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Golf Business Canada
2. Speak with the bank
Many small business owners may not fully appreciate how bankers may think and under what pres- sures bankers are working. Speak candidly and state clearly what the golf course needs in order to meet its loan obligations. See that the banker understands your needs and limitations.
Johnston advises, “The Canadian government has introduced a proactive resource for small busi- nesses wishing to defer mortgage payments so arrange for guidance. Golf course owners usually need an independent estimation of value.”
Often, bankers want third- party assurance during critical times and believe that independent oversight serves to reduce the bank’s risk. Johnston recommends that owners who may need some assistance with the financial component or who may want some additional firepower at the bank, “Take your financial advisor with you when you meet with the bank.”
3. Gather and organize your information carefully
Accurate and timely information is critical. Be deliberate in collecting the information that is important to your stakeholders: members, custom- ers, employees, suppliers, and resource providers. Each segment of stakeholders will need different types and point-of-focus information.
For example, members want to know the status of their benefits and privileges. Customers of all descriptions are eager to know your plans, expectations, and intentions. Employees are eager to know their employment status and, if on hiatus, what will happen tothemandtheirfamilies.Suppliers will need to know what your needs may be and when you intend to pay them sums that are owed. Resource-providers, such as bank- ers and insurers, need to hear from you, the owner, about what your plans and needs may be.
It is important to bear in mind, that times of crisis cause high levels ofdistressandanxiety.Thus,present- ing your information patiently, truth- fully, and clearly is essential.
4. Be open and creative with new ideas
McCorriston contacted his insurer when he shut down his clubs with the question of reduced insurance risk when a building is closed and put out of use. The answer to that question resulted in significant savings while he maintained liabil- ity and property coverage.
The key is understanding the risk factors that are calculated into your insurance coverage and to ask questions of your insurance people. They want to see golf course owners endure through the tough times, as well.
“Speak candidly and state clearly what the golf course needs in order to meet its loan obligations. See that the banker understands
your needs and limitations.”
5. Maintain the strength of your brand and your staff
“Focus on what matters,” Johnston says. For the golf course to remain durable, one must keep the staff in place and protect the brand despite the immediate threats with which the owner is dealing.
TOP PRIORITIES FOR MOVING AHEAD
For John McLellan, the owner of Ballantrae Golf Club in Stouffville, Ontario, the power of the COVID-19 outbreak hit home when an elective surgery he had scheduled in late winter was cancelled. “That’s when they got my attention,” he said.
1. Take care of your people
“First, I looked after the health and safety of our team and customers,” McLellan stated. “That was the top priority before I moved on to prac- tical matters.” Rewards came through the insightful guidance provided by the golf professional and course superintendent with whom McLellan has worked for many years.
McCorriston agrees adding, “My first two thoughts were of health and safety. Then, I focused on the economic needs of the businesses I manage.”