Lessons From the Gridiron

By now, regular readers of our blog have noticed a trend toward sports-themed blogs. It could be because we are all big sports fans. It could be because we are in the early-season head rush that comes with September and football season. But I think it’s primarily because the world of sports is, in many ways, a perfect analogy for the business world. Today, in honor of football season getting into full swing, I wanted to present four financial lessons that people can learn from the world of football:

1. There is no “I” in team. Football is considered by many pundits to be the ultimate team game. Eleven people on the field, each responsible for a task on each and every play. If one fails, the whole play is in jeopardy. Is it really any different in the business world? Can the shipping department deliver the product on time if the sales department doesn’t turn in the order? One of the single most important principles that a business owner needs to instill in his staff – top to bottom – is that the entire organization needs to be working together for a common goal. Employees will certainly have personal agendas, but those agendas cannot conflict with the goals of the organization. It sounds hackneyed, but teamwork is essential to your success.

2. The final score matters. A team can trail at the half and make the big comeback in the second half to win the game. How do they do it? Halftime adjustments. The coach sees a problem and corrects it. The coach who makes the best adjustments often wins the game. Not every business plan is successful. Not every personal financial plan gets off the ground correctly. The lesson here is that you can always make those “halftime” adjustments to your plan and right the ship. I have personally worked with people in their fifties who had absolutely no retirement savings. At the end of our “halftime” we found a plan that would provide full retirement benefits – including medical – and would be fully funded in five years. Having a good plan is important. Knowing when to make adjustments to that plan is critical.

3. Listen to the coach. In the world of football, the head coach is the final authority on the team’s game plan, personnel, and strategy. He decides what plays to run (though sometimes they delegate this responsibility), who gets in the game, and ultimately the coach is the hero when they win and the goat when they lose. In the business world, CPAs are able to function as the coach for business owners and individuals seeking financial advice. However, if you have a football coach whose players don’t buy into his game plan, the team is doomed. It works exactly the same way when you deal with a financial professional. CPAs are experts in matters involving business planning, financial planning, and taxation. So why on earth would someone take their fishing buddy’s advice over the CPA’s? I don’t know but it happens – too often.

4. The game plan changes based on the opponent. Each week, football teams plan intensely for that weekend’s opponent, and the planning is specific to what the opponent’s strengths and weaknesses are. The University of Texas Longhorns will not plan for the Oklahoma game in the same manner as they did for the UTEP game. Why would they? In the financial world, then, why would you plan for your retirement or the success of your business based on a plan that was drawn up for someone else? You need a plan that was designed for your needs. This is why we are no big fans of Dave Ramsey or Suze Ormon. They are certainly capable advisors, but the concepts that they discuss are not designed especially for you. They are designed to be as generic as possible to provide mass appeal. While that’s great for their pocketbooks, it probably won’t be as good for yours. You need to work with a financial team that is willing to design a plan around your needs. You need a plan that will meet your goals. You can’t get that from watching a television show.

Sure, maybe I have football on the brain. But I believe that there are fundamental principles that can be learned from the game that can be applied to your financial success. If you would like to know more about planning for your retirement or for the success of your business, contact our office.

--Dan Musick is the Tax Services partner for Cook & Associates, a full-service CPA firm providing a wide range of tax, accounting, consulting, and auditing services from its offices in San Marcos and San Antonio, TX