Develop management strategies for clerical and financial operations in a recreation or fitness environment.
There are 8 lessons in this course:
- Financial Analysis
- Budget Control
- Legal Requirements
- Funding Opportunities
- Workplace Communications
- Managing Documents
- Managing a Resource Library
- Managing Information Technology
Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.
- Analyse financial records.
- Control a budget for a recreation service or production of a recreation product
- Meet legal reporting requirements in relation to financial management.
- Develop funding opportunities for recreation organisations
- Liaise with senior management, in a recreation industry workplace
- Manage documents in a recreation industry workplace
- Establish a library resource collection for a recreation workplace
- Manage information technology requirements in a recreation workplace
Learn to Manage Finance Better
Remain Conscious of Cash Flow
This is one of the most important factors to be considered in any budget. Cash flow refers to when money is available for spending. This is different to how much is available in a budget.
A surf shop, sells more surfboards in summer, than any other time. This means more money is available to spend in summer than at any other time. Cash flow is good in summer and bad in winter. The store manager should budget to either save money in summer to pay for things in winter, or else operate on a budget which spends more in summer than it does in winter.
A swimming centre may have more customers in summer holidays; so more stock of food and drink at the kiosk may be needed, and more staff required in the weeks before the peak season. This requires extra finance to pay wages and buy stock in advance of that peak season. A well managed pool will plan in advance and ensure additional finances are put aside for when they are needed.
Budgeting is all about planning the management of finance.
There are a number of factors that must be taken into account when planning. They are as follows:
This involves estimating and anticipating current and future events, based on the best information available at the time. Forecasting is required when you think about the coming year for an existing enterprise; or any new enterprises you are going to start up; or old ones you are going to restructure. These enterprises may be just one of many enterprises which together make up an organisation.
Consider effort that will be required, products or services to be provided, available finance, possibilities for raising additional revenue, legal requirements or restrictions, and so on.
Assumptions you make should become the basis for your budget plan.
Setting Goals and Objectives
Establishing the outcomes you wish to achieve, first in a broad sense (goals) and then more specifically, in measurable terms (objectives); and ensuring these goals are matched to appropriate allocations of funding.
Outline plans of action that will govern the way an enterprise handles current and future problems. Policies or procedures need developing which are achievable within the budgetary constraints; and which will cover such things as workplace health and safety, quality systems, payment terms, account customers, complaints, returns, etc.
Programming and Scheduling
Establish priorities and a planned procedure for the performance of activities in a given time frame, and with given (allocated) funding. This factor of the planning process guides you in what needs to be done, when they need to be done, and how long they should take to complete.
Bring the Budgeting Together
After giving consideration to forecasting, goals, objectives, policies, programming etc; you need to match the likely available funding with the intended activities of an enterprise and create a budget document.
In short, to create an annual budget:
Step 1: List the things you want to spend money on.
Step 2: Write down the total amount of money you are likely to have available to spend over a 1 year period
Step 3: Allocate parts of your total available funds to each of the different things which have been identified (in step 1).
You then need to rearrange finances to meet objectives. The budgeting process establishes the financial objectives of an overall business or management plan. A budget provides both a plan for activities and a means of comparison, when actual performance is reviewed.