The American Club 2023/2024 Annual Report

PAGE 48

Looking Ahead

We expect the challenges and uncertainties to remain volatile. Geopolitical and economic uncertainties will likely result in continued inflationary pressure, driving cost of goods higher. With ongoing labor shortages and government restrictions on the foreign worker quotas, payroll costs will continue to rise as we place heavy reliance on the local workforce. With several changes being introduced to the Club including the Senior Management team, Management will focus on driving efficiencies with better use of venues as well as reviewing our digital transformation initiatives of the OneApp project to enhance Members’ experiences and increase productivity. In times of extraordinary changes ahead, as the General Committee and Management work in partnership to maintain our strong branding as a private club, we remain committed to achieving operational break-even and to show significant improvement in Club Reserves over the next three to five-year period.

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2023 / 2024