By Robert Wilson
Sport and rest managers have to comprehend the monetary aspect in their industry to provide the main low cost amenities and to make sound enterprise judgements. even if, to the non-expert the language and perform of finance is usually bewildering and perceived as advanced, tough and impenetrable. This textbook publications the reader throughout the maze of economic phrases and ideas, illustrating thought with examples drawn in particular from sport-based contexts to make this the main suitable, obvious and beneficial guide for college kids of relaxation administration available.
Written via specialists in accounting and game administration, this booklet allows readers to paintings during the topic at their very own velocity, with case reviews, labored examples and self-tests to make sure scholars can observe their wisdom to industry-specific events. perfect for college students on recreation and relaxation administration classes, this publication may also be necessary to practicing managers who want a quick-reference advisor to daily monetary questions.
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Additional info for Finance for Sport and Leisure Managers: An Introduction
For example a royalty – it has a value (people have to pay you) but it is not a physical item – goodwill, patents and tradeworks. e. they are physical items, for example property, equipment, machines, vehicles, furniture. LIABILITIES Amounts owed by the business to people other than the owner. g. g. longer-term bank loans. CAPITAL This is generally considered to be the owners’ stake in the business and may also be called equity. To take this a step further it is also the excess of assets over liabilities.
As a result in 2006 they launched a new version of the website which is now linked to individual universities. Customers go to their university link, select their sport and then order bespoke kit related to the team. The finance At start up Mike and Tom invested around £6,000 of personal capital, which was supplemented by a start-up grant for small businesses of £3,500. This gave them the necessary funds to purchase a laser cutting machine to help them design bespoke logos for sport teams and to have a professionally designed e-commerce website created.
As a result we only really need to focus on the things that you may have to do in smaller businesses such as sole traders or partnerships, although the general principles that we use apply to all organisations. For this reason the examples used in this chapter will be based on a company called Kitlocker, a team and leisure wear provider. This organisation will be used throughout the next few chapters as it provides us with a real life example to illustrate the basic points. We could use a professional sports club or team or even a large leisure organisation.