Accounting for Golf
Here are Nexus Accountants, we understand the golf industry. In fact, our resident principal, Dom Tempone has recently been accredited by the PGA as an approved professional service provider.
While Dom loves the game of golf, over the past 15 years he has accumulated a massive amount of knowledge about professional golfers and how to run a successful pro-shop or retail golf outlet. The firm now boasts clients across a range of industry participants including professional golfers, retail golf shops, pro-shops, golf coaches and various club, bag, ball, cart and apparel suppliers.
RUNNING A GOLF PRO SHOP
Golf is big business in Australia but for many golf pro's their passion for the game doesn't necessarily translate to profit. In fact, too often they make 'bogey' when they embark on a retail outlet. Why is it so? Well, running a golf pro shop can be a complex business. There are so many areas to manage including green fees and tee times, a food kiosk or cafe, a club and buggy hire service, club repairs, golf lessons and clinics plus the retail section with a range of clothing and apparel, shoes and accessories, clubs, bags and buggies. You also need to manage club competitions and deal with pushy sales reps.
It's not easy and in some cases it is five businesses crammed into one showroom. It's demanding with early morning starts plus you also have to deal with all the usual small business compliance issues of GST, BAS and PAYG. Not only that, if you run the on course pro shop you may have to be open 365 days a year. If you run a retail golf shop you're probably open six or seven days a week and you have to compete with on-line golf shops who never close!.
Don't forget you also have to deal with staff, occupational health and safety issues not to mention payroll, WorkCover and superannuation administration. Your tenancy lease can be complex and managing stock in a retail environment is always challenging with constant pressure on cash flow. Throw in the seasonal factors and new release clubs and technology and it begins to explain why some of the golf pro's fail to make the transition from on course to off course.
Having an accountant who understands your golf shop can mean the difference between success and just survival. Having mentored a number of golf shop and pro shop business owners from start up right through to sale we understand the financial drivers in your business and use various industry benchmarks to help you understand what is working in the business and what needs working on. Apart from being a self-confessed golf tragic, Dom offers you experience, technical knowledge and an intimate understanding of the industry that could give you a serious competitive edge. Contact us today and book a free appointment and we'll help you lift your financial game.