FINANCE - FINANCIAL ANALYSIS

HND in Hospitality Management





HND in Hospitality Management

One of the more important things for the business is to make sure that they retain and attract the right mix of the customers. The most vital thing for the restaurant is to make sure that they are providing people the range of the products that are available to satisfy customers who have varying taste. All the kids, teens and women who are prospective clients of the business must be satisfied and they should be taken care of. The thing with the restaurant business is that if a customer is not satisfied for the first time, the chances are that they will not be returning back to the restaurant. The taste and the variety served should be such that customers should feel satisfied about what is being served to them. Some of the other skills that would really help as far as the retention of the client is concerned are:

Offer Exactly what the Client Want

The business must be clear headed what is wants to deliver and on the other hand, it must be able to identify what are those high paying clients that are needed to be served. The end result should be such it must deliver the goods. As we are opening a restaurant that will serve Asian (India and Pakistan), it is important for us to identify what are the prospective customers. AS it can be seen that even though people from this region share more or less same penchant for food, but there is some variety within the culture as well. When we are serving Indian customers, there are some Indians who are vegetarian, and they do not like eating meat at all. On the other hand, Muslim population from India and people from Pakistan are more than delighted to eat meat. Not only they want to eat meat, they also want it to be served with Halal meat. Thus there are sometimes entirely different sensibilities that are needed to be served and they are needed to be taken care of.

In the above example, business must be able to identify what is the population mix, what are the emotional sensibilities of the local population and how they can be served . The restaurant will be set up in East of London in the area of Leyton. It has been witnessed that considerable population in this area is from Asian region of India and Pakistan. So restaurant will be setup to provide food services to this population region.

B)

Sources of Funds Available to the Business

There are many sources of finance that are available to the business. Especially for a restaurant business, it it's a small time business so there are some additional financing options as well that are available to them. Some of the more common sources of finance for the business are:

Personal Savings

Family and Friends

Angels

Grants

Banks

SBA

It has to be kept in mind though that all of the finances of the firms are not coming ...