Welcome to another insightful episode of Lead the Way with Landscapes Golf Management. In this installment, Mitch Ham, our Director of Accounting and Finance at the home office, delves into the vital topic of cash management within the golf industry. Mitch shares valuable tips and strategies that underscore why efficient cash flow and money management are crucial for the success of your golf facility.
Mitch begins by emphasizing the significance of cash flow, which is the lifeblood of any business, particularly within the golf industry. Maintaining adequate cash flow levels is essential to sustaining product quality and providing top-tier customer service. To ensure this, he recommends implementing a timely collections policy to prevent accounts receivable from aging beyond 120 days, a point at which collectibility becomes increasingly challenging. Strategies such as collecting charges on or before the day of an event and securing valid credit cards upon membership application can significantly mitigate risks associated with overdue accounts. Additionally, charging finance fees for delinquent accounts can help maintain a healthy cash flow.