Having the right facilities and equipment is key in attracting new members and in ensuring that the needs of existing members continue to be met.
That means facilities and equipment are likely to form an important part of the club’s strategy – so make sure the costs are factored into your long term financial plans.
Facilities are often leased or rented and, where this is the case, expenditure can be controlled by factoring these costs into the annual budget and cashflow forecast.
There may be occasions when your club considers purchasing premises or equipment. Such capital purchases carry a greater level of risk and any purchase should be carefully thought through before making a decision to ensure all risks have been considered and the purchase will not endanger the financial stability of the club.
A review of club facilities and equipment may result in the preparing of a Capital Investment Plan.
Due to the risk and complexity involved with capital investment projects, it is recommended that the club seek professional guidance.