We suspect that Jurgen Klopp will be fine. He may be leaving the job of Liverpool manager and his next job, if he ever takes one, may be uncertain, but the chances are he will be financially secure.
Few of us, especially in sport, get the chance to plan our next move. For most, fate takes a the biggest hand and a big career switch is often not out of choice but comes as a result of a realisation that options are narrowing – for a footballer, for instance, injury or age may mean that fewer clubs are interested in offering a contract and those that do are not as exciting as in times past. For a manager, it might be that results and circumstances mean that the applications for new roles are knocked back more and more.
Quite simply, the phone stops ringing and a new strategy is needed.
And it’s at such a stage that financial and business planning are vital. We offer business services for those in sport and the wider world of entertainment and creativity.
We understand that you sometimes have to pivot to different roles in your chosen industry – that you, or your company, may need to take some big decisions, either to chase new opportunities in new markets domestically or to move overseas, perhaps to a new league.
Alternatively, as an individual, you may need to switch roles in your industry – from playing to coaching, or from the training ground to the office. And within all those changes, you’ll need to talk through your work, life and business planning – to get some honest opinions on your options and opportunities, to offer advice on the strategies you’re devising and also to offer introductions to our networks so that you can explore the possibilities to the fullest – they might be future customers for your services or mentors and supporters. You’ll need both.
Financial planning is also key. You have to be able to afford to chase a dream and a sudden switch can mean a dramatic change in the levels and regularity of income. Understanding your financial needs might mean looking at your expenditure, both personal and work, and seeing where changes and cuts might help, or seeing what kind of savings pot you have that might fund the switchover from one income to another.
But while its safer to assume an income drop will happen at some point in your career – and that often comes when a sports person goes from playing to coaching – you can’t just cut your spending and hope for the best.
It’s important, too, to be able to invest in your career. That might be training – getting coaching badges or developing leadership skills. If the switch is to business,; it could be new premises to run that business from; or it might be to pay employees and contractors. Throughout all that, you’ll need sounding boards, advise and support, and we’re here to do that. Whether it’s optimising your tax, delivering on your financial reporting responsibilities or talking you through the bigger picture, get in touch and let’s see how we can help.