting provides several benefits, including accuracy, completeness, and reliability of financial information. It ensures that all financial transactions are properly recorded and that the acting equation remains balanced (balanced al., 2013). This helps prepare accurate financial statements, identify errors or discrepancies, and detect fraud or embezzlement.

Maintaining double-entry financial records is crucial for any business or organization. It helps ensure accurate financial reporting, aids decision-making, and protects against fraudulent activities. By following the above steps, businesses can keep accurate and reliable financial records to help them succeed in the long run.

Double entry principle

The double-entry principle is a fundamental accounting principle that requires every financial transaction to be recorded in at least two different accounts in a company’s general ledger (Horngren et al., 2013). The principle is based on the idea that every transaction involves two parties, one party giving something and the other receiving something in return. In the context of sales and purchases, the double-entry principle ensures that all transactions related to these activities are accurately recorded and tracked in the general ledger.

When a company sells goods or services, the transaction involves two accounts: the revenue account and the accounts receivable account. The revenue account reflects the income earned from the sale, while the accounts receivable account records the amount owed to the company by the customer (Horngren et al., 2013). To record the sale using the double-entry principle, the company debits the accounts receivable account to reflect the increase in the amount owed by the customer and credits the revenue account to reflect the increase in revenue earned.

On the other hand, when a company purchases goods or services, the transaction involves two accounts: the accounts payable account and the expense account. The accounts payable account reflects the amount the company owes to the supplier, while the expense account reflects the cost of the goods or services purchased (Horngren et al., 2013). To record the purchase using the double-entry principle, the company debits the expense account to reflect the increase in cost and credits the accounts payable account to reflect the increase in the amount owed to the supplier.

It is important to note that every financial transaction in a company involves a debit and a credit. All debits must always equal the sum of all credits in the general ledger (Horngren et al., 2013). This ensures that the accounting records are accurate and balanced, and errors can be quickly identified and corrected. The double-entry principle is a key accounting principle that ensures all transactions related to sales and purchases are accurately recorded and tracked in the general ledger. By following this principle, companies can maintain accurate financial records and make informed business decisions based on reliable financial information.

Human Resources life cycle within HR Strategy

Managing the human resources life cycle is a critical aspect of HR strategy as it involves various stages of an employee’s tenure with an organization. The five stages of the Human Resources Life Cycle are Attraction, Recruitment, Onboarding, Development, and Separation (Armstrong and Taylor, 2014). Each stage is critical in managing an employee’s tenure with an organization. Below is a detailed discussion of each stage and how it can be managed effectively within the HR strategy.

Attraction

The attraction stage involves creating an employer brand that attracts potential employees to an organization (Horner, 2017). Effective management at this stage requires identifying the organization’s unique selling points, developing a strong employer brand, and creating an effective communication strategy to reach potential candidates. HR strategy should focus on developing an attractive employee value proposition (EVP) that aligns with the organization’s goals, values, and culture (Armstrong and Taylor, 2014). The EVP should include employee benefits, work-life balance, and career development opportunities. The HR strategy should focus on developing an EVP that includes flexible work arrangements, competitive salaries, career development opportunities, and a supportive work environment.

Recruitment

Recruitment involves attracting, selecting, and hiring the right talent for an organization. According to Horner (2017), effective management at this stage requires identifying the best sources of talent, developing effective job descriptions, creating a diverse and inclusive workforce, and developing a strong candidate selection process. HR should develop a recruitment strategy that aligns with the organization’s goals, culture, and values (Armstrong and Taylor, 2014). The recruitment strategy should include job postings, social media outreach, and employee referral programs. The HR strategy should focus on developing a recruitment strategy that includes targeted outreach to diverse communities, partnering with diverse organizations, and developing inclusive job descriptions.

