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Managing Business Activities

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Introduction

Task B For my business I will be researching and managing a variety of resources. The three main types are human, physical and financial resources. In this section of my coursework I will explain where I will find these resources and how they will be managed to create a profitable and successful business. Human resources include my staff and their needs. Physical resources include location, fixtures and fittings, raw materials and equipment. Financial resources include profit, sources of money and solvency. I will be comparing and contrasting my restaurant set up to a new chain of Cafes called Caf� O who are located in Hong Kong. Caf� O Caf� O is a European style caf� serving healthy food with a stylish side to presentation. The caf� interior itself is based on a chic look and provides a lifestyle concept. They decided to become this type of caf� because they realized the gap in the market. There are coffee shops such as Starbucks and more health conscious food outlets such as Mix. On the other hand there are restaurants with a more formal feel with sit down meals. Caf� O wanted to offer a service which is in between the two extremes. This is how they made their caf� unique and successful. Human resources Human resources is the managing of the business and is based on trying to get staff to work as efficiently as possible. There are six main ways of managing staff in a business. The first way is through Appraisal. This is when higher position staff comment on good work done by other staff. This will encourage staff to carry on with their good work as they can see their work has been recognized. This can then lead to a rewarding good work with either titles such as employee of the month or promotions. This gives workers incentive to work well as they will achieve something from doing well. ...read more.

Middle

To recruit higher staff such as head chefs, I will be using jobDB.com. This website is the largest and leading interactive recruitment network in the Asia Pacific with over 5.6 million job seeker profiles. As they are not only based in Hong Kong, this will enable my staff to be from over seas and may have different experiences which could be beneficial to my business. http://www.jobsdb.com/HK/EN/V6HTML/Employer/HRHotTop/Developing_ch1.htm http://www.jobsdb.com/HK/EN/V6HTML/Employer/ResourcesHome/tips.ht Physical Resources Physical resources include the management of the business, machinery and equipment, materials and other stocks. Here I will be explaining where I will be getting my resources from and how I will manage them. There are 5 main parts to physical resources. Product - food and drink I will provide Plant - Machinery - fixtures and fittings, cooking equipment etc. Process - who will be appointed which jobs Program - time table of work and shifts People - production processes and staff I will also have to consider stock control, which includes the ordering and storing of food. My restaurant will be located in the Plaza of Discovery Bay which is the commercial centre of this residential area. Discovery Bay is on an island called Lantau Island which is a large, less developed island off of Hong Kong Island. My restaurant will be on the waterfront of the commercial centre which looks over the Bay itself. It is in a development of restaurants so there will be a public toilet provided by Hong Kong resort which will be paid for through management fees. As the restaurant is in a development of restaurants there is centralized air-conditioning provided by Hong Kong Resort which is paid for through the management fees as well. The management fee for a restaurant of my size is HK$12450 per month which covers toilet access and air-conditioning. My location is 1500 square foot with 300 square foot being the kitchen. As I will have 1200 square left for seating I will be providing 60 covers, with a selection of tables of four and two. ...read more.

Conclusion

Using a cash flow forecast you will be able to work out the time between putting money into the business and getting the money back from the business. It is a schedule showing payments made by the business. I will create this schedule In a business objectives must be set. Cash flow forecast is essential in finding out if the business is capable of achieving these goals. This information also helps people who lend money to the business as they will be able to tell if the business is liquid/solvent or not. If we manage the cash flow well the business is more solvent. Owners and shareholders will want to know what the business owns and what the business owes. A good business always has money going out and coming into the business. This ensures the confidence owners and shareholders have in the business. Cash flow forecast monitors the performance of the business and how well the business will do. However cash flow forecasts may not always be accurate so it is always important to compare forecast figures to actual figures and edit the cash flow forecast every so often so the schedule is as realistic as possible. This table shows how much I must make each day and month so I can reach my break-even point and be able to make a profit. I based the electric and gas, operating expenses and raw materials on figures given by Caf� O as their caf� is of the same size of my restaurant. The total gives me an estimated average breakeven. Expenses Price($) Size in s.f. 1500 Rental 75,000 Air con and mgt fee 12,450 Electric and Gas 21,000 Operating expenses 42, 800 Floor staff 57, 500 Kitchen staff 34,000 Raw materials 142, 400 Kitchen installation 75, 000 Fixtures and fittings 100,000 Total expenses/breakeven(month) 560 150 Total expenses/breakeven(day) 18671.70 Equipment name Price (HK$) 8 piece cooking pan set $934.40 Large frying pan $342.60 Small frying pan $249.10 Large Wok $93.30 Small Wok $65.80 Cooking shovel x2 $132 ?? ?? ?? ?? 1 ...read more.

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