PGA LEVEL 1 QUESTIONS AND ANSWERS ALREADY PASSED

PGA LEVEL 1 QUESTIONS AND ANSWERS ALREADY PASSED BUSINESS PLANNING Business planning process organized plan that clearly describes explicit goals and objectives and strategy for accomplishing them PGA Business Planning Model (5 phases) 1. Define the business 2. Assess current state of the business 3. Develop business goals, objectives, and strategies 4. Prepare financial forecasts/budgets 5. Monitor performance Long term vs short term Long term = 3-5 years Short term = less than 1 year Mission (define the business) purpose Vision (define the business) phrase that paints a picture where want to be in future core values (define the business) individual words that shape the mission, vision assess the current state of the business... understanding and utilizing performance data, assessing core areas, SWOT, and prioritizing findings Goals vs. Objectives goals intend to be accomplished 3-5 years objectives within 1 year help to accomplish goal SMART goals and objectives Specific Meaningful Achievable Realistic Time-oriented Strategies define what your going to to do to achieve objectives Action plans define... specific "how to" strategies Horizontal analysis usually centers on a specific revenue or expense metric -Linear trend = evaluates positive and negative trends over time -Base year analysis = categories values are compared to one benchmark year Linear trend formula - percentage change (Later Year - Previous Year)/Previous year = % Change Linear trend formula - Average percentage change (sum of all linear trend calculations)/Number of calculations Base year analysis formula ((comparison year)/Base year) x 100% usually used after a major change at facility Vertical analysis compares values in the same column of forecast or budget ex. COGS compared to total sales COGS as % of Sales COGS/Total Merchandise sales gross margin as a percentage of sales Gross margin/total merchandise sales operating budget take figures from forecast and realistically estimate when revenues and expenses will occur over the year cash flow budgets Projects how much money a facility will have in bank at end of every month or week - actual dollars in and out capital budget projects the expenses associated with those purchases and large scale projects monitor performance systematically tracking performance and key metrics to objectives, strategies and budget variances monitored and analyzed constantly CUSTOMER RELATIONS customer relations model - Moments of truth - Resources, staffing, systems - Interaction strategies - Interpersonal skills - Positive engagement routines Four Interaction Strategies 1) Directing 2) Convincing 3) Involving 4) Supporting Directing strategy it gives the golf professional the greatest direct control over the interaction's outcome, while allowing the least input and initiative from others. desired outcome = compliance convincing strategy allows the golf professional to maintain control of the interaction and eventual outcome, but builds the solution to a problem or completion of a task around the needs of the customer needs desired outcome = agreement involving strategy requires the golf professional to invite the customer's input and to share in the solution to a problem or the best way to proceed in a specific situation desired outcome = participation supporting strategy Gives the most control to the customer. Golf professional understands that the customer has sufficient knowledge, expertise, or experience to carry out a specific task or solve a problem. desired outcome = committment Seven Interpersonal Skills 1) Stating Your Purpose Clearly 2) Providing a Compelling Rationale 3) Encouraging Open Expression 4) Showing Understanding 5) Inviting and Giving Feedback 6) Reframing Difficult Situations 7) Acting with Integrity