If the private club you manage or are a part of is looking to increase membership or better use the funds that are coming in, a private club consulting company may be brought in to assist with this task. One of the first things that a private club consulting company will do is complete a private club strategic plan. Here are three key features that are included in a private club strategic plan and the importance of each element.
Membership Analysis
One of the aspects that are looked at when completing a private club strategic plan is a membership analysis. A membership analysis looks at the demographics of the members of a specific club. This information can help a club to determine key demographic information, such as sex, age and the amount of money those joining the club have. This information can help a club determine what new features to add to entice more members or how to better target the demographic that they seem to be attracting.
Competitive Analysis
The competitive analysis of a private club strategic plan looks at other local private clubs and compares your private club to those clubs. It compares the number of members, the demographic information, and the costs. This can help you determine if you are charging more or less than other similar clubs or who your local competition is. If you have determined one club is your key competitor, you can look at what is drawing people to sign up with that club versus yours to try to increase your market share.
Ten Year Club Projection
The last bit of information that is included in a private club strategic plan is a ten-year projection. This looks at your current growth rates and financial information to determine where your club may be in a decade. This gives you an idea as to whether you have a viable long-term plan in place for success, or whether you need to make changes to survive. This also helps to predict what your finances may look like, including reserves, which is key for estimating repair and refurbishment funds.
A private club strategic plan can help to provide a private club with a lot of information about its current members, where it stacks up against other private clubs and where the club is headed in the future. From this, the club can determine how to grow the business, how much money the business will have coming in or where they stand compared to other private clubs in the area.