Onboarding

Onboarding involves integrating new employees into an organization’s culture and values (Horner, 2017). Effective management at this stage requires providing new employees with the necessary information, resources, and training to perform their jobs effectively. HR strategy should focus on developing an onboarding program that aligns with the organization’s goals, culture, and values (Armstrong and Taylor, 2014). The onboarding program should include orientation sessions, employee handbooks, and training programs. The HR strategy should focus on developing an onboarding program that includes orientation sessions, training programs, and mentoring opportunities to help new employees acclimate to the organization’s culture and values (Burgess, 2015).

Development

Development involves providing employees with the necessary skills and knowledge to perform their jobs effectively and advance their careers (Armstrong and Taylor, 2014). Effective management of this stage requires identifying skill gaps, developing training programs, and providing opportunities for career development (Burgess, 2015). HR strategy should focus on developing a comprehensive training and development program that aligns with the organization’s goals, culture, and values. The program should include job-specific training, leadership development, and soft skills training (Horner, 2017). The HR strategy should focus on developing a training and development program that includes job-specific training, leadership development, and soft skills training to help employees improve their performance.

Separation

Separation involves managing employee exits from an organization (Horner, 2017). Effective management at this stage requires providing employees with a positive exit experience and ensuring compliance with legal and regulatory requirements (Armstrong and Taylor, 2014). HR strategy should focus on developing an employee separation program that aligns with the organization’s goals, culture, and values. The program should include exit interviews, severance packages, and compliance with legal and regulatory requirements. The HR strategy should focus on developing an employee separation program that includes exit interviews to understand the reasons for employee exits and developing strategies to address employee concerns (Burgess, 2015). The organization should also ensure compliance with legal and regulatory requirements to avoid potential legal issues.

Creating a performance management plan for a catering manager and applying techniques to reduce staff turnover

A performance management plan is a tool that helps an organization establish clear expectations, monitor progress, and provide feedback to its employees (Armstrong and Taylor, 2014). The following are the steps to create a performance management plan for a catering manager at Simply Catering.

Planning Stage

The planning stage is the foundation of the performance management process. It involves identifying key performance indicators (KPIs) for the catering manager and setting realistic goals based on those KPIs. By clearly communicating expectations and goals to the catering manager, they will be more likely to understand what is expected of them and will be better equipped to work towards those goals. This stage is essential for setting the tone for the entire performance management process and ensuring that everyone is on the same page.

Monitoring Stage

The monitoring stage is where progress toward the identified goals is tracked and evaluated. Regular feedback and communication are crucial during this stage to ensure that the catering manager is making progress toward their goals and to make any necessary adjustments along the way. By keeping a close eye on progress, the catering manager and their team can make sure that they are meeting expectations and can quickly identify any areas that may require improvement.

Developing Stage

The developing stage is focused on the ongoing growth and development of the catering manager. This stage involves providing training and development opportunities to improve their skills and knowledge, identifying areas for improvement, providing resources to address them, and encouraging them to seek out new ideas and best practices in the catering industry. By investing in the catering manager’s growth and development, they will be better equipped to lead their team and drive the success of the catering operation.

Reviewing Stage

The reviewing stage is where the performance management process comes full circle. It involves conducting a formal performance review with the catering manager to assess their overall performance and progress toward goals. Feedback on strengths and areas for improvement is provided, and new goals are set for the upcoming performance period. By reviewing performance, the catering manager can continue to grow and develop, and the entire team can benefit from ongoing feedback and support. This stage is essential for ensuring that the performance management process is effective and that everyone is working towards the same goals.

Achieving a successful performance management plan and reducing staff turnover requires a collaborative effort between management, HR, and employees (Burgess, 2015). The first step is to clearly define objectives, establish KPIs, and set targets for the catering manager. An action plan outlining specific steps to achieve these targets should be developed. Regularly monitoring progress and providing constructive feedback will help the catering manager improve and meet their targets. To reduce staff turnover, management should prioritize creating a positive work environment by offering competitive pay and benefits, providing opportunities for professional development, recognizing, and rewarding employee performance, fostering teamwork and open communication, and improving work-life balance. Regular surveys or focus groups can help management to monitor employee satisfaction and address any issues or concerns (Burgess, 2015). By implementing these techniques, Simply Catering has created a positive work environment that supports employee engagement, satisfaction, and retention, ultimately reducing staff turnover.

