Come up with ideas to sur­vive

Bangkok Post - - GENERAL -

Sell­ing land or de­vel­op­ing at­trac­tive real estate along the fair­ways is the ob­vi­ous way for fi­nan­cially dis­tressed clubs to stop go­ing un­der.

For ex­am­ple, I know a club which sold off its prac­tice fair­way in or­der to sur­vive fi­nan­cial ruin.

Poorly ex­e­cuted devel­op­ment deals, or joint ven­tures, have left clubs on the point of col­lapse and rarely does a week go by where an­other golf club’s long-term vi­a­bil­ity is in ques­tion.

Sell­ing an as­set for its great­est re­turn re­quires plan­ning.

Rather than just sell­ing off some land, and al­though it’s a painful pro­ce­dure, re­zon­ing and ob­tain­ing an ap­proved DA (Devel­op­ment Ap­pli­ca­tion) is an es­sen­tial recipe in­gre­di­ent for max­imis­ing in­come.

More and more golf clubs are re­al­is­ing that they can’t sur­vive solely on golf in­come.

Time is money and you need to have a good grip on how long you can hold out, if you see any risk in your club’s long-term prof­itabil­ity, so plan well ahead.

The money doesn’t just keep rolling in as oth­ers will copy and do bet­ter.

Don’t try and dis­count in an at­tempt to get busi­ness back, as this op­tion is not rec­om­mended.

You must stay com­pet­i­tive and come up with new ideas if you wish to sur­vive the ever-chang­ing golf mar­ket.

Whether you are sell­ing cream buns, golf club mem­ber­ships or green-fees — if you don’t un­der­stand your tar­get mar­ket and come up with new ini­tia­tives, you’ll find your­self on a death spi­ral, as the only way a ra­tio­nal-think­ing per­son can dif­fer­en­ti­ate be­tween iden­ti­cal prod­ucts will be based on price.

Out of Bounds: Just a few years ago, many would have thought that the guy who re­ceived a cheque for US$100,000 af­ter com­plet­ing his fourth round is the win­ner. But last week in the Hero World Chal­lenge, it was for com­ing last. Hideki Mat­suyama must have said to him­self “thank you very much” as he headed to the prac­tice range. Don’t let the point sys­tems used in eval­u­at­ing play­ers’ stand­ings fool you — there’s an aw­ful lot of money out there now for those play­ing on the main tours.

Newspapers in English

Newspapers from Thailand

© PressReader. All rights reserved.