What the Miami Marlins can teach us about CASHFLOWAug 21, 2023
Whether you are an avid fan or not, chances are you are at least a little bit familiar with the struggles the Miami Marlins have had as a franchise over the years. Sports franchises, like any business, have revenue streams and expenses that can fluctuate due to various factors.
But the funny thing is that the same factors that lead sports franchises to struggle with cash flow are the same that could be impacting our business today.
As Shotmaker's, we believe it is critical to look FORWARD. So, whether you are the Marlins, trying to make the playoffs, or a business owner concerned about cash, here are three things we can focus on NOW to improve our cash flow:
1. REVENUE REVENUE REVENUE: Whether in the MLB or in business, chances are our cash flow problem is also a revenue problem. The primary revenue sources for a baseball team include ticket sales, concessions, merchandise, broadcast rights, and sponsorships. And for teams struggling, their revenue can be impacted by their performance.
Shotmaker tip: Have you ever looked at your revenue in categories? Just like the Marlins, by looking at the various categories of our revenue, we can set targets for the revenue we MUST bring in this week in order for our cash flow to work.
2. Performance and TEAM Engagement: Team performance on the field can significantly impact fan engagement and attendance. As can our team performance on a daily basis. If our team is unmotivated, disgruntled, or frustrated this can and WILL impact our overall revenue.
Shotmaker tip: Have you taken a step back to evaluate your team’s momentum. Are there members of your team that impact the overall team vibe? When was the last time you created excitement in your ‘dugout’? This week our challenge is simple. Do one thing to create a good vibe on your team! Can be something as simple as bringing in donuts to the next staff meeting.
3. Player Contracts: Long-term player contracts with high salaries can impact the team's financial flexibility, especially if player performance doesn't align with expectations. And the same is true in business. Your management team weighs heavily on your bottom line, and if your management team isn’t driving a return on this investment, your cash flow issues could be living in the overall structure of your management team.
Shotmaker tip: Build an organizational chart walking through every position on your team. We see this as the hardest areas for most businesses. Labor rates have increased, which means you literally have to do more with fewer labor dollars. Which is why it is not a wish. It is a MUST that you rebuild your organizational chart to fit the labor you can afford today. We don’t believe in a smaller staff, but we believe that the best shotmakers are able to be creative so that they have the best players on the field at the dollars the organization can afford.
Did you know that we are here to help? Over the last three years we have offered over 2500 hours in FREE consultation calls with members of the hospitality industry. If you are feeling overwhelmed, but you are ready to be a Shotmaker - click on the link below to schedule a call!
Schedule here: https://calendly.com/d/4jg-68y-d8t/free-30-minute-coaching-session
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