How do you help a local art center with tumbling enrollments and a severe lack of cash flow? That’s the challenge we faced when helping The Arts Center of Highland Park
So what was the solution? We instantly started to dig through their books and get a handle on where they were at. This early analysis enabled us to get an accurate snapshot of the state of The Arts Center of Highland park and come up with strategies for improving performance.
We didn’t stop there – we introduced new methods for staff onboarding and implemented the latest tech to help streamline the company’s special events, and create a better customer experience.
CHALLENGES
- Legacy of management challenges
- Poor financial reporting puts business on back foot
- Lack of cash flow
- Sky-high admin costs
- Plummeting revenue from course enrollments
SOLUTION
- EAB gets to know business inside out
- Tackles overspending and dramatically cuts costs
- Agile new technologies bring efficiencies
- Improved financial reporting puts data center-stage
RESULTS
- Budget positive for 2 years
- $92k of cost savings
- Enrollments and revenue from classes up 10%
- Net income swings from red to black
- Reputation restored