Job Title: Catering Manager

Candidate Name: James Bobs

Assessed by:

Date:

Legislation that hospitality organizations are required to comply with

Hospitality organizations must comply with a range of legislation governing their operations. These laws are designed to ensure the safety of customers and staff, protect public health and safety, and ensure fair treatment of employees (Knowles, 2002). Organizations that fail to comply with these regulations may face fines or legal action and damage their reputation with customers and stakeholders. Below are some of the key legislations hospitality organizations must comply with.

Health and Safety at Work Act 1974: This legislation requires all employers, including those in the hospitality industry, to take reasonable steps to ensure the health, safety, and welfare of their employees and customers (Knowles, 2002). This means that hospitality organizations must identify and manage any potential risks in their workplace and implement measures to reduce or eliminate these risks. Employers must also provide their employees with adequate information, training, and supervision and ensure all equipment is safely maintained.

Food Safety Act 1990: This law sets out the legal framework for food safety in the UK (Knowles, 2002). It requires hospitality organizations to ensure that all food they serve is safe to eat and that they are following strict hygiene and safety standards. This includes implementing food safety management systems, conducting regular inspections, and ensuring that all food handlers are trained in food safety. Failure to comply with this law can result in fines, imprisonment, and damage to the organization’s reputation.

Licensing Act 2003: This legislation regulates the sale and supply of alcohol in the UK. To obtain a license, hospitality organizations must demonstrate that they can serve alcohol in a responsible manner (Knowles, 2002). This includes ensuring that their staff is trained in alcohol awareness, preventing underage drinking, and preventing public nuisance. Failure to comply with licensing laws can result in fines, suspension or revocation of the organization’s license, and even criminal charges.

Equality Act 2010: This law prohibits discrimination against individuals based on protected characteristics such as age, gender, race, and disability (Knowles, 2002). Hospitality organizations must ensure that their policies and practices do not discriminate against any customer or employee and make reasonable adjustments to accommodate individuals with disabilities. Failure to comply with this law can result in legal action, damage to the organization’s reputation, and financial penalties.

National Minimum Wage Act 1998 sets out the minimum hourly rate employers must pay their employees (Knowles, 2002). Hospitality organizations must pay their staff at least the national minimum wage and not underpay or exploit their workers. Failure to comply with this law can result in fines, legal action, and damage to the organization’s reputation.

Data Protection Act 2018: This law governs the UK’s use and protection of personal data. Hospitality organizations must ensure that they collect, store, and process customer and employee data in compliance with these laws (Knowles, 2002). This includes obtaining consent for using personal data, ensuring that data is accurate and up-to-date, and implementing appropriate security measures to protect personal information. Failure to comply with data protection laws can result in fines, legal action, and damage to the organization’s reputation.

Smoke-free (Premises and Enforcement) Regulations 2006: This legislation bans smoking in enclosed public places, including restaurants and bars. Hospitality organizations must comply with these regulations and ensure customers do not smoke inside their premises (Knowles, 2002). Failure to comply with smoking laws can result in fines, legal action, and damage to the organization’s reputation.

Consumer Rights Act 2015: This law sets out the rights of consumers when purchasing goods and services in the UK. Hospitality organizations must comply with these regulations, which include providing clear information about prices, services, and refunds (Knowles, 2002). Failure to comply with consumer rights laws can result in legal action, damage to the organization’s reputation, and financial penalties.

Organizational, workforce factors, and contract law influence a business decision.

Organizational Factors

Organizational factors such as hierarchy, culture, and leadership style can significantly influence business decisions. A company’s hierarchy can affect decision-making, with a top-down approach leading to decisions being made at the senior management level and a decentralized structure allowing input from a wider range of employees (Butterfield, Trevin, and Weaver, 2000). Culture can also impact decisions, with a company that values risk-taking and innovation more likely to invest in new technologies or product lines. The leadership style of a company’s leaders can also influence decision-making, with a collaborative and consensus-building approach leading to more employee involvement in decision-making processes.

