One of the most vital duties of sports administrators is managing the finances of the sports club that you run. To do this right, and make sure that your sporting facility is an INCREDIBLY profitable venture, you need to adopt a good financial management system.
Managing the finances of a sports club
Why does a sports administrator need a good financial management system?
For your business to be successful, not only is it vital to turn a profit but – at the same time – you need to have a healthy cash flow so that you have enough money to pay your staff members, replace sporting equipment when you need to or perform general maintenance around the sports club.
A good financial management system will help sports administrators focus on the bigger picture that they want to accomplish for their sports club. In addition, managing a sports club’s finances well will ensure that there is enough cash to meet daily financial objectives.
What does a good financial management system help a sports administrator do?
A good financial management system will help you become a better sports administrator. This is because the system will help you to:
- Manage your club’s finances proactively rather than reactively,
- Provide financial planning information for potential investors, and
- Make your sports club more profitable and efficient.
Financial planning and control need to be integral components of a sports administrator’s arsenal as these skills will enable you to critically assess how you can make the finances of your sports club work and, ultimately, make the venture more profitable.
Here are some tips to help you plan and control your finances at your sporting facility better:
- Avoid investing too much money in fixed assets, for example office equipment. So, if you only need one printer, don’t buy two!
- Maintain short-term working capital needs to support accounts receivable and inventory more efficiently. Make sure that you always have available funds to, for example, pay your staff members or the repair guy who you’ve called to fix a tear in the shade cloth in your sports club parking lot.
- Set sales goals. You need to be growth oriented as opposed to being just an order taker. Instead of just accepting membership dues when people want to sign up to your sports club, go out and actively promote your club so that you can drum up sign-ups. For example, start a Facebook campaign where you can target an audience of people who live and work around your sports club and make signing up to your club irresistible.
- Operate your business more efficiently by keeping sales as well as general and administrative expenses low. Do you find that your box of printer paper isn’t lasting a week when you’ve only budgeted for one box a month? Why not encourage people to recycle paper for their personal printing and only use new paper when they are printing for a client.
- Perform tax planning. If not planned for correctly, the taxman can take a whopping chunk out of your earnings in penalties if you don’t declare your tax correctly. Avoid this by hiring a tax consultant who will make sure that you have the taxes for your sports club covered.
These are some tips that you, as a sports administrator, can follow to mange your finances correctly.
If you want to become a world-class sports administrator sign up for Trifocus Fitness Academy’s Sports Administration Course. Course modules include:
- Apply administrative skills and knowledge to a sporting environment
- Apply professional values and ethics to your chosen sports club
- Explain what the term ‘sports-related’ multi-disciplinary team means
Follow this link to find out what other modules make up this course.
Why choose Trifocus Fitness Academy to study sports administration?
Very simply, Trifocus Fitness Academy has a stellar reputation of providing high-quality and comprehensive training in both the sports administration and fitness industries. Our past students will back us up 100%!
In addition, our accreditations set us miles apart from our competitors. Our Sports Administration Course is a skills course that is accredited with Culture, Arts, Tourism, Hospitality and Sport Sector Education and Training Authority (CATHSSETA ID FIT/CENTADM/4/0082 Level 4).
All students who graduate from Trifocus Fitness Academy are registered on the Register of Exercise Professionals South Africa (REPPSA). This means that all students who pass through our halls are in line for international health and fitness job opportunities. The sky is the limit with a sports administration qualification from Trifocus Fitness Academy!
So what are you waiting for? Sign up today for Trifocus Fitness Academy’s Sports Administration Course and join the exciting world of sports administration.