Is Golf a Business Strategy?
Unlike any other sport, golf is associated with the successful, powerful and privileged: company CEOs, fund managers and American Presidents. Golfing equipment and suitable attire can cost thousands of dollars and then there’s the club fees to consider.
It takes time to play golf, about four hours to finish a round of eighteen holes, not to mention the hours and hours of practice down at the range, just learning to hit the ball. Having the time to play golf could be taken as a statement of status in itself; I am not just cash rich, I’m time rich too. If time is money, golf is a Champagne sport.
Golf is often described as the networking sport, where businesspersons walk and talk and deals are done. Some absolutely swear by it and suggest that if you want to get ahead in business, playing golf is as important as having an MBA. Perhaps it’s no coincidence that an estimated 90% of Fortune 500 CEOs play golf.
Banking on Golf to Bring in the Business
So, if golf attracts successful, wealthy business people, what does this tell you about golfing tournaments and the cities that hold them? Are they designed to attract business too?
In January we see the return of the SMBC Singapore Open, one of the biggest and most important golf tournaments in Asia.
The main title sponsor, Sumitomo Mitsui Banking Corporation is one of Japan’s largest banks with over 100 years’ experience helping businesses grow. In Singapore, its main focus is corporate banking and being a bridge between Japanese and Asian business. Of course, the act of sponsoring a premier golf tournament is designed to create brand awareness which in itself is about attracting business. So far, the idea that golf and business go hand in hand seems to ring true.
The tournament itself will see over 30,000 spectators enjoy this most polite of sporting spectacles. Some of them will have been intrigued to see for themselves the stunning grounds of Sentosa Golf Club, which was crowned the World’s Best Golf Club last year at the prestigious annual World Golf Awards. They may stay in one of Singapore’s many high-end hotels, try one of the Lion City’s 44 Michelin Star restaurants after a little shopping in luxury shopping malls, and Singapore Tourism Board will be very happy, it’s all good business.
This year promises to be particularly special as all three Rio 2016 Olympic medalists, gold winner Justin Rose, silver winner Henrik Stenson and bronze winner Matt Kuchar will be competing, which may provide us with a preview for things to come at the Tokyo Olympics in July. Each of these highly successful players have earned over USD 50 million in prize money alone. The Olympics of course, being another multibillion dollar business.
Singapore, a Well-Run Business
Then of course, there’s Singapore itself, South East Asia’s regional business hub. Singapore is ranked No.2 country in the world for ease of doing business according to the World Bank and has the world’s No.1 most competitive economy according to the IMD Competitiveness Ranking, knocking the USA off top spot, last year.
When you combine this with a government committed to tech innovation, entrepreneurship and business friendly taxation, there’s no wonder companies are flocking to the island state to expand their business across the region. The bank’s Asia-centric focus makes Singapore the ideal place where Sumitomo Mitsui Banking Corporation can connect with potential clients and the SMBC Singapore Open provides the perfect opportunity to entertain and engage with them.
Clearly golf plays a variety of different roles in the multi-faceted storyline that is business. So, if you need a boost to your business, perhaps you can add golf to your business strategy in 2020 and go hit some balls. Or, better still, take a few potential clients down to the SMBC Singapore Open in January. At just $20 a day tickets won’t break the bank and with the world class sport and choice of hospitality, there are a lot worse ways to do business.
