ON SOLID GROUND: INTEGRATING FINANCIAL AWARENESS WITH STRATEGIC PLANNING IN MUSEUMS
ON SOLID GROUND: INTEGRATING FINANCIAL AWARENESS WITH STRATEGIC PLANNING IN MUSEUMS
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Issue Date
2012
Authors
Wilkening, Amanda
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Abstract
I started my thesis research with the intention of examining the state of financial planning in museums. I had seen in my own experience that many museums were struggling with traditional nonprofit business models and a lack of sufficient revenue, and I knew the topic of how to generate revenue in a stagnant economy was being hotly debated across the field. I understood that sound financial management and informed decision-making, including acquiring the skills and tools necessary to address the need for new financial models, were core to successful museums. As I began to review the literature and contact interview museum professionals, I discovered that there are no universal solutions yet. We are still exploring and trying to determine how to achieve stability in an uncertain time.