Harvard Case - Edmonton Opera's Balanced Scorecard: The Art of Performance
"Edmonton Opera's Balanced Scorecard: The Art of Performance" Harvard business case study is written by Natasha Khinkanina. It deals with the challenges in the field of General Management. The case study is 12 page(s) long and it was first published on : Mar 16, 2023
At Fern Fort University, we recommend that the Edmonton Opera implement a comprehensive strategic planning process that utilizes a refined Balanced Scorecard (BSC) to guide their decision-making and performance evaluation. This process should involve a collaborative effort from all key stakeholders, including the board, management, staff, and patrons.
2. Background
The Edmonton Opera, a prominent cultural institution in Canada, faces challenges in maintaining its artistic excellence while navigating financial constraints and evolving audience preferences. The organization's current Balanced Scorecard, while a valuable tool, lacks a robust framework for strategic planning and fails to adequately address the changing landscape of the performing arts.
The case study highlights the key protagonists:
- General Director: Responsible for overall artistic and administrative leadership.
- Board of Directors: Oversees the organization's strategic direction and financial stability.
- Artistic Director: Leads the artistic vision and production of the opera.
- Marketing and Development Director: Manages marketing campaigns, fundraising, and audience engagement.
- Finance Director: Oversees the organization's financial health and budgeting.
3. Analysis of the Case Study
Strategic Framework:
The analysis utilizes the Balanced Scorecard (BSC) framework, which provides a comprehensive view of organizational performance by considering four key perspectives:
- Financial Perspective: Measures the organization's financial health, including revenue generation, cost management, and return on investment.
- Customer Perspective: Focuses on understanding and meeting the needs of the opera's target audience, including ticket sales, audience satisfaction, and brand loyalty.
- Internal Processes Perspective: Evaluates the efficiency and effectiveness of the organization's internal operations, including production processes, talent management, and resource allocation.
- Learning and Growth Perspective: Assesses the organization's capacity for innovation, employee development, and knowledge management.
SWOT Analysis:
- Strengths: Strong artistic reputation, dedicated staff, loyal audience base, and strong community support.
- Weaknesses: Limited financial resources, outdated marketing strategies, and a lack of strategic planning.
- Opportunities: Growing interest in opera, potential for partnerships with other arts organizations, and the use of technology to enhance audience engagement.
- Threats: Competition from other entertainment options, economic downturn, and the potential for government funding cuts.
Porter's Five Forces:
- Threat of new entrants: Low, due to the high barriers to entry in the opera industry.
- Bargaining power of buyers: Moderate, as audiences have a range of entertainment options.
- Bargaining power of suppliers: Moderate, as the opera relies on a skilled workforce and specialized resources.
- Threat of substitute products: Moderate, as audiences can choose other forms of entertainment.
- Competitive rivalry: High, as the opera competes with other performing arts organizations and entertainment venues.
4. Recommendations
1. Enhance the Balanced Scorecard:
- Refine the BSC: Develop a more comprehensive and strategic BSC with clearly defined objectives, measures, targets, and initiatives for each perspective.
- Align with Strategic Goals: Ensure the BSC aligns with the organization's overall strategic goals, including artistic excellence, financial sustainability, and audience engagement.
- Develop Key Performance Indicators (KPIs): Identify specific and measurable KPIs for each objective, using both quantitative and qualitative measures.
- Regular Monitoring and Reporting: Implement a system for regular monitoring and reporting on the BSC, allowing for timely adjustments and improvements.
2. Implement a Strategic Planning Process:
- Collaborative Approach: Engage all key stakeholders in the strategic planning process, including the board, management, staff, and patrons.
- Vision and Mission Statement: Develop a clear and concise vision and mission statement that guides the organization's strategic direction.
- Strategic Objectives: Define specific, measurable, achievable, relevant, and time-bound (SMART) strategic objectives aligned with the vision and mission.
- Action Plans: Develop detailed action plans for each strategic objective, outlining the specific steps, resources, and timelines required for implementation.
3. Focus on Audience Engagement:
- Market Research: Conduct thorough market research to understand the needs and preferences of the target audience.
- Diversify Programming: Explore new and innovative programming to attract a wider audience, including contemporary operas, community outreach initiatives, and educational programs.
