Unit 7 Paper and Powerpointclavo22
Camry S. Griffith
July 17, 2021
Finance and budgeting are a very vital tool in order to keep a sports organization afloat. It is vital to understand the stance of checks and balances, but it is also very important to place a person in a position that understands the ins and outs of finances. An organization would not perhaps want someone that has gambling issues or is not aware of finances to look over the financial and budgeting department. That is certainly a path to destruction. A sports organization would want someone who is very savvy in the financial field and has great integrity and character to lead the financial department because those are foundation for success not only to the organization but to every part that is attached to it because if the business goes bankrupt that benefits no one.
In sports many times it is about the newest thing. That is what truly attracts people to these different organizations and agencies. They want to see what they can squeeze out of them without having to do much or give a lot. That is how the sports world works into today. Every organization is chasing the next big thing or the next big client. But in order for the organization to align themselves to find great opportunities like that, they have to have good finances. They have to have great facilities, quality people working for them. Finances is a huge part of the sport’s world so it is important to have the right strategy when it comes to money.
Also, in the sports world well honestly for any industry, people have to spend money in order to make money. It is important to understand accounts receivable and accounts payable. If a company has given to much credit out to a client, they will most likely be the first to go down in debt. Businesses need to address where the money comes from, where it goes, how to track it, and why the economy functions in a given manner (DeSchriver, Fried, & Mondello, 2020).
It is important to understand the money that has gone out as to also come in to keep the business running like clock-work and also to keep the books up to standard in the company and industry.
In Proverbs 13: 11 states, “Dishonest money dwindles away, but whoever gathers money little by little makes it grow.” The Lords instructs the world to be good stewarts of the money that he blesses them with. It is important not to lose sight of the teaches that the Lord has left to guide the world of people back to their heavenly home. People can get greedy over money, people can act different because of money, but it is also their job to ensure that they follow the teachings of the Lord. As he said in the scripture, the use of money in a dishonest way will allow it to go away, and there will be nothing to show from it but pain and wishing things would be different. But if someone is a good stewart to their money and has the right intension to use it, it will grow and continue to be prosper.
A sports organization can have all the money in the world, but if they are not budgeting correctly it will not last very long. Budgeting is so important because one never knows the situation that they could be in. A large business may have several segments, each with its own budget; if these budgets are not consolidated into a final marketing budget, upper management will not have a correct picture of the marketing goals and associated costs (DeSchriver, Fried, & Mondello, 2020). Budgeting allows for sports organization to not put all of their eggs in one basket. It allows them to spread their money out in a few different departments or jobs so that it could all come together as one. The power to a good budget is truly remarkable. A capital budget focuses on large, long-term construction projects, such as a new academic services center or the ren- ovation of an existing stadium ( Hodge & Tanlu, 2009).
It is important to ensure budgets are in each quarter to track the expenses of the company and to reflect on reports for the year and years after.
In conclusion, it is important to pay attention to finances and budgets. These are the work horses that will truly power a sports organization and set them apart from others. This vital part of a business will allow it to sink or swim. It is also important that with a department this important it should be run by high caliber people. Those people should also not lose sight on the Lord and his word that guides people through money.
DeSchriver, T. D., Fried, G., & Mondello, M. (2020). Sport finance. Champaign, IL: Human Kinetics
Hodge, F., & Tanlu, L. (2009). Finances and college athletics. New Directions for Institutional Research, 2009(144), 7–18.
Holy Bible. (NIV). (2015).