City are banking on a good cup run next season to make up for missing out on any knock-out cash last term.
The first-round draw for the Capital One Cup takes place this morning, with the Bantams among the seeded teams after their 11th-placed finish in League One.
City fell at the opening hurdle last year at neighbours Huddersfield. They were also thrashed 5-0 by Hartlepool in the first round of the Johnstone’s Paint Trophy and 3-0 at Rotherham in the FA Cup.
Rhodes said: “A cup run is hugely important and Phil knows that.
“Each year we tend to speculate a little bit on the budget but we always have ways of addressing that deficit.
“That is primarily through cup runs or if that doesn’t happen we have to look to sell somebody from the youth system.
“If that all fails, we have to sell a player from the first team; last year that was Nahki Wells, although we’d probably have had to do that anyway.
“But the complete lack of a cup run affected us quite badly. We had a great year two years ago and I’m hoping we’re due another good one.
“The money we made from the cup run in 2012-13 turned the club around.”
City were criticised by fans for leaving first-choice strike force Wells and James Hanson on the bench against the Terriers in last year’s cup opener. They both came on to combine for a late consolation in a 2-1 loss.
Rhodes added: “We are going to have a smaller squad next season so I think there will be less chance of rotating.
“And yet the season we got to the cup final, you’ll find there was a lot of rotation so we can’t be too critical.
“But look at Huddersfield in the League Cup last season. We were 2-0 down, then put (James) Hanson and Wells on and pulled a goal back.
“Who’s to say what might have happened if they started? It didn’t work last season but it did the year before.
“We’ll probably end up with a few season-long loans who might not be allowed to play in the cup. There’s a lot up in the air at the moment so we’ll have to see.
“But it would be great if we could have a decent season in all three cups this time.”
The draw is regionalised as usual but City will avoid any Championship opposition, ruling out the possibility of another August derby with Huddersfield or Leeds.
They have not faced a club from a lower division in the League Cup since 2005, when Colin Todd’s team demolished Rochdale 5-0 at Spotland with a Dean Windass treble.
Rhodes said: “Having a run in the cup is the most obvious way to address your deficit. But it’s not just that.
“The best cup run we’ve had for so many years also resulted in us getting promotion.
“I don’t believe the suggestion that a cup run takes anything away from your league form. If anything, I think that enhances it.
“It adds to the feel-good factor and gives players that added confidence. I think that’s what happened in 2012-13.
“Last season we started remarkably well, we went out of all the cups and things went completely the other way.
“Maybe if we had enjoyed a cup run, the league season wouldn’t have petered out the way it did and we may have done better.
“Being seeded this time should give us a better chance of getting through. The Premier League clubs come in the next round – and we’ve shown that we can deal with them!
“That would be ideal. Man United aren’t in Europe so they’ll be in then – I’ll take us winning the first round and then drawing them away.
“Even if we get beaten, that will be a good cup run.”