Business Planning, Governance, Insight, Private Clubs, Strategic Planning, Strategy, Featured
As we near the two-year mark of the pandemic, global economies have rebounded from the volatility of mid-2020 and 2021. Yet, private clubs, resorts, golf courses and residential communities have entered a “new normal”—one that’s difficult to predict.
To help clubs anticipate and respond to these changes, we break down five key trends that emerged from 2021 and explore their potential impact on the private club segment in 2022:
Governance - Club members are demanding more from the Boards of clubs they join. Club leaders must manage members' expectations, evolve governance standards and drive towards increased institutional transparency.
Amenities and Services - The pandemic resulted in a paradigm shift in how members view and experience amenities and services at their clubs. As lifestyles and working environments transformed over the past two years, so to have preferences for the amenities and services member desire.
Talent - Business leaders recognize talent as one of the most important sources of value. Human resource challenges and talent shortages continue to challenge hiring efforts. What new approaches should club leaders consider to attract and retain talent?
Membership Dues - Increasingly, clubs must create sustained outcomes for membership dues and joining fee structures in response to external factors. How can clubs navigate shifts in utilization rates, rising inflation and find balance in pricing?
Business Strategy - Clubs will need to take a 360-degree view of existing operational frameworks, conducting scenario analyses, combing through operational and financial data, identifying the potential risks, and evaluating their impact on the organization. Clubs looking to enhance their organizational agility in 2022 and beyond may want to start by revisiting five key areas: operations, membership, utilization, capital and communications and branding.