- Enhance Marketing Strategies: Implement a comprehensive marketing strategy that utilizes digital channels, social media, and targeted advertising to reach new audiences.
- Improve Customer Service: Provide exceptional customer service to enhance audience satisfaction and encourage repeat attendance.
4. Strengthen Financial Sustainability:
- Revenue Diversification: Explore new revenue streams beyond ticket sales, such as corporate sponsorships, private donations, and fundraising events.
- Cost Management: Implement cost-saving measures without compromising artistic quality, including optimizing production processes, negotiating with suppliers, and exploring alternative funding sources.
- Financial Planning and Budgeting: Develop a robust financial planning and budgeting process that ensures long-term financial stability.
- Transparency and Accountability: Maintain transparency and accountability in financial management to build trust with stakeholders.
5. Foster Innovation and Learning:
- Encourage Creativity: Create a culture that encourages creativity and innovation among staff and artists.
- Invest in Technology: Utilize technology to enhance audience engagement, streamline operations, and improve communication.
- Employee Development: Invest in employee development programs to enhance skills and knowledge.
- Knowledge Sharing: Implement systems for knowledge sharing and collaboration to foster continuous learning and improvement.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of the Edmonton Opera's current situation, considering:
- Core competencies and consistency with mission: The recommendations align with the opera's mission of providing artistic excellence and engaging the community.
- External customers and internal clients: The recommendations address the needs of both the opera's external audience and its internal staff.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate the opera from its competitors.
- Attractiveness: The recommendations are expected to enhance the opera's financial sustainability, audience engagement, and overall performance.
6. Conclusion
By implementing these recommendations, the Edmonton Opera can effectively utilize a refined Balanced Scorecard to guide its strategic planning, decision-making, and performance evaluation. This will enable the organization to achieve its strategic goals, maintain its artistic excellence, and thrive in the evolving landscape of the performing arts.
7. Discussion
Alternatives:
- Maintaining the status quo: This would likely lead to continued financial challenges and a decline in audience engagement.
- Focusing solely on financial sustainability: This could result in compromising artistic quality and alienating the opera's core audience.
Risks:
- Resistance to change: Some stakeholders may resist the proposed changes.
- Insufficient resources: The implementation of the recommendations may require additional resources.
- Unforeseen circumstances: External factors, such as economic downturns or changes in audience preferences, could impact the effectiveness of the recommendations.
Assumptions:
- The Edmonton Opera has the commitment and resources to implement the recommendations.
- The opera's stakeholders are willing to collaborate and support the strategic planning process.
- The opera's audience is open to new and innovative programming.
8. Next Steps
Timeline:
- Month 1: Form a strategic planning committee with representatives from all key stakeholders.
- Month 2: Conduct a comprehensive SWOT analysis and review the existing BSC.
- Month 3: Develop a refined BSC with clear objectives, measures, targets, and initiatives.
- Month 4: Develop strategic objectives and action plans aligned with the BSC.
- Month 5: Implement the action plans and begin monitoring performance.
- Month 6: Review progress and make adjustments to the BSC and action plans as needed.
Key Milestones:
- Completion of the strategic planning process.
- Implementation of a new BSC.
- Development of new programming and marketing initiatives.
- Improvement in financial performance.
- Increased audience engagement.
By following these recommendations and implementing a comprehensive strategic planning process, the Edmonton Opera can ensure its continued success as a prominent cultural institution in Canada.
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Case Description
The mission of Edmonton Opera Association (Edmonton Opera), a not-for-profit arts organization founded in 1963, was to bring the community together through meaningful artistic experiences. In 2017, when Edmonton Opera developed a strategic plan, it incorporated this mission into the plan and used it as the basis for a new direction for the next five years. Unfortunately, the COVID-19 pandemic in 2020 changed the way Edmonton Opera carried out its mandate, and as a result, it had to suspend the implementation of the 2017-2022 strategic plan. But with a return to pre-pandemic operations in late 2021, Edmonton Opera's management and board members were eager to restore the original five-year strategic plan, and the board was eager to assess the strategic initiatives and effectiveness of Edmonton Opera's mission. The plan had, at its core, the four dimensions of the balanced scorecard system-finances, customers, learning and growth, and internal business processes-but management would have to devise their own balanced scorecard measures.
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