Finances are often a challenge for many sports clubs and that’s why here at Club Matters, we want to make sure your clubs have all the support you need when it comes to managing your costs.
Whatever your financial situation as a sports club, it’s always important to think about:
- Managing Money
- Tax & Sports Clubs
- Generating Income
- Funding Guidance
Managing your money is an essential part of good club management. Although it may seem like a daunting or tedious task, it is a vital part of running a reputable and sustainable club!
Here are some top tips that you can adopt to make sure you’re taking control of your club’s money and following good governance standards:
- Get organised and stay organised
Set up a routine that works for you to stay in control of your money month to month
- Separate personal finances
Keep any personal finances separate – don’t mix up your money!
- Bank account
Set up a bank account for your club – this promotes independence and a separation between the club and individual
- Annual accounts
- Communications and transparency
Communication is key to the running of any successful sports club – make sure members are aware of the clubs’ financial position. Make sure reports are simply so everyone can understand them. Being transparent with club members on finances is a great way to promote trust, particularly if members pay fees as they can see where their money is going!
For more details on managing your money, have a look at our online modules on Simpler Finance or Get Your Cash Flowing . Alternatively, check if an Understanding your Club Finances workshop is taking place near you.
Also make sure you stay tuned for our Club Finances training videos where we’ll be hearing from industry experts and their top tips on how to manage your money!