HAT302 Individual Investigation Report Assignment Sample
Here’s the best sample of HAT302 Individual Investigation Report Assignment, written by the expert.
Introduction
The main aim of this investigation report is to provide the deep understanding in order to hospitality enterprises. This report is also helpful to understand the importance of financial management as well as cost control practices with in the hospitality industry. Further, this report also provides that how the cost control is maintained and what financial control methods are useful in daily business operations. Finally, this report will increase the knowledge about the management of finance and cost control within the Bakers Delight in Australia. Bakers Delight is the huge chain of Australian bakery franchise with food and beverage outlets (Cashman, 2015). It was founded in 1980 and in present it provides its services within the Australia as well as in New Zealand.
Analysis of the interview findings
Explain the type of hospitality enterprise does the interviewee manage
In interview, it is founded that food and beverage is the supreme category of hospitality industry. Food and beverage is the major part of the hospitality industry and it can define as the form of catering establishment, fast-food eateries, high-end restaurant and other manifestations (Ikkala and Lampinen, 2015). According to asked questions in interview, it is identifies that the manager of the Bakers Delight in Australia manages the hospitality of food and beverage enterprises. The manager of the Bakers Delight maintains the operations related to food and beverage outlets within the outlet. As it is determined that food and beverage business can symbiotically operation such as the part of other trades like bowling alley or movie halls.
Apart from this, this is too typical for the manager of the Bakers Delight to manage food and beverage outlet in Australia because it is necessary to enhance the customer experience through offering outstanding food and best customer service for maintaining the image (Kristina and Wijaya, 2017). Manager has to work hard in Bakers Delight because it is connected with the food and beverage in hospitality industry.
Analyze how the interviewee maintains cost control
In order to reducing the cost of the outlet’s expenses, the managers need to apply cost control practices so that they can manage business with minimum expenses in respect to increase the profitability. In addition to this, it is also found in interview with manager that it begins with the process of budging (Zhang et al., 2016). For controlling the cost, manager of the Bakers Delights uses some practices that are considered cost control practices. This cost control of the Bakers Delight includes the practices that are giving below:
Front of House Operations:
- In interview manager explains that he manages the theme as per the interest of the customers with effective cost control so that customers can be attracted.
- He hires skilled and cheap employees for serving customers with effective manner.
- Manager makes the promotion by using effective and low prices techniques in order to control the cost.
- In addition to this, manager says that it has to review all the cost such as direct variable cost, wages, promotion and advertising, repairs and maintenance, administration and general expenses related to front of the house (Silberschatz et al., 2014). So that it can analyze these cost or expenses and can prepare a strategy to control the cost accordingly
Back of House Operations:
- The manager of the outlet examines the performance of particularly food as well as beverage, all the departments by presenting the efficient maintenance of cost control processes that have been established by the outlet’s management.
- For controlling the cost of the outlet, the manager of the outlet maintains the data accordingly.
- Manager always try to maintain the relation with its purchasing team as well as its chefs for ensuring exact costing in context to food and beverage (Singh et al., 2015).
- Manager also makes sure about the paper work related to all food and beverage stocks to outlets that whether or not the documents have been prepared accurate.
- Manager also defines that he has to monitor the performance of the food and beverage within the outlet so that the quality of the food can be maintained and by using sufficient material and ingredients in food, the cost can also be controlled.
Demonstrate financial control methods do the interviewee use in daily business operation
In order to financial control on the food and beverage outlet, the manager of the Bakers Delight says that the financial statement is used by him. As all the organization prepare profit and loss accounts for record their expenses as well as income in order to get the result that weathers the organization is in profit or loss (Bryman and Bell, 2015). Accordingly, the manager of Bakers Delight in Australia also prepares the same to find the summary of its business’s income or expenditure. Further, he also describes in interview that after preparing the profit and loss account, he needs to prepare balance sheet that represents the financial position of the outlet at the end of the year. Finally, the financial statement is used to control the business through comparing the current year’s data with previous years. In addition to this, the ratio analysis can also be used to analyze the financial statements within the outlets (Poulsen and Johnson, 2016).
The manager of the Bakers delight uses the financial statement as the method of the financial control that is helpful to provide the financial transparency regarding the profits or losses as well as financial position within the market. With the help of financial statement, the manager is able to calculate tax liability of the outlet as per the Australian regulations (Njenga and Jordaan, 2016). Apart from this, he uses financial statement that reduces the errors by reconciling of it. Financial statement helps Bakers Delight to manage its routine operations like recording day to day expenses and income etc.
Appendices
Interview Questionnaire of Bakers Delight’s Manager:
- What kind of hospitality enterprises do you use in Bakers Delight outlet?
Answer: Food and Beverage Hospitality enterprises.
- Do you use cost control techniques to maintain the cost within the Bakers Delight Outlet?
Answer: Yes, various techniques of cost control are used.
- Have you maintained cost control for both fronts of house operations and back of house operations?
Answer: Yes, cost control is maintained for both fronts of house operations and back of house operations.
- Within the Bakers Delight, do you use financial control methods?
Answer: Yes, Financial control methods are used in Bakers Delight.
- Which financial control method is beneficial for food and beverage outlet?
Answer: Financial statement is the best method of financial control for the food and beverage outlet.
- Is it easy to use financial statement as the financial control method within the Bakers Delight?
Answer: Yes, Financial statement is easiest tool for financial control in the Bakers Delight.
References
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Cashman, C., 2015. Industry needs to adopt whole grains code of practice. Food Australia, 67(6), p.28.
Ikkala, T. and Lampinen, A., 2015, February. Monetizing network hospitality: Hospitality and sociability in the context of Airbnb. In Proceedings of the 18th ACM conference on computer supported cooperative work & social computing (pp. 1033-1044). ACM.
Kristina, S. and Wijaya, B.M., 2017, December. Risk management for food and beverage industry using Australia/New Zealand 4360 Standard. In IOP Conference Series: Materials Science and Engineering(Vol. 277, No. 1, p. 012025). IOP Publishing.
Macdonald, E.K., Kleinaltenkamp, M. and Wilson, H.N., 2016. How business customers judge solutions: Solution quality and value in use. Journal of Marketing, 80(3), pp.96-120.
Njenga, K. and Jordaan, P., 2016. We want to do it our way: The neutralisation approach to managing information systems security by small businesses. The African Journal of Information Systems, 8(1), p.3.
Poulsen, R.T. and Johnson, H., 2016. The logic of business vs. the logic of energy management practice: understanding the choices and effects of energy consumption monitoring systems in shipping companies. Journal of Cleaner Production, 112, pp.3785-3797.
Silberschatz, A., Galvin, P.B. and Gagne, G., 2014. Operating system concepts essentials. John Wiley & Sons, Inc..
Singh, A., Ong, J., Agarwal, A., Anderson, G., Armistead, A., Bannon, R., Boving, S., Desai, G., Felderman, B., Germano, P. and Kanagala, A., 2015, August. Jupiter rising: A decade of clos topologies and centralized control in google’s datacenter network. In ACM SIGCOMM computer communication review (Vol. 45, No. 4, pp. 183-197). ACM.
Wellard, L., Koukoumas, A., Watson, W.L. and Hughes, C., 2017. Health and nutrition content claims on Australian fast-food websites. Public health nutrition, 20(4), pp.571-577.
Zhang, H., Cheng, P., Shi, L. and Chen, J., 2016. Optimal DoS attack scheduling in wireless networked control system. IEEE Transactions on Control Systems Technology, 24(3), pp.843-852.
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