Achieving Financial Stability.docx - Running head PROBLEM...

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Running head: PROBLEM SOLVING IN COMMERCIAL COOKERY 1 Problem Solving in Commercial Cookery Student’s Name Affiliated Institution
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Running head: PROBLEM SOLVING IN COMMERCIAL COOKERY 2 Problem Solving in Commercial Cookery Achieving Financial Stability In hospitality, sustainability refers to a particular form of advancement or progress that is purposed to meet the contemporary requirements of an organization (Robbins et al., 2008). Such a progress, however, must not compromise the ability of the same sustainability activities in meeting future needs of the organization. In relation to financial stability, Singal (2014) states that sustainability is mainly focused on water, changes in climate, natural resources and energy. In respect to this case study, the event experienced an increase of 5% in budgeted finances due to lack of the specified ingredients and failure of 40 people attending the event. Additionally, expenses related to labour went up by 5% due to the replacement of key employees. In this respect, it is required that clear and sustainable financial structures and strategies are set to reduce financial losses as experienced. This section discusses the financial sustainability practices that the organization will adopt in the next event to increase its profitability. Ninemeirrr (2005) argues hospitality is a business and the main purpose of a business is to make profits. Financial sustainability in the next event can only be accomplished if the organization will be capable of delivering hospitable services and products to the particular event (Gross and Manohoram, 2016). The event must, however, cover all the expenses of delivery and other expenses involved in the whole process and still make process. Financial sustainability and increase in profitability in the next event can be accomplished through training employees with respect to financial stability. In this case, the
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Running head: PROBLEM SOLVING IN COMMERCIAL COOKERY 3 employees are to be taught the importance of reducing financial loses. For instance, Xu et al. (2015) state that an increase in profitability as a result of financial sustainability will result to increase in the benefits accrued by the employees (Jones et al., 2016). Additionally, the employees must be trained to effectively perform their skills effectively and efficiently with respect to their job description, qualifications and skills. For instance, if an employee cooks professionally, then food wastage which results in losses will be reduced ultimately saving the organization financial burden of losses. In the next event, the organization must also ensure that
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