Fti

Implementation Plan for Friar Tucker Galleria

According to Glenda Cloud, “Change is inevitable, growth is intentional.” (Said What?, 2007.) Friar Tucker International (FTI) is a leading hospitality industry chain. They currently manage 35 entertainment and food establishments throughout the United States. FTI employs 1,200 individuals and currently has revenues of over $300 million per year. Business has been going will as FTI has been in the enviable position of turning away projects. Their CEO, Richard Bellini, is a visionary that would like to grow the Friar Tucker International brand into new areas. FTI’s goals are to expand their current expertise, enhance brand image and attract new customers. To this end, Mr. Bellini has instituted a system to gauge project viability against other projects. Various financial and non-financial weights have been established to provide feedback on projects FTI is considering.

Based on the new system, FTI has decided to pursue the Galleria project. This is a project the fits well with FTI’s strategic plans and allows FTI to expand and dominate the “family entertainment” industry. This project will need a plan if success is to be achieved. In addition to the project plan, FTI, Atoll Solutions and the project manager will need to manage various resources throughout the lifecycle. The efficiency in which the above are orchestrated, will dictate the level of success the Galleria project will achieve for FTI.

Friar Tucker’s Strategy

Friar Tucker International (FTI) is a leader in the hospitality services industry. Currently FTI manages 35 establishments across four product lines. These establishments are split between four focus areas. The first area is the cuisine industry where FTI currently has 15 establishments. The second area is sports entertainment where FTI has 10 establishments. The third area, which does not differ much from sports entertainment, is the eight family entertainment establishments. The final and newest area of interest is the agreement made with two hotel chains.

The goal of FTI is to expand their competencies while increasing profitability. Success has come fast for FTI as they are in the unique position of having to turn down projects that do not support or enhance corporate strategies. To this end, they have identified various critical success factors that are paramount to future projects. FTI adopted the multi-weighted scoring model to assess project viability as it pertains to corporate objectives. All potential projects had to meet the following criteria. If more than one was compared, as in our case, the project that rated the highest was the most viable for FTI to pursue. The critical success factors in weighted order of importance are 1) the investment must be less that $15 million per project 2) earliest possible break-even 3) steady revenues are achieved quickly 4) revenue streams are enhanced over time 5) new competencies are exploited to address focus areas 6) brand image is enhanced and finally 7) new customers are attracted. Considering each of those success factors FTI settled on the Galleria project for their next corporate initiative.

Unique Implementation Plan for Completing the Galleria Project

The first step in the implementation plan for FTI is to determine the optimal location for the Galleria project. This is arguably the most crucial decision in the process as this site will dictate how profitable, longterm, the Galleria project becomes. This should be accomplished by the end of the first month following the start of the project. Location will provide the springboard for most other tasks in the implementation plan. This task will be assigned to Richard Bellini CEO and Arlene Del Lazaro. These two have a good working relationship and Arlene Del Lazaro’s expertise and experience could come in handy here. The shortfalls and risks are similar for this task. If FTI chooses a sub-optimal location, they could be throwing away profit for future years. The consequence, if an optimal location is chosen, is that FTI should have a profitable business that allows for growth and expansion while enhancing the corporate image and attracting new customers to the entertainment hospitality industry вЂ" and are of serious focus for FTI.

The second step in the implementation plan is to decide which services to offer initially in the Galleria project. Richard Bellini clearly has a goal for FTI to establish an entertainment hub with the Galleria project. What other services would complement and expand FTI’s market presence? There have been discussions about multi-screen theaters, sports facilities, shopping malls, bowling alleys, a pool hall, cafes, showrooms, restaurants and possibly a fitness center. Each is a lofty goal that may come to fruition at some point. For now, FTI would be best served by focusing on and exploiting a few core concepts. This task can occur simultaneously with step one. There is no dependence between the two. This too should be completed by the end of the first month of the start of the project. This task will be assigned to the project selection committee. This committee knows the corporate goals and is familiar with the Galleria project. The risk associated with the second task is revenue related as well. Pick the wrong anchor businesses and customers will not come, which will affect revenue and growth for future offerings under the Galleria umbrella. The consequences are, if the correct matrix of offerings are chosen, FTI can expect revenue growth, enhanced image as well as attract new customers.

The third step in the implementation plan is to determine the project budget. Richard Bellini gave initial numbers when he proposed the project and those would be a solid starting point. The budget is a crucial piece as it will determine and direct the remaining steps to varying degrees. This third task should coincide with the prior three and be completed by the end of the first month of the start of the project. This responsibility will fall squarely on the senior manager of finance, his staff as well as Richard Bellini (CEO). The risks associated with a suspect budget are the completion of the project, excessive spending, and delays in subsequent tasks and black eye for FTI. The consequences of a solid budget are the completion of tasks in a timely manner, paying employees needed to complete the Galleria project as well as initial funding for FTI to use as they see fit.

The fourth task in the implementation plan is to determine how much physical space to create initially as well as how much to allow for future growth. FTI will be unable to break ground