Workforce Factors

The workforce is also an important consideration for business decisions. Workforce factors such as the availability of skilled workers, labor costs, and employee turnover rates can also significantly impact business decisions (Butterfield, Trevin, and Weaver, 2000). A shortage of skilled workers in a particular industry may require a company to offer higher wages or benefits to attract talent. Labour costs can also affect decisions, with a company considering outsourcing certain functions to countries with lower labour costs. High employee turnover rates can also impact companies needing to invest more in retention efforts or hiring new employees, which can be costly.

Contract Law

Contract law governs the terms and conditions of agreements between two or more parties. Contract law is vital in business decisions as it determines the legal obligations and rights of parties involved in an agreement (Hermalin, Katz, and Craswell, 2007). For instance, a company entering a contract with a supplier may be legally required to purchase a specific amount of goods or services (Butterfield, Trevin, and Weaver, 2000). Contract law can also impact a company’s liability, and if a company fails to fulfill its obligations under a contract, it may be liable for damages. Moreover, contract law can be utilized as a risk management tool. Companies include provisions in contracts that protect them from certain risks like changes in market conditions or the availability of raw materials (Hermalin, Katz and Craswell, 2007).

These factors can work together to influence a company’s business decisions. For example, if a company’s organizational culture values employee retention, it may be more likely to offer better benefits and salaries to retain workers (Butterfield, Trevin and Weaver, 2000). Alternatively, if the workforce is highly skilled and in high demand, it may invest in training programs to keep its employees competitive. Contract law can also be a key factor in business decisions, as it governs the terms of agreements and can impact a company’s legal liabilities and obligations.

Functional roles in the hospitality industry

The hospitality industry is a broad field that encompasses a range of businesses, including hotels, restaurants, bars, event venues, and more. Within these businesses, various functional roles create a seamless and memorable guest experience (Cheng and Yi, 2018). Functional roles in the hospitality industry are interconnected and depend on each other for success. Effective communication, collaboration, and teamwork are essential for a seamless and memorable guest experience. The functional roles in the hospitality industry interact with other departments or roles to ensure efficient and effective operations (Cheng and Yi, 2018). By working together, these departments ensure that guests receive the services they require and that the hotel or restaurant operates smoothly.

Front Office

The front office plays a critical role in the hospitality industry, as it is responsible for managing the guest experience. Front office staff interacts directly with guests and provides them with services such as check-in, room assignments, and guest inquiries (Cheng and Yi, 2018). They also work closely with other departments such as housekeeping, maintenance, and food and beverage to ensure that guests receive the services they require. The front office department also communicates with the back office and management to ensure that guest complaints and issues are resolved quickly and efficiently (Cheng and Yi, 2018).

Back Office

The back office is responsible for the administrative and operational functions of the hotel or restaurant. This department manages finances, inventory, and payroll, among other things (Cheng and Yi, 2018). Back-office staff works closely with other departments such as sales and marketing, human resources, and leadership and management to ensure that operations run smoothly. For example, the back office works with sales and marketing to create budgets and financial projections, and with human resources to manage employee compensation and benefits.

Sales and Marketing

The sales and marketing department is responsible for generating revenue and promoting the hotel or restaurant to potential guests or customers. This department works closely with the front office to ensure that guests receive the services they require and with the back office to create budgets and financial projections (Cheng and Yi, 2018). Sales and marketing also work with leadership and management to create marketing strategies and promotions that will attract new customers.

Leadership and Management

Leadership and management are responsible for the overall operations of the hotel or restaurant. They set goals and objectives, create budgets and financial projections, and make decisions that affect all other departments (Cheng and Yi, 2018). Leadership and management work closely with all other departments to ensure that operations run smoothly and that goals are achieved. They also work with human resources to manage and train employees and with sales and marketing to create strategies that will attract new customers (Cheng and Yi, 2018).

