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Gold Coast Titans – Back to Business

Posted 14 Jun '17

A lesson for business owners from the Gold Coast Titans

On a recent CPA industry visit of the Gold Coast Titans new performance centre at Parkwood a room full of accountants (what a crowd right!) was treated to a presentation by current club CEO Graham Annesley & Shane Billings CFO on the chequered financial history of the club.

What we soon learned was that the predicament of the Titans back in 2015 and the learnings since that are a great lesson for any small business.

Prior to the NRL taking over in 2015 and saving the club from financial collapse, Shane described a normal business day at the club…do any of these sound familiar?

  • Checking the bank account numerous times a day to see if money has come in
  • Not having enough money in the bank to pay wages at the end of the week
  • Not having enough funds to pay players
  • Continuously asking prominent board members for more money

The Titans and current CEO Graham Annesley have since worked tirelessly in turning around the financial fortunes of the club. Cutting club operating expenses, increased sponsorship and increased financial governance of the club have all definitely helped.

However one of the biggest takeaways for us on the night was for years and years the Titans operated without a budget, crazy right! What was the moral of the story? You can’t effectively run a business without a budget, even football! Any business, big or small, football club or accountant, at the end of the day we all need a financial plan to work towards and keep ourselves accountable to.

If you want to improve your financial position for the new financial year, would like help getting started on a budget, or feel like you are so poor you can’t even pay attention – please contact us on 07 3124 0244 or luke@empireaccountants.com.au

Empire Accountants is located in Brisbane and on the Gold Coast – We specialise in working with business owners to achieve their business goals. Learn more here.

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