Organizational Management- JFT2 Task 2
Western Governors University
A)- Action Plan
A1- Financial and Leadership strengths and weaknesses of the Symphony-
The Utah Symphony shows financial weaknesses in several areas. Their cash flow is affected due to their low dollars in their fund raising area. They also experience a higher than normal expense rate that comes from the recompense that is paid to their artists that they employ.
The Symphony does have some financial strength. The Symphony does experience a high volume of the sales of their tickets. They also hold many performances throughout the year that does yield them high gross revenue.
Some of the strengths in the Symphony’s leadership come from Keith Lockhart. Keith has a good…show more content… However, it is not clear whether the main focus on that goal being reach by fundraising is the correct plan for the achievement of their goal. During this merger the Utah Symphony had many weaknesses that were identified within the organization (DeLong, T. J. (2005). While the organization can put focus on the increase in their fundraising, the administrators at the Symphony also need to look at a renegotiation of the collective bargaining agreement that was in place for the organizations musicians. Renegotiating this financial outlay could give the organization more freedom in their financial budget and they could in turn use this money to focus on their fundraising goals and other factors that will assist in increasing their revenue. This is not to say that fundraising is not an important aspect for the Symphony’s revenue flow, the executives at the Symphony need to also make certain that they are exploring other prospects that might also assist in the organizations cash flow and their overall financial stability (Kreitner. 40).
* Strategic Goal: Being attuned to their desires for world-class performances
* Critical Success Factor: Hiring top quality talent
* Measure: Receiving feedback from exiting patrons
The balanced scorecard for the customer aspect correctly identifies factors that are needed to maintain a symphony that can be considered world class by all. The scorecard acknowledges the fact that they have to employ high