Human Resources

The human resources department is responsible for managing employee recruitment, compensation, and benefits, among other things (Cheng and Yi, 2018). This department works closely with other departments to ensure that staffing needs are met and that employees are trained to provide quality services. Human resources also work with leadership and management to create policies and procedures that ensure that the hotel or restaurant complies with legal and ethical standards (Cheng and Yi, 2018).

Various communication, monitoring and coordination tactics within hospitality organizations to improve the value chain

Different methods of communication

Effective communication is essential in the hospitality industry to ensure that guests receive excellent service and have a positive experience (Clark, 2016). Effective communication tactics in the hospitality industry help to improve the value chain by increasing customer satisfaction and loyalty, leading to repeat business and positive word-of-mouth recommendations. The following are various communication tactics used in the hospitality industry and how they can improve the value chain.

Written Communication:

In hospitality, written communication is essential for keeping track of reservations, guest preferences, and internal communication between departments (Clark, 2016). For instance, email, memos, and reports are commonly used in the hospitality industry to communicate with guests, suppliers, and staff. Written communication ensures that everyone is on the same page and that important information is conveyed accurately and consistently. Simply catering uses written communication to keep track of reservations and guest preferences. For example, when they have a guest booking form that guests fill out with their food preferences and any dietary restrictions (Clark, 2016). This form can be shared with the kitchen staff to ensure that they prepare the appropriate meals.

Verbal Communication:

Verbal communication is the most used communication tactic in hospitality. It’s a face-to-face or over-the-phone conversation between staff and guests (Clark, 2016). Hospitality professionals must have excellent verbal communication skills to convey messages clearly and efficiently, listen attentively, and show empathy towards guests’ needs. Effective verbal communication can help to build strong relationships with guests, leading to customer loyalty and repeat business (Clark, 2016). Verbal communication is critical for Simply Catering staff to ensure that they understand guests’ needs and preferences. For instance, during events, staff may need to ask guests if they have any food allergies or dietary restrictions to ensure they are served the appropriate meals. Additionally, staff members may use verbal communication to confirm guests’ reservations and answer any questions they may have.

Non-verbal Communication:

Non-verbal communication refers to the use of body language, facial expressions, and tone of voice to convey messages. In hospitality, non-verbal communication is just as important as verbal communication (Sigala, 2008). For example, a smile, a nod, or eye contact can convey warmth, friendliness, and sincerity towards guests. Non-verbal communication is essential in creating a positive atmosphere and building a rapport with guests. Non-verbal communication is an essential part of the guest experience at Simply Catering. For instance, when a guest enters the venue, staff members should greet them with a smile and make eye contact to convey warmth and friendliness (Clark, 2016). Additionally, servers can use non-verbal communication to anticipate guests’ needs by noticing when they have finished their meal and offering to clear their plates.

Different methods of coordination:

Coordination is an essential component of any hospitality organization, and it involves the synchronization of various activities and efforts towards achieving shared goals and objectives (Radaelli, 2003). Effective coordination tactics can help to improve the value chain in the hospitality industry by streamlining operations, reducing costs, increasing efficiency, enhancing customer satisfaction, and improving overall organizational performance (Sigala, 2008). Here are some coordination tactics that are commonly used in the hospitality industry.

Vertical Coordination

This involves the alignment of activities between different levels of the organization, such as between management and frontline staff (Sigala, 2008). Vertical coordination ensures that everyone is working towards the same objectives and that communication flows efficiently up and down the organizational hierarchy. This tactic can help to reduce communication barriers and ensure that everyone is working towards the same goals (Radaelli, 2003).

Horizontal Coordination

This involves the coordination of activities between different departments or functional areas within the organization, such as between housekeeping and food and beverage (Sigala, 2008). Horizontal coordination ensures that all departments are working together and that there is no duplication of effort or resources. This tactic can help to streamline operations and reduce costs.

