It is important for clubs to manage its finances competently by having a financial plan or business plan both short and long term. Short term, it is important to evaluate income and costs for the coming year, allowing the club to stay focused on their everyday finances. Identifying the club’s income and costs over a longer period will help when planning for the future, and in particular any significant projects they wish to undertake (such as funding for facilities or equipment).
A financial plan is a decision making tool:
> it sets out what actions you will use to implement your strategy and achieve your clubs’ objectives and vision.
> It spells out what needs to be done, by whom and by when.
> Lastly, it focuses on how you are going to achieve rather than just what you are going to achieve. Understanding the realistic likely sustainable income, the club can generate is a vital part of good financial management.
To ensure the clubs income is sustainable, it is important for it to be generated from a variety of sources (e.g. membership fees, sponsorship & fundraising, grant funding etc). It is also important to manage the cash flow of the club by recording all money in and out of the club using a reliable method such as cash sheets or cashbook, a spreadsheet or budgeting tool.
The following tool on the Club Matters website can support you to develop a financial plan: https://www.sportenglandclubmatters.com/club-finances/
Other Local Support
Warwickshire Community and Voluntary Action
Warwickshire CAVA offers a range of support services and advice to small and emerging community groups and voluntary organisations, charities and social enterprises across Warwickshire, as well as supporting existing and larger organisations to strengthen, fulfilling their missions more effectively.
As your organisation needs to grow and develop, Warwickshire CAVA can help you with that journey. We offer guidance in:
> Project and business planning
> Monitoring and evaluation – thinking about funders needs, as well as measuring your impact and value
> Managing your finances more effectively – project and organisational budgeting and planning
> Thinking about your leadership – committee/ board roles and responsibilities
> Effective partnership working – from networking and joint working, to considering developing consortia and mergers
> Quality assurance – years of experience with several recognised quality systems, helping you understand quality and what is right for you
If you need more support, please contact your local authority Sports Development Officers:
Nuneaton & Bedworth Borough
Email Address: Jonathan.email@example.com
Twitter – @covsport
North Warwickshire Borough
Russell Simkiss – RussellSimkiss@NorthWarks.gov.uk
Number: 01789 267575