Jft Task 2 Essay

5040 Words Apr 12th, 2014 21 Pages
Utah Symphony Analysis

Financial Strengths:
The Utah Symphony received approximately 5% of its incoming from their endowment fund annually. The organization raised $3,829 in revenue from rental fees, sets, props, costumes, box office, etc. However, the symphony believes that the fundraising contributions are sufficient enough currently to allow ticket prices to remain the same as the prior year is successful. The up side is that there was a $116,308 in surplus at the end of the year.
Utah Symphony Financial weakness:
The Utah Symphony’s goal is to become stable financially stable through the raising of sufficient annual profitable. The Symphony relies too heavily on government grants. The performance revenue is only 18.5% more than
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There needs to be in place a way to bench mark the progress or lack thereof that is made. In addition, performance measurement must be instrumental in the growth. The symphony has an opportunity to hire new top quality talent to take their organization to a new level. A program to scout and recruit new talent is required explore other performers around the world. Furthermore, with the symphony’s reputation, it should draw in new performers. Perhaps a look at the current salaries are in order to attract new talent.

Financial and Leadership Recommendations;

Anne Ewers must take the following key steps to address above stated financial weaknesses. She needs to reduce the overall expenses as it relates to the profit; the percentage of profit is less than one percent of the total expenses. The symphony should increase profits by increasing ticket prices. In order for Anne to increase the profitability from $116,000 to $500,000 annually, she needs to increase their number of performances and make the musicians earn more of their salaries. Furthermore, the symphony can expand the music selection to include other cultures and communities that are appealing and invites new customers. Anne needs to solicit feedback from patrons that attend the opera as well as potential customers. She needs to find out what they would like, what would bring them back and invite friends and family.

Anne

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