I get asked nearly everyday, if not every other day, on providing my thoughts on what will restart Golf’s failed economy. My response has been consistent in saying…I am Not Sure. So mark me down for a birdie for being honest. I do know for certain that I want to help.
Not being a professional economist, I can only address what has to change operationally in the golf industry to improve its survivability in a competitive market and process out the root causes so solutions can be reviewed. In doing that I have identified a few Soft Spots in the Golf’s economy.
I am not sure I am convinced that what is provided statistically on the golf industry’s performance in this recession is close to accurate. Having sit in a number of “how can we put a better smell on our failing company’s performance to stockholders” meetings in my previous career, I can safely say some of the negative indicators that are obvious may have been smooth over.
Also, like most realist, I can see first hand by walking through the lobbies of many of the upscale golf resorts around the country seeing little activity over an extended period of time and by driving around dozen’s of golf course developments seeing hundreds of half finished huge mansions with thousands of real estate foreclosure signs in front of them that this visually confirms to me that major portions of the golf industry are not doing as well as the economic statistics you Google for the golf industry are saying.
However, I can agree there are specific areas in the Golf industry playing an important part in keeping the doors open to producing a faster recovery of golf’s economy. These businesses outside the core golf industry will be where I see the restart of the golf economy will begin.
These very important segments of the golf industry are what is commonly known as the Enabled Industries of golf economy..the Hospital/Tourism and Real Estate.
(More Detail Breakdown)
- Air Travel
- Car Rental
- Real Estate “Premiums”
- Related Residential and Commercial Construction
These are the businesses golfers, business golfers and anyone in the profession of golf need to keep an eye on. They also should put forth more effort in supporting these businesses since if these Soft Spots of the Golf economy fall back, go bankrupt, change direction to more viable markets, or go belly up, then the Core Golf Industry may want to start looking for their rip cards because the Halo Jump the Golf Economy made a year ago is just about as close to the bottom as is can get without causing permanent damage.
My company, and all the joint ventures it is current working on, are all dedicated to directly helping these Enabled Industries as well as the Core Industries of Golf. As we see it, if golf goes down it will be a stab in the heart of a major industry cluster that generates jobs, commerce, economic development, tax revenues for communities, improved lifestyles and positive social impact throughout the country and the world.
Give me you thoughts and let me know how I can help.