HTM 2030 Lecture Notes - Lecture 4: Income Statement, Cash Flow, Cold Food Festival

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 2030
• Professor: Iain Murray

Document Summary

Exercising governing power over events in order to achieve a desired outcome or to avoid an undesirable outcome. In the foodservice industry, knowing what affects costs and how to control them is essential to instituting controls and achieving success. There are varied and many types of costs in our industry and knowing what to expect and what can be done to control/reduce these costs is key to profitability. In the food and beverage industry, control often means controlling people rather than things. It is necessary to provide employees with the tools and resources they need to meet the demands of these controls, including the necessary time, money, equipment, and training. Ex: placing cashier at front so people leave before they pay, sanitation procedures to control for infestation, requiring employees to use a time clock for their hours, bartender using a measuring device, etc. Need to know what your goals and objectives are for your operation: