Keys for Finding a Company That Specializes in Aviation Management
Aviation is a multi-trillion dollar industry but one which remains highly fragmented even as it continues to consolidate. With increasing demand for more sophisticated services, aviation management is the key value driver for asset owners and other relevant stakeholders such as airport sponsors. Every institutional capital source and financial institution wants to have the best management team at work, and here are the keys for the right choice.
- Know your goals and align yourself accordingly. Strong management relationships are defined by goals, which form the crux of the contract. Once you have formulated your goals which are outlined by tangible milestones, you should seek a professional management company who is like minded with experience in achieving the same goals. Compensation should be structured to be mutually rewarding as goals are met and exceeded; this is basis for alignment between investors and the management team.
- Choose expertise over other things. Carefully diligence a prospective management company’s qualifications and experience. There are important distinctions in management criteria among Fixed Base Operations (FBOs), Maintenance Repair and Overhaul (MRO), Aircraft Charter and Management (ACM) and other aviation services. You need a management company with a proven track record which demonstrates its experience and expertise.
- Communication is imperative. A professional management company will always take time to discuss client expectations and the current status of plan execution. In aviation, you should expect a professional management company to stay ahead of industry developments and adjust competitive approaches accordingly. Define your goals and you should expect custom communications solutions to ensure you are always up to date.
- Know their capabilities. From establishing a management operating system to ensuring crisp execution throughout all levels of the organizations, professional management companies will be able to show a proven track record of accomplishment in the areas you are seeking. Ensure that the prospective company has the bandwidth to scale its services to meet your growing needs.
- Understand their approach. Management styles in this industry can vary, and it’s important to know the ways in which a particular company will view your competitive landscape. This will require questioning their strategies and experience in similar situations, but until you are sure you are aligned continue to dig deep.
Of course, you also need to spend time getting to know them from a professional perspective. A capable management company will never shy away from sharing their project details, and they should be forthcoming with multiple industry references for you to contact.
- Posted by admin
- August 31, 2017
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