59club the industry’s leading sales & service analysts and training provider, continue to support golf clubs with a move to produce financial comparable data alongside their famed benchmarking tools.
Simon Wordsworth 59club CEO said: “my59 Metrics was always due to launch in the Spring, we have been working hard to provide the intel that the industry has been lacking around various monetary P&L data. Recent events have led us to adapt this technology to provide additional feedback to managers on the effect that COVID-19 has had on their club in quarter 1, and subsequently throughout 2020, providing short, medium and long-term analytics.
“This is live data that everyone needs right now, not only now in this crisis but forever. We want to support the industry to be able to make the right financial decisions going forward, based on real industry statistical evidence.
“For so long golf has had little data on which to make its decisions, we felt that this had to change. We have produced live customer service data for years and have now developed the intel within my59 Metrics to measure financials. We have always put confidentiality at the top of our to do list, this ethic puts us in the perfect place to reach across the industry and all the different stakeholders to deliver a product that’s needed, and needed now.”
My59 Metrics, is an analytical platform that provides comparable data around the industry’s operating rates, such as gross profit, turnover, membership revenue & attrition, purchasing rates, stock levels, average monthly sales, payroll, staffing levels – and many other variables.
All data entries remain anonymous to anyone other than your club’s sole key account holder. As with all 59club products, its intelligent applications contain a wealth of filters that generate comparable data against venues of a similar nature, allowing club management to make astute judgements and decisions around its financial operation. All venues will be able to filter the results by business style (private, resort, etc), by county/region, by venue size (number of holes) and by course style (parkland, heathland etc). Additional functionality is available within a premium licence.
59club has benchmarked customer service, staff sales performance and operation management, providing key performance indicators across golf & hospitality for over 12 years. Now as they launch my59 Metrics, they have completed the circle of data, helping golf clubs to measure and strengthen their financial operations.
Venue managers, industry suppliers and stakeholders have all been involved in shaping the first release of my59 Metrics, which includes the key headline measurements that will provide clarity around revenue, rounds played, costs and margins. Subsequent releases will allow golf clubs to delve deeper into those headline areas and truly understand greenkeeping costs, professional offerings and club salaries.
The first release will take place on 8th May for clubs across England, Northern Ireland, Scotland & Wales, with managers invited to complete the initial my59 Metricsdataset before the end of May. By completing 2019 data at the same time, you will realise the immediate effect COVID-19 has had on your club and the industry as a whole.
Monthly data entries will be co-ordinated thereafter, as 59club generate industry-wide comparable data like never before. 59club also plan to work with other technology providers to automate the process, with the ambitious goal that by the end of 2020, golf could have LIVE data. To take advantage of this opportunity and make informed decisions on how best to weather the financial effects of COVID-19, visit www.59clubuk.com