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 rapport with the musicians that he employs. Keith also has great artistic visualization.
A weakness within the leadership at the Symphony would be that during the proposed merge this would leave a vacancy within the CEO role and the chairman of the board role would change during this action as well.
A1a- Key steps recommended-
Anne will need to shore up the financial weaknesses of the Symphony’s cash flow by employing fund raising goals that are higher than they currently have in place. Their lack of fund raising is a large weakness that will need to be addressed immediately. She will also need to have meetings with the artists to implement talks to renegotiate their current contracts and the compensations that they are currently receiving. Anne will need to look at some of these areas to lower the current expenses of the Symphony.
The weakness within the leadership needs to be addressed as well. Anne can attack this by giving Keith Lockhart more power and the ability to make more decisions where the Symphony is concerned.
A2- Financial and Leadership strengths and weaknesses of the Opera-
The Utah Opera enjoys a good positive cash flow and reserves and this is in part this is due to their high fund raising goals. They also
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