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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 optimize the acquisition and development of suitable staff, Roo’s Outback Eatery Pty Ltd can implement several methods:
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Recruitment Strategy: The business should consider both internal and external recruitment methods. Internally, identifying potential candidates within the existing staff can lead to promotions that may motivate employees. Externally, utilizing job postings on hospitality job websites, local employment agencies, and social media platforms can attract a wider pool of talent.
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Training Programs: Implementing comprehensive training programs will ensure that all staff are well-versed in customer service standards and food safety practices. This may include onboarding sessions, ongoing training workshops, and mentorship programs to support new employees.
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Performance Management: Establishing a performance management system to evaluate staff effectiveness can be beneficial. Regular feedback sessions, performance reviews, and goal-setting can help in the development of staff competencies.
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Employee Retention Initiatives: Creating a positive work environment with competitive salaries, benefits, and career advancement opportunities will aid in retaining staff. Regular team-building activities and recognition programs can enhance job satisfaction.
Step 2
recommend TWO appropriate working capital management strategies for this business
Answer
Two suitable working capital management strategies for Roo’s Outback Eatery Pty Ltd include:
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Cash Flow Management: The restaurant should maintain robust cash flow management by carefully monitoring cash inflows and outflows. This can involve preparing cash flow forecasts to predict future revenue and expenses. Implementing a system to promptly collect payments from customers and suppliers will also enhance cash availability.
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Inventory Management: Adopting effective inventory management strategies is crucial to reduce waste and ensure adequate stock levels. Utilizing a just-in-time inventory system can minimize holding costs and improve cash flow. Regular stock audits and utilizing inventory management software can help in maintaining optimal stock levels.