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Finagle a Bagel’s Management
For 14 years, since 1 998 the secret of such successful story? What company does differently? Is It a new Idea, new type of business, or new company structure with new style of management? So, what drives Finagle A Bagel to success? Background Finagle A Bagel was started In 1991 by Larry Smith, engineer on General Electric Corp…
He decided to do a test, to make bagels using Boston water,because he was told from eternal bagel maker that “not possible to make good bagels outside of New York City because nowhere else has water that tastes quite the same as Asthma’s. ” So, he brought a pail of water from Boston to New York City, in the bagel’s shop he made one batch of bagels from New York City water another one using Boson’s water . “There was absolutely no difference between them,” Smith reported. “What makes the difference is equipment, process and ingredients. ” In 1991, Smith opened his first Finagle A Bagel in rented place with 900 square-foot in the Baneful Hall.
The name or his business he got from his former Job (he was quit his Job at GE). His boss liked to say, “K, it’s time to finagle the bagel. ” Since 1991 until 1998 his business was growing about 25% per year, and reached about 13. 5 million in annual revenue. In October 13, 1998 Larry Smith sold his business to Laura B. Trust and her husband Alan Litchi’s. Now company occupied 46,000-square-foot place in Burnable, has 20 stores with $20 million in annual revenue and has about 225 employees, and has ability to supply up to 100 stores.
Analysis Finagle A Bagel is really successful and growing company, and to figure out why It appended need to look deeper into company, make more detailed analyses. One of the things that helps company grow Is strong advertising campaign, that helps spread Information about company, about company’s new products, and make people, who watch advertisements hungry. “Company Investing $100,000 In an ad campaign to get out the word. Plus, Trust and Latch are looking for a strategic partner to grow Finagle through franchising. “We’re reinventing ourselves,” said Laura B.
Trust. Another thing that helps company grow Is that company constantly works expand Its menu that makes customer to buy, because they want to try meeting new. Also company really cares about quality of product and make fresh soups, salads, sandwiches from scratch. Muffins, scones and artisan breads are ingredients. Healthy food is really important for people and attract new customers. But advertisement campaign, new product, healthy food all these factors do not make Finagle A Bagel different from many other companies that do the same.
What does make Finagle A Bagel different from other companies? One of the things, that company does differently is company’s organization chart. According to the smelliness’s. Chronic. Mom an organization chart is a graphical depiction of the roles and structure within an organization. The charts also diagram the relationship between those roles and they are a simple way to visualize how work flows within a business. Types of organization charts include the structural chart, the functional chart and the position chart.
Heather Robertson, Finagle A Bagel’s director of marketing, human resources, and research and development said, “We don’t have a traditional corporate organizational chart. ” When she hires new employees, Robertson draws the usual type of organization chart showing the coefficients on he top and the store employees on the bottom. Then she turns it upside down, explaining: “The most important people in our stores are the crew members, and the store manager’s role is to support those crew members. Middle management’s role is to support the store managers.
The coefficients’ responsibility is to support middle- management. Because of this type of organizational chart, employees feel themselves important and valuable, that increase employee’s morale. Morale, according textbook, is employee’s feelings about his/her Job and superiors and about the firm itself. High morale leads to dedication and loyalty, and to desire to do Job well, that is really important to achieve companies goal. Another thing that distinguish this company from many others is that high-level of management gives more power and authority to the lower level to make important decisions.
Each store manager is empowered to make decisions that will increase sales and make the most of opportunities to build positive relationships with local businesses and community organizations. Even more, like said co-president Laurel Trust, “We want our general managers to view the tore as their business. ” And it’s one of the keys for success, because if someone has own business, he/she will think about it even at night time, even on weekend or holidays, even on vacation.
Business owner thinks by business, dreams by business, breath by business, soaks by business. He or she never work “at” the company, he/ she works “for” the company, for the own success, for own business, for self-esteem, for self-actualization. It is a power of motivation, power of delegation. It’s really important to delegate to the lover-level of management more power to make decision specially, because lower level managers is close to the problems and sometimes better understand how to resolve them.
Because team members are the most important people in the company and they feel that, it brings some other values into company culture like commitment to the company, sense of purpose, high focus on performance, high energy, and friendship. People lives revolve around the company and the product. All these point on the Communal Corporate Culture. Because company is growing fast, it was smart decision to build bigger factory than company needs now.
It will help to save money for the company in the future when company will grow up, and it will not need to move or to build another facility. It’s strategically smart move. A lot of companies around, many of them produce the same products or services. Some of them more successful, some of them less. Why? Because of type or style of management, because of attitude to the customers and to the employees, because of company’s vision and values, because of priorities. Finagle A Bagel’s employees dedicated to the company not because of money, but because they feel valuable.
Positive reinforcement gives better result than negative one, even on the short-term run negative reinforcement can show better result. When customers will fell that company takes care about them, they will faithful to the company, they will spend time in the line, but will not go to another company that Just want money from customers.