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 …show more content…
She needs to expand the scope of their performances to other states and communities. Furthermore, Anne needs to look at the overall structure of the symphony and to determine if each job is a necessity for the sustainability of the organization. Also she needs to assess whether management is doing an effective and efficient in managing the administrative. In this instance, she needs to interview employees and management alike to determine how well the organization is being run. She needs to utilize her staff in additional ways such as provide new ideas to reduce costs and bring in new revenue streams.
Utah Symphony Balanced Scorecard
The Utah Symphony’s vision is to become a world-class symphony and retain 83 quality full-time musicians. There are four aspects of the scorecard that requires analyzing are: 1) increasing and 2) improving profitability, 3) receiving feedback, 4) improving ticket sales. The symphony is lacking a sufficient reach into other demographics and increases their revenue stream. The organization needs look a new ways to improve profitability by increasing revenue to $500K a annually. Anne can encourage marketing to expand their reach to communities outside their current reach. Moreover, the organization needs to look at the tactics and tools that they are currently using to determine how well they are informing potential patrons to buy tickets. Although, the symphony is recognized in eight states, there should be a plan to