It is clear that the sports industry is different from the banking industry or from manufacturing. However, regardless of the industry no business is able to succeed without using sound financial principles. Discuss why it is impossible to fully grasp sports finance without knowing the fundamentals of finance. What basic financial concepts do you feel are important to sport finance? How are those concepts applied to a sports organization?
Respond no more than 100 words
Lisa PART II
Understanding basic financial principles will provide a foundation for understanding sport financials. Because basic financial principles will serve as an understanding which will allow one to expand their knowledge and apply these principles to the sports environment. Haut (n.d.) states that being a successful business, one must understand seven different basic financial principles. First, Haut states that one must understand financial risk and how much they must be willing to accept. Another, basic principle includes understanding tax and liability concerns. Third, cash flow is an important aspect in any financial situation. Understanding business financial statements is a must including profit and loss so that you know exactly where you stand at any given time. Lastly, having proper business insurance is essential to protect your investment (Haut, n.d.). Whereas these basic financial principles are relevant and can be applied to the sport environment, one must also consider other financial principles that are specific to the sports industry. The University of Kansas (n.d.) states that the 3 main principles within sport financials include the following:
· Strategy, planning, and budgeting
· Wise spending and reducing expenditures
· Reporting and Analysis
Furthermore, the University of Kansas states that other aspects play a key role in sport financials including gambling, media, and external partnerships. Keys to being successful in sport financials are understanding the basic financial principles as well as the ones specific to the sport industry. Perhaps the most foundational financial aspect of being able to read and understand business financial statements would be the first and foremost skill one should acquire.
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