Have you prepared your 2014/15 strategic plan?
PKF Lawler Consulting has been preparing researched market based Strategic Plans for hospitality and gaming venues for more than 20 years.
Our planning methodology incorporates:
- A concentration on internal efficiency
- The development of income protection strategies (market focused initiatives)
- The development of strategies that maximise the return on the Club's assets
- The development of diversification strategies
- Succession planning
Directors also need to be aware that within the Directors' Report they must state the strategic objectives of the venue including:
- A description of the short and long term objectives of the venue;
- Setting out the venue's strategy for achieving those objectives;
- Stating the venue's principal activities during the year;
- Stating how those activities assisted in achieving the venue's objectives; and
- Stating how the venue measures its performance, including any key performance indicators used by the venue
In relation to the Directors' Report requirement, the Board will need to review the Club's objectives and strategic plan, and draft a statement to add to the financial report which covers the above points.
For those venues without a strategic plan it may cause the Board some difficulties as the venue will not have any documented strategy which the board can utilise in preparing the Directors Report, being a statutory document
Likewise, for those venues that have not adopted performance benchmarking or developed agreed key performance indicators to measure venue performance they will also have some difficulty in preparing the Directors Report
If you have concerns over the Directors statutory reporting obligations for your venue or would like to discuss how PKF Lawler could assist your venue develop a professionally prepared market focused Strategic Plan please contact Peter McLean on 0425 266 120 or John Tully on 0418 267 029 or visit us at stand 113 at the AGE to discuss in more detail.