THERE IS NO QUESTION, clubs continue to spend money on capital projects at record rates. Country clubs are spending almost 36 percent more than they were eight years ago, but that was also a result of clubs curbing spending after The Great Recession of 2008. Today,
CANARIES IN A COAL MINE were the early-warning system that saved miners’ lives before technologies for detecting noxious gases came along. Just as careful miners took caged canaries underground with them, club directors are wise to protect the club by implementing early warning tools—or Key Performance
The quote “penny-wise and pound-foolish” is often credited to Philadelphian Benjamin Franklin, though Franklin never actually coined the phrase, (it was English Scholar Robert Burton). However Franklin did say, “Why should I give my readers bad lines of my own, when good ones of other
The risks of misclassifying independent contractors vary from state to state, but, in general, the consequences can include the following. Claims for unpaid minimum wage and overtime – If the cash payments are determined to be gratuities rather than wages, then the club could be
Shifting board focus from the income statement to the balance sheet is a critical first step in addressing the issue of sustainable financial success for your club. In this edition of Data Mining, we look to the balance sheet for information about the club’s PPE
WHEN ASKED about the gross margin of their own enterprise, most successful business owners can give you an exact number, usually without any hesitation. Business owners keep close track of their gross margin because they recognize it as a critical indicator of financial health and
As a general manager, chief financial officer or department head, it is imperative to embrace and own the story of your club or department—the intersection of its experiences, culture and where it is heading. An effective story supports the club’s mission and values and the
While many different options are available to streamline payments, organizations typically use the tools that they’re most comfortable with and which they perceive to be the simplest and safest. Contrary to popular belief, these tools—including paper checks—are not only leaving businesses vulnerable to fraudulent acts
NET WORTH is a measure commonly used as a statement of how much an entity or individual is worth. Net worth can be calculated for a private club just as it can for any other business. This is a critical measure and something on which
There seems to be a blind spot in the industry when it comes to financial focus. While a great deal of a typical club board’s time and attention goes into dissecting income statements and budgets, I see very few boards that recognize the importance of