Are you having trouble managing your finances? Well, you have found the right article. Finance can be tricky sometimes to understand but once mastered it can easily elevate your decision-making skills and team management. There are many aspects of finance you need to understand when you are managing your team which can vary such as drafting players, trading and signing them, and many more. In this article, we will be indulging in a lot of details from explaining finance to understanding factors that affect them and tips to improve the same.
How to access Team Finance?
For accessing the Finance menu, you need to follow these steps:
Now from here you can view and adjust your team's financial situation.
Finances in Franchise mode Explained
Managing finances in franchise mode is certainly not easy. With so much competition and players learning and using the finances more and more, it is essential for understanding it as it is directly related to your team's success. Let me explain some basic terms and elements you need to know about finances in a team.
I hope you are familiar with the basics of how finance works. If not, here is a short summary to understand the basics. You need money to run your team. This money comes if win matches and your team becomes popular. In this case, people will come to watch your matches and buy your jerseys. Also, different brands and companies would want to advertise through your team. All of this will earn money for you. Now once you get this money you would need to spend it on the team. The money goes into the salary of players and coaches, into travel to different locations to play the matches, and into paying taxes. Hope you have got a basic idea of how this works. Now let's see how you can improve your finances.
How to improve finances?
There are many ways to improve finances for your team. However, you need to be careful and patient to get maximum benefits.
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Coaching staff trees - If invested smartly, these can really help you reduce the expenditure in your team. As we all know, every coach or personnel has a tree through which you can understand their unique abilities. Upgrading these abilities through points will greatly impact your finances as it will reduce costs and increase trade value. You can get these points from completing tasks while playing the game. These tasks can be related to points, assists, etc.
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Trading - Now this is something not everyone can master easily. You need to be smart and quick in decisions to grab valuable deals especially if you don't have enough money in your bank. For doing effective trading there are a few things you can look out for:
- Pay close attention to the players, especially when they are not in their prime. They are usually with teams who want to replace them which can give you a great deal.
- Also, look towards the future with players who have great potential but are currently not the best. You might be able to help them achieve it.
- There can be players who are not the best ones out there but can fit perfectly in your team. These players can be bought with fewer finances.
- Find offers using the trade finder feature. It can save you time as you don't need to do negotiations and can grab a deal straightaway.
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Use the trump card of free agents - Signing players as permanent for a long time can hurt your purse significantly. It applies to those players even more who you know are not going to play every match but will be required in crucial stages. This is where free agents come in. You can get their services for a limited time without breaking the bank for them. The tips are the same as the previous ones. You need to pick the player based on fit and not just on ratings. Other factors would be shorter contracts, more value for money services, flexibility, and availability.
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Avoiding luxury tax - So there is a threshold for the season every year and every team needs to pay a tax if they exceed that threshold. This tax is called luxury tax and it is based on the current threshold and the tax history of the team. The rate keeps on changing based on the team and situations. This can really put a dent in your team's finances if you are not careful. However, there are a few things you can do to minimize it:
- Keep a track of your money. Always try to predict the threshold and maintain a healthy distance to avoid paying unnecessary taxes which can impact your budget. You can also project your taxes through your commitments and tax levels.
- Always have replacement players in mind. By doing this you would have options to change or replace the players you think are not performing as per the money spent on them. You swap them out through trading to get better deals.
- As mentioned before also, the money generated by teams is dependent on their performance and popularity. You should aim on improving that to earn more revenue resulting in increasing your overall purse.
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Tips for Managing your finances
Well, you must be wondering if there are some tips and tricks to manage your finances effectively. Yes, there are some and we have listed them below:
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Did you know you can sign your free agents without the need to go through the whole process of salary and negotiations? It is called the Bird rights but use it carefully while keeping an eye on the tax.
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Now this is a future we have mentioned earlier as well to improve finance called trade finder. A lot of people underestimate its potential but this is one of the most useful in the game saving a lot of time and money.
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Well! To make more money you need to increase the flow of it. In this case, the revenue is coming from sales (ads, tickets, etc.). Tweaking the prices even a little can create a huge impact on revenue. The only thing you need to maintain is the performance of the team and the popularity of the franchise.
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Always use the exceptions to your advantage. Using the mid-level and bi-annual exceptions you can easily get hold of a free agent for your team.
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What happens in a scenario where you sign a player but realize you no longer want that player? This is a pretty common thing that happens to franchises. To counter it use need to use the sign-and-trade option where you can trade with other teams for players you want in exchange for yours. It is a quite useful technique.
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Stuck in a financial crunch? We have a solution. There is a provision where you can stretch the salary of a player for an extended duration. It is called stretch provision and it can be a life saving feature in those situations.
Factors that affect your Finances
Ever wondered what can be the reasons that are affecting your finances? We were too so we gathered this information to help you out:
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Let's start with the factors that are present even before the team was created which are the existing market size as well as the location where the team is based. Development and population also become vital factors in this situation as it directly affects the revenue of the team.
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Infrastructure also plays a major role here. The attendance to your matches as well as the ads and sponsorships depends upon the arena you have built and the facilities you have provided. Priority should be given to new technology even tough there is a cost involved as it would generate profit in the long run.
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Now this is the most obvious and we have been mentioning it from the start. This is the performance and popularity of your franchise. This is the vicious circle of franchise management. To win or perform consistently you need to have a stable pool of good players. These players demand higher salaries and to fulfill those salaries you need to earn more money which would come from performing consistently.
Conclusion
To conclude, I think we all can agree that finance can be tricky at times but by having sufficient information and applying some tricks smartly we could overcome this challenge. We hope this article was able to help you with this topic and we would bring you more articles like these in the future.
