Photo AI
A business, Roo’s Outback Eatery Pty Ltd, is opening an additional restaurant in NSW - HSC - SSCE Business Studies - Question 25 - 2019 - Paper 1
Question 25
A business, Roo’s Outback Eatery Pty Ltd, is opening an additional restaurant in NSW. They plan to position the restaurant as an exclusive restaurant specialising in... show full transcript
Worked Solution & Example Answer:A business, Roo’s Outback Eatery Pty Ltd, is opening an additional restaurant in NSW - HSC - SSCE Business Studies - Question 25 - 2019 - Paper 1
Step 1
discuss methods this business could use in the acquisition and development of staff
Answer
To effectively acquire and develop suitable staff, Roo's Outback Eatery may consider the following methods:
-
Recruitment Strategies: Utilizing both internal (promoting from within) and external recruitment approaches can help attract a diverse range of candidates. Online job platforms, social media, and local culinary schools could be leveraged to source potential employees.
-
Job Design: Clearly defining roles and responsibilities can help ensure that staff are aware of their specific tasks and responsibilities, enhancing accountability and efficiency in the restaurant environment.
-
Training and Development: Implementing a robust training program that includes both onboarding and ongoing professional development will ensure that staff are well-equipped with the necessary skills to provide exceptional customer service and meet the restaurant's standards.
-
Performance Management: Regular performance reviews and feedback sessions can help identify areas for improvement and encourage staff growth. Additionally, these evaluations can guide career advancement within the business.
-
Employee Engagement: Fostering a positive work environment through team-building activities and open communication can enhance staff retention and morale, leading to a committed workforce.
Step 2
recommend TWO appropriate working capital management strategies for this business
Answer
For effective working capital management, Roo's Outback Eatery could implement the following strategies:
-
Cash Flow Management: Maintaining a detailed cash flow statement will allow the restaurant to monitor inflows and outflows effectively. This includes keeping track of all cash receipts, such as customer payments, and all disbursements, including supplier payments and operating expenses. Ensuring that sufficient cash is available for day-to-day operations is crucial.
-
Inventory Control: Implementing strict inventory management practices will help reduce waste and optimize stock levels. This could involve regular stocktaking and using inventory software to track usage and replenish supplies just in time. This will minimize the amount of cash tied up in excess inventory and reduce spoilage in a food service setting.