Post-Olympic periods often present a unique challenge for sport’s national governing bodies. With the buzz of major events like the Olympics and Paralympics fading and possibility a change in leadership and objectives for the next cycle, it's critical to maintain momentum and ensure financial sustainability. One of the most effective ways to secure a stable future is by diversifying income streams.
While many not-for-profit sporting organisations rely on funding from UK Sport or Sport England, there is significant potential from corporate deals - particularly those tied to Corporate Social Responsibility (CSR) initiatives – but as ever it is crucial not to put all your eggs in one basket. We suggest exploring a range of income sources beyond corporate partnerships.
- university and college collaborations
- working with other governing bodies on shared programmes to make funding go further through economies of scale
- fundraising initiatives, and
- local charity partnerships are just a few examples of alternative revenue streams that can provide financial stability.
To focus on working with local universities and colleges to the national governing body include working collaboratively and using their funding to work on collaborative research, adding a range of new perspectives on the challenges faced and providing a new pool of the most talented athletes to join the elite programme and bring additional awareness and opportunities to the sport and NGB.
Donations may not be as prominent in the sports sector as in other areas of not for profit, whereas partnerships can bring more than just financial benefits. They enhance visibility, foster community engagement and open doors for future opportunities. A diversified approach to income generation helps you weather financial storms, allowing your organisation to thrive even in quieter periods.
The next step
At UHY Hacker Young, we understand the unique financial challenges faced by not-for-profit sporting bodies. Our national expertise and hands-on approach allow us to offer real, proactive support in diversifying income streams and securing a sustainable future for your organisation.
Get in touch with Chris McKain on c.mckain@uhy-uk.com to see how we can add value to your sports national governing bodies.
