Backing Up Management and Aviation Business Value
What if….
When a company is valued, one of the aspects that is considered is its management. Among the most significant key factors include:
- The depth of the management team