Financial Education

In the opinion of Newtown’s business manager, Eve Krieger, an educated staff is a club’s best asset. But not everyone has a business knack, nor are the complicated processes of finance easily understood by the average person. To bring the staff up to speed, the club developed a single-page document presenting all the business elements impacting the club and the way in which these elements affect the financial health of the organization.

“We came up with a simple spreadsheet that all employees could get and easily monitor on important factors that track the progress of the business,” says Kreiger. “By pulling together major items, even those with little understanding of finance can easily track the upward or downward progression of the club’s business.”

Since the spreadsheet was introduced, the club’s managers have acquired a better understanding of how costs affect the organization, and how and why such costs accumulate.

The sheet, while simple and concise, also gives a clear picture of where the club is, business-wise, where it’s been and where it may be going.

“We have some managers [who] don’t grasp the financial end of the business as easily, particularly when they are faced with detailed financial spreadsheets,” says Krieger. “This [report] pulls together just major ‘tracking’ factors and gives one overall, simplified picture. All managers, especially those that may not have a complete understanding of [the] financial aspects of the business, have a simple and quick tool to track overall performance of the club.”

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