Sharing Aims and Objectives

Sharing aims and objectives is a tactic that involves ensuring that everyone in the organization understands the goals and objectives of the business (Sigala, 2008). This tactic can help to create a shared sense of purpose and motivation, as well as ensure that everyone is working towards the same objectives. It also helps to ensure that all employees understand how their individual contributions fit into the overall goals of the organization (Radaelli, 2003).

Conducting Meetings

Meetings are an essential coordination tactic in the hospitality industry, as they provide a forum for discussion and decision-making (Radaelli, 2003). Meetings can be used to communicate information, share updates, and solicit feedback. They can also be used to coordinate activities and ensure that everyone is on the same page. Effective meetings can help to improve communication, enhance collaboration, and promote accountability.

Different methods of monitoring:

Hospitality organizations use various monitoring tactics to improve their value chain, which involves all the activities and processes that add value to their products and services. Some of the common monitoring tactics used in the hospitality industry include.

Observation

Observation involves the systematic and objective observation of hospitality processes and activities. This monitoring tactic can be used to identify operational inefficiencies, customer behavior patterns, and areas that need improvement (Bamberger and Woolcock, 2010). For example, a hotel manager might observe the check-in process to identify bottlenecks or observe staff interactions with customers to identify areas where training may be required. By identifying areas for improvement, hospitality organizations can optimize their operations, improve their customer experience, and ultimately improve their value chain.

Monitoring

Monitoring involves the continuous tracking of key performance indicators (KPIs) and metrics to evaluate performance and identify areas for improvement. KPIs and metrics can include customer satisfaction, occupancy rates, average daily rate, revenue per available room, and other financial and operational metrics (Bamberger and Woolcock, 2010). By monitoring these KPIs, hospitality organizations can identify trends and patterns that can help them make data-driven decisions to optimize their operations and improve their value chain.

Feedback

Feedback involves soliciting feedback from customers, employees, and other stakeholders to identify areas for improvement. Customer feedback can be collected through surveys, online reviews, or social media, while employee feedback can be collected through performance reviews or staff surveys (Bamberger and Woolcock, 2010). Feedback can help hospitality organizations identify areas where they are excelling and areas where they need to improve. By addressing customer and employee feedback, hospitality organizations can improve their customer experience, optimize their operations, and ultimately improve their value chain.

Benchmarking

Benchmarking involves comparing hospitality operations and performance to industry best practices or competitors to identify areas for improvement. For example, a hotel might compare its guest satisfaction ratings to those of its competitors to identify areas where it is underperforming (Bamberger and Woolcock, 2010). By benchmarking against industry standards and best practices, hospitality organizations can identify opportunities to optimize their operations and improve their value chain.

Conclusion

In conclusion, managing finances and recording transactions effectively is crucial for hospitality businesses to minimize costs and operate responsibly. The accounting principles, including maintaining double-entry financial records and using the double-entry principle for recording sales and purchases in the general ledger, can aid in achieving this goal. Additionally, managing the human resources life cycle and creating a performance management plan for catering managers can help to reduce staff turnover and improve overall operations. Compliance with legislation is also necessary for hospitality organizations, and organizational and workforce factors and contract law influence business decisions. The interrelation of various functional roles within the hospitality industry must also be considered, and effective communication, coordination, and monitoring tactics can be utilized to improve the value chain. By implementing these strategies and considering the various factors that impact hospitality operations, businesses can maximize their potential for success while maintaining responsible practices.

Furthermore, in the ever-evolving hospitality industry landscape, it is crucial to adapt to changing consumer demands and technological advancements. Hospitality businesses must constantly reassess their operations and strategies to remain competitive and relevant. This can involve leveraging digital platforms and social media to reach a wider audience, incorporating sustainable practices to appeal to environmentally conscious consumers, and offering unique and personalized experiences to differentiate from competitors. By embracing innovation and keeping up with industry trends, hospitality businesses can stay ahead of the curve and thrive in an increasingly competitive marketplace.

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