In the realm of private clubs, the importance of robust financial leadership cannot be overstated. As clubs navigate a rapidly evolving landscape and ramp up their capital expenditures, as described in other articles in this issue, it is crucial to redefine their financial leadership needs
Members are looking for variety, and industry data has been clear in recent years: Clubs that offer members a multitude of sporting activities that extend beyond a single option such as golf or yachting have a competitive edge, and racquet sports are a critical component
The Governance Survey is conducted annually and is also used with individual clubs when we are preparing for board orientations, supplemented by the gathering of numerous supporting documents from the General Manager. Wherever possible, we also compare the survey responses with factual data to identify
Objectivity is a key component of effective decision making no matter what business you are in. Great businesses and the people who run them rely on facts—they don’t guess. Would you visit a doctor who doesn’t use blood tests, MRIs, EKGs and the like to
Recession or not, inflation is wreaking havoc on consumers and businesses. What does that mean for your club? Everyone wants to know if we are in a recession, or if we had one earlier this year. We definitely had the (what used to be anyway)
WHEN ECONOMIC conditions signal changes may be ahead, it’s difficult for businesses to project future revenue. Yet for golf courses, the grass keeps growing and courses need to be maintained. That requires equipment. In warm-season markets with heavy year-round use, it’s essential to refresh your
Clubs need cash to operate and simply looking at your club’s cash balance isn’t enough. Measuring and monitoring liquidity are critical to understanding your ability to meet your obligations and invest in your future. Monitoring liquidity on a monthly basis makes it easier to stay
Florida Yacht Club, our featured club in this issue, is a tremendous example of a club’s leaders embracing a zero-based approach to capital budgeting and taking the necessary steps to set their club on a path of continuous improvement. I was first introduced to the
As clubs continue to navigate through all the regulations relating to the COVID-19 pandemic, another obstacle has emerged—surging inflation. When businesses began to re-open, consumers returned in force to spend money. This, combined with federal stimulus programs, a low interest rate environment, a soaring stock
If you are a leader of a top-tier private club (or a club that aspires to be top tier), you understand that relevance is not just a buzz word—it is the key to long-term success. In addition to relevance, the industry’s healthiest clubs share a