Unit 2: Finance in the Hospitality Industry Essays

3288 Words May 2nd, 2013 14 Pages
Unit 2: Finance in the Hospitality Industry
Task 1
1.1
As an employee of Alpha Beta services my aim is to help small business owners or people think of starting a business within the hospitality industry by informing them of the funding available for these businesses and income generation for businesses and service industries. With small businesses or people thinking of starting a business is probably always the biggest problem. Below is a list of some of the most popular funding and start-ups available: * Loans: Loans are one of the most popular sources of funding. There are two types of loans secured and unsecured. The difference between the two is that with a secured loan the borrower initiates some assets and an unsecured
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The new generation of technology has meant that most of our needs can be completed through the work wide web which we now have access to on a variety of device such as tabloids, smart phones, laptops etc. Websites are a massive way to generate income, now only is it a way of marketing but it is also a huge way to increase revenue. For example, a hospitality company such as Pizza Hut have wide range of outlet stores across the UK and also has a website. As well as customer visiting the stores to buy a take-away or eat in, customers are also able to order their food online and book tables. In simple words, hospitality companies who have websites as well as outlets find that their income if highly generated as the website attracts more customers. 3. Lend out you Staff: If you find that your business had grown and you have a sufficient number of staff, you can loan them to another company for a particular even needing extra staff or for a set period of time and then getting them back when you need them.

Task 2 & 3
Every business primarily goal is profit. If a business finds that it is making a loss rather than a property than there is a big cause for concern. Businesses that don’t make profits mind that they are not using the correct methods, strategies or don’t have the correct managerial skills. Profit is usually calculated by deducting the total costs from the revenue. The cost of services and products can be

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