What should be considered when establishing financial forecasts for a golf operation?

When establishing financial forecasts for a golf operation, it is essential to take into account a variety of factors that could influence the financial health and operational viability of the facility. Internal company past performance provides a solid foundation as it reflects historical trends, revenue generation capabilities, and cost management practices. Analyzing this data allows for more accurate predictions of future performance based on what has worked or not worked in the past.

Considering general economic trends is equally important, as these trends can significantly impact discretionary spending in areas such as golf memberships, green fees, and related services. Economic conditions like consumer confidence, employment rates, and overall economic growth or recession can alter customer behavior dramatically.

By integrating both internal performance data and external economic indicators, a golf operation can develop a more comprehensive and realistic financial forecast, thus ensuring that they are well-prepared to manage both opportunities and challenges that may arise. This holistic approach allows for better strategic planning and decision-making, which is why selecting all of the above as the answer is critical for effective financial forecasting in a golf operation.