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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 Pty Ltd could implement several methods:
Recruitment Strategies
- Job Design: Clearly define roles and responsibilities tailored for the restaurant environment, ensuring alignment with business goals.
- Recruitment Process: Utilize both internal and external recruitment channels to attract diverse candidates. Advertising through restaurant industry networks and social media can broaden reach.
Training and Development
- Orientation Programs: Introduce new employees to the company culture, operational procedures, and customer service protocols, establishing a strong foundation from the outset.
- Continuous Learning: Offer regular training sessions on food safety, culinary skills, and customer service. This helps keep staff updated on industry standards and enhances service quality.
Performance Management
- Regular Evaluations: Conduct periodic performance appraisals to provide feedback and identify areas for improvement. Recognizing outstanding performance can motivate staff and reduce turnover.
- Career Pathing: Create pathways for advancement within the organization, which can help to retain staff and promote employee loyalty.
Step 2
recommend TWO appropriate working capital management strategies for this business
Answer
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Cash Flow Management: Implement a comprehensive cash flow management system to monitor receipts and payments. This includes forecasting cash inflows from sales and managing fixed and variable costs effectively. Analyzing cash flow statements regularly allows the business to make informed financial decisions and adjust operations as needed.
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Inventory Management: Employ effective inventory management techniques, such as a just-in-time inventory system. This helps minimize excess stock, reducing holding costs and ensuring that fresh ingredients are available, which is crucial for maintaining quality in a restaurant setting. By closely monitoring inventory turnover, the business can optimize purchasing decisions and improve liquidity.