From Steve Voellmecke and Woody Franklin
Use these tips and advice to help you run a more efficient and successful diving program.
Financial Software
Use financial software to run your business. This software will help you stay on top of requirements and obligations, and keep you and your finances organized. QuickBooks is an excellent example of relatively inexpensive software. If QuickBooks is too steep for your budget, Quicken (made by the same company, Intuit) is a less expensive option.
Invoicing
Mail your invoices with return envelopes. Although it may seem trivial, including a return envelope encourages your clients to return their bill faster and keeps your cash flow on the positive side. If your financial software has this feature – e-mail your invoices to your customers.
Depositing Payments
Always deposit payments in a timely manner. Do not hold onto checks or cash for weeks at a time. You never know when you might have an emergency and need the funds. You may also have an interest bearing checking, and the more money you keep in your checking account, the more interest you earn.
Credit Cards
Set up an online system to accept credit cards and use this feature as your method of bill collection. Many of these systems can be set up to create recurring billing – a feature that can reduce the amount of time you spend in the office and allow more time to concentrate on coaching.
Bills
Never be late paying a bill. NEVER! Late fees and interest add up and at the end of the year, you will wonder where the extra cushion went. Late paying of bills could also damage your credit rating.
Program Fees
Program Fees are extra fees that you charge for the administration of the program. Coaches spend a great deal of time outside of the pool doing administrative, logistical and clerical work. If you hired an individual to do your administrative work, how much would you pay that person and how would you afford that added expense? Don’t do the work of an extra person without getting paid. Remember, coaching fees should be for coaching. Program fees should be for all of the extras that take place outside of the pool.
Coaching Fees
Do not sell yourself short. Do not let yourself fall into the trap of, “Oh, I’m just happy to be coaching.” If this is your sole profession, remember that this is your livelihood and your value to others is only as great as you allow it to be. Your time is valuable and customers should expect to pay you for your time, expertise and experience.
U.S. Diving / AAU Insurance Fees
Always register your divers! Before any diver steps onto a pool deck, they need to be registered with either U.S. Diving or the AAU. If they are coming in for a tryout, charge them a tryout fee and register them prior to participation. If they make the team, give them credit towards their fees. An important point to remember is that U.S. Diving’s insurance policy will be voided if you do not have each, and every diver registered. Both U.S. Diving and the AAU offer online registration so coverage will be immediate. Simply stated - this if for the safety of the diver, the safety of the coach, and the safety of the diving program. This should be a non-negotiable policy for all diving clubs and teams.
Cancellation and Makeup policy
Have you ever been to a doctors office and seen the sign, “Cancellations Require 24 Hours Notice.” Well, you are running a business the same as any other profession – treat you diving program as a business. The idea here is not to discourage participation, but to reinforce the notion that your time, and the time of the other divers, is important. Cancellations, tardiness, and a general lack of respect for your diving program affects both you as a coach, and the effectiveness of your program. Create and adhere to a cancellation and makeup policy for you team. Cancellation and makeup policies generally only apply to either lesson programs or individual instruction, and not to your competitive team.
Encourage Payment
Encourage your divers to pay up front! Create incentives for those who pay for multiple months, or the whole year, in advance. It is more advantageous to award divers for good dives and proper execution, rather than to admonish them for mistakes. The same holds true for your business. Encourage more parents to pay up front and on time, and you will have less administrative headaches and a better cash flow.
Late Fees and Bounced Checks
No matter how hard you try, there will always be that small percentage of your program that will have problems with the financial obligations of being a member of the team. Diving does not work with the large number of athletes that basketball, volleyball or soccer draw; this means that many times your program may have to deal with restricted finances. What this means: every diver is important, but not so important that the diver can become a drain because of late or non-payment. Institute a policy that deals with late fees, bounced checks, etc., but always try to be understanding about any problems that do occur. Remember that no one diver is above the team or the program.
Taxes
Don’t make the IRS your enemy. Depending on how your business is structured, do not forget estimated taxes, quarterly returns, etc. Always file all your necessary tax forms in a timely manner - interest and penalties can add up.
If You Can’t Do It, Somebody Else Will
The goal of coaching diving is to produce successful divers in a safe and positive environment. If you can do this and make a profit at the same time, you are on the right track. Make no mistake though, the task of running a business can be time consuming and aggravating. Many coaches find themselves bogged down by much of the day-to-day minutia. The solution; hire someone to help, or take over many of these important business aspects. Many business offer services that will keep your finances, send out your invoices, and many other related tasks. Don’t be afraid to make use of an individual or business that has an expertise in these fields.
