Organizational Management JFT2 Task 2:
Task A.1. Write an action plan for Anne Ewers by analyzing the financial and leadership strengths and weaknesses of the Utah Symphony before the merger.
Utah Symphony Financial Strengths
1. The symphony shows a strong diversity of revenue sources coming from performances, grants, contributions, investment income, guild income and box office fees and rentals. They raised over $12,000,000 in the 2000-2001 season.
2. The symphony operates with a healthy surplus of $116,308 for the 2000-2001 year.
3. The symphony has significant performance revenues and contribution revenues of over $8 million in 2000-20001 which are performance and community support related. Other income that could less reliable like grants, investment income, guild income and rental income make up about $4,000,000 of the revenue source mix.
4. The symphony is anticipating 11% increase in total revenue based on 2001-2002 financial projection based on raising more contributions and raising ticket sales by 1%.
Utah Symphony Financial Weaknesses
1. Although the symphony is forecasting 11% revenue increase for the next season, they are also forecasting an overall 12% expense increase. This will cause a negative profit trend.
2. Based on the symphony forecast the surplus goes down from $116,308 in 2000-2001 to a forecasted $2,042 in 2001-2002. Even though they are a non- profit organization they should avoid deficits and negative trends.
3. The symphony’s overall expenses are forecasted to increase by 2.5%
4. There are declines in public subsidies, especially at the state level, as well as decreases in the endowment investment income, which threatened the financial viability of many orchestras.
5. State and local tax revenues use...
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...nded recession, Anne Ewers would want to focus on strengthening the relationship the organization has with donors and sponsors. By strengthening the relationship, Anne may be able to prevent an erosion of their donor base. If prices must be lowered because of financial pressure, Anne may want to look at holding more performances to increase the volume of ticket sales.
2. In case there is unfavorable collective bargaining, Anne may want to offer incentive pay, look for recognition opportunities or other intangible forms of compensation to keep the unions agreeing to keep salaries within a reasonable range based on revenues.
3. If the ticket sales decline due to a lack of customer satisfaction, Anne could conduct surveys, focus groups and industry research to better understand audience interests and innovate ways to lead or keep up with the latest industry trends.
1.To increase prices according to 4th scenario (total line price increase by 5%) and from short-term revenues income use resources for advertising.
Although Susan’s plan to “just do what her competitors are doing” (Nelson Education, 2013) may have not been the best approach to follow, it is in The Fit Stop’s best interest to match their compensation policy to those business’s similar to them. There is no need for The Fit Stop to lead with the best compensation options around, but lagging with the compensation could repel employees and could push them towards working for a competitor.
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Solomon, Jon. "Alabama Reports $143.4 Million in Athletic Revenue, up 16% from a Year Earlier." Alabama. 22 Oct. 2013. Web. 2 May 2014.
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