Today, we’re diving into something super important but not always talked about—creating a budget for your college sports team. Sure, it’s not as thrilling as game day, but a well-thought-out budget ensures your team has what it needs to excel for the upcoming season and beyond. This guide is designed to help head coaches navigate the budgeting process with ease, making sure you’re prepared for the season ahead.

Step 1: Prioritizing Your Team’s Essentials and Extras

Distinguishing Between Needs and Wants

Let’s kick things off by zeroing in on what your team needs versus what would be awesome to have. This isn’t just about throwing numbers around; it’s about really thinking through each part of your budget and making sure there’s a solid reason for every dollar you plan to spend.

Needs are our non-negotiables. These are our uniforms, the right gear, travel funds, and salaries for our coaching staff. This funding usually comes from our athletic departments and generous donations. Without these, there’s no game, no practice, no team.

Wants are where we can get creative. Think of new training tools, team bonding activities, or even upgraded equipment. These can be financed through our fundraisers, local business sponsorships, or still, through our budget within the department. They’re not just fluff—they’re the investments that could take our team from good to great.

The Gray Area: Wearable Tech

Here’s where it gets a bit tricky. Wearable tech is kind of like that player who’s both amazing on defense and offense—it doesn’t neatly fit into just one category. But let’s be real, in today’s competitive scene, not having access to detailed player data might as well mean handing the trophy to the other team.

Wearable tech arms us with crucial info—player fitness, the effectiveness of our training plans, and whether we’re overworking or underworking the team. It’s basically like having a coaching superpower, revealing insights that can keep our players in top shape and off the injured list.

Kara Werner Sanders, Head Athletic Trainer at IU Southbend– and a pro at keeping athletes at their best–sums it up perfectly:

“If we’re able to collect data that can show us trends in chronic or overuse injuries, why wouldn’t we want to utilize that?” 

So, when we lay out our budget, it’s crucial to have a playbook that clearly outlines our basic needs and strategic wants. This not only helps us when we’re in the thick of discussions with our Athletic Director but also ensures we’re making a solid case for every cent in our budget.

Our free webinar shows how integrating sports tech is possible, even with budget constraints. Download now to hear more from Kara Werner-Sanders.

Organizing Your Budget

Setting up your budget with a clear chart is like drawing up a winning play. It keeps you on track and ready to explain why each item is critical for your team’s day-to-day or how it could be a game-changer for your season.

Step 2: Inventory Management and Vendor Strategy

Keeping Tabs and Sealing the Best Deals

Managing a team is more than just crunching numbers. It’s about really knowing what’s in our locker room and what we’ll need for the next big game. Doing a thorough inventory check as we gear up for and wind down from the season keeps us one step ahead.

Now, let’s talk gear and technology. Is it time to stick with our go-to suppliers for tech, gear, and uniforms, or should we be on the lookout for new players in the game that might offer better value or higher quality? 

Especially when diving into the world of tech and player tracking, the market’s got a lineup that caters to all league levels. And remember, professional-level tech isn’t the only way to win. Finding the right tech means looking for tools that:

• Cover the Basics: Take Beyond Pulse, for example. Our player trackers get down to the nitty-gritty, tracking vital stats like heart rate, distance, workload, and speed. This info is gold for keeping tabs on our players’ fitness and health.
• Simple to Use: Choose systems that are built with us coaches in mind, making sure the learning curve isn’t setting us back. The goal is to get up and running fast, ensuring we can demonstrate the benefits and return on investment to our program without delay.
• Cost-Effective: You don’t need a major league budget to bring tech to your team. Opt for affordable solutions that give you the competitive edge of high-end sports tech, without the hefty price tag. 

Learn more about Beyond Pulse pricing for team sales. 

Step 3: Setting and Prioritizing Financial Goals

Estimating Expenses and Planning for the Unexpected

Alright, let’s circle back to that chart we kicked off and add a column for estimated expenses. It’s crunch time—time to dive deep and figure out exactly what our team’s expenses are going to look like. We’re talking salaries, gear, road trips, you name it. Fill in those blanks with some solid estimates for each item on our list.

P.S. And don’t forget to set aside a contingency fund for those unexpected costs. Being prepared for surprises means they won’t throw your budget off course.

Establishing SMART Financial Goals

With your estimated expenses in hand, set financial goals that are Specific, Measurable, Achievable, Realistic, and Time-bound (SMART). Whether it’s boosting ticket sales or keeping all of your players out of the training room and free from injury, your goals should guide your budgeting strategy. 

The goals you set should reflect and reinforce your justifications behind each budget item. Making this connection clear in your budget discussions can help in securing the necessary funding by showing how each expense is more than just a cost; it’s part of your master plan to take your team to the top.

Step 4: Building and Managing Your Budget

Rolling Out a Dynamic Budget

Take the table we laid out earlier, or whip it up into a spreadsheet or your favorite budgeting app. This is where you bring together everything from Steps 1-3 to shape a budget that’s ready for action. 

But remember, setting your budget isn’t a one-and-done deal. Think of it as your playbook for not just this season, but also for setting the stage for next year’s budget talks. Keeping an eye on it regularly lets you tweak things based on how your team’s doing and any shifts in your finances. It’s all about staying on your toes and making sure you’re always in sync with your athletic department.

Involving Your Team and Stakeholders

Here’s the thing: a rock-solid budget is the result of teamwork. Get your coaching crew in on it, and don’t overlook the insights your athletic trainers and strength coaches might have. They could drop some knowledge that turns your budget meeting with the Athletic Director into a slam dunk.

Bringing important people into the budget conversation does wonders. It not only gets everyone feeling invested but also opens the door to new ideas on how to manage your resources smarter. And let’s not forget about trust and transparency. Sharing the hows and whys of your budget decisions strengthens the sense of community in your team, making everyone feel part of the win.

Step 5: Evaluating and Improving Your Budgeting Strategy

Reflecting on Performance and Making Adjustments

At the end of the season, take time to evaluate your budget’s performance against your set goals. Identify what worked, what didn’t, and why. This analysis will inform necessary adjustments to improve your budgeting strategy for the next season, ensuring continuous growth and success for your team.

Plus, having this insight in your back pocket means you’re walking into the next budget meeting with solid evidence of what works, boosting your credibility and shaping a stronger case for your team’s needs.

Final Thoughts: The Bigger Picture

If you feel like you’re hitting a wall with getting the higher-ups on board, don’t sweat it. It’s a normal part of the process. Sometimes, it’s about playing the long game. Today’s “no” can turn into tomorrow’s “yes.” Keep pushing for what your team needs. Your passion and persistence speak volumes and can lay seeds for budget additions in the future. 

Budgeting might not get our adrenaline pumping like game day, but it’s a necessary backbone of our team’s success. With a solid budget strategy, we’re not just playing the game; we’re playing to win.

Reach out to a Beyond Pulse pro to learn about our exclusive 20% discount for NAIA and NJCAA Members. Let’s talk.