Diversityĭiversity has always been at the heart of TGI Friday’s business operations. All this will affect how the company organizes its activities and planning its operations. The company too has to ensure that the business model is accepted to both the government and the community. There is always a franchise contract between the company and the business partner. In doing this the company has to consider its organizational culture and its brands so that business partners will be selling their authentic products and not just using the name to sell other products. Using a franchise to expand its operations is an extremely cost effective way of expanding without incurring huge capital outlay (Ethical Consumer, n. These are the new strategies adopted and the methods of running their businesses. Innovation has been the driving force behind the success of TGI Fridays.
This could be the license fee by the hosting country or the political interference. The external factors are those that are outside the control of the company. The internal factors are those within the organization, like the availability of funds and the type of management required to so as to establish the new branch in a different country. There are different factors that come into play and they are both internal and external. This involves planning and making estimates for the funds required to establish the new branch in a different country, the estimated revenues from such a venture and the profits expected each year.
To accomplish such an achievement, the company has to plan well and develop strategies to achieve its long term goals. By 2010, the company had over 1000 restaurants in 61 different countries operating either as a franchise, or just as a standalone corporate of TGI Fridays. TGI Friday restaurants have made a global stride by opening up new branches in different countries of the world. Globalization has become a common trend not only for large organizations, but also medium sized organizations as well. There are also both internal and external factors that affect the execution of the core functions of management (Schermerhorn, 2011). Like any other organization, the TGI Friday’s management implements the core functions of management namely, Planning, Organizing, Leading, and Controlling. Currently, the company has operations in most countries across the globe. Following its huge success, the company went nationwide in its operations by opening other new branches in different locations across the nation. In 1972, another branch was opened branch in Dallas, Texas. The second branch began its operations in 1970 in Memphis, Tennessee.