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Controlling

Controlling. Chapter 13. Elements of Control. Specific techniques to direct an employee’s behavior in accomplishing objectives Effective control techniques provide guidance without direct supervision. Multiple Meanings of Control.

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Controlling

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  1. Controlling Chapter 13

  2. Elements of Control • Specific techniques to direct an employee’s behavior in accomplishing objectives • Effective control techniques provide guidance without direct supervision.

  3. Multiple Meanings of Control • Establishing standard operating procedures to ensure employees’ proper execution of their tasks • Establishing timely implementation of predetermined objectives from the mission of the organization • Integrating each independent catering management function into an achievable event plan • Protecting a caterer’s assets, including money, food, beverages, and equipment • Efficiently using the caterer’s assets to produce a product at a profitable price

  4. Process of Control • Timely and relevant information to make appropriate decisions • Creation of achievable standards and operating procedures • Monitoring and evaluating each event

  5. Cash Flow • Payment policies • Menu • Expenses • Other factors • Financial goals

  6. Pricing the Event • Cost-based pricing method • Client-based pricing method • Competitive-based pricing • Market-skimming pricing • Market-penetration pricing

  7. Professional Service Companies • Commissions are a positive addition to the caterer’s profit structure. • Service companies include: • Entertainment • Photographers • Limousine services

  8. Code of Ethics • Formal statement written and communicated to each employee and each stakeholder • Guides individual acceptable behavior • Should become part of each employee’s job • Caterer must communicate a standard of moral conduct. • Ethical standards help create ethical environments.

  9. The Financial Component • Maximizing shareholder or owner wealth • Creating a healthy balance between risk and profitability • Key financial management activities include: • Raising capital • Building relationships with suppliers • Installing an accounting system • Internal and external funding

  10. Accounting Function • Evaluating and analyzing the data • Creating summaries of business transactions • Required for tax reporting purposes • Communicate financial vitality of the operation • Inform investors of wealth management • Provide financial picture of the operation • Key reports: • Balance sheet • Income statement

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