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'Sound business models are a necessary component in a healthy visualarts ecology and essential for most publicly funded organi
Finance & Accounting
Pages 7 (1757 words)
Name Number Course Date Business Models in Visual Arts Ecology and Public Funded Organisations The ‘best business model’ for any organisation, community, or a social enterprise is dependent on a number factors. It will depend on factors such as the nature of the organisation and its activities, the nature of the assets held by an organisation, the stage of organisation lifecycles and the context in which it lies…
In essence, a business model is greater than the financial transactions of an organisation recorded and presented in its financial statements. A business model provides a clear description of the rationale of how an organisation crates, captures and delivers value. In conducting business, sound business models are a necessary component in the visual arts ecology and most publicly funded organisations. However, there has been a widespread belief that numerous business models in the context of visual arts are relatively weak and have a high possibility of facing reduced funding with time. This beliefs have been backed by available research suggesting the same. Most organisations in the visual arts sector are characterised by undercapitalisation and holding reserves that are too little to support investment and growth and to cushion the organisation during times of crisis (Oakes & Oakes 2012, p.59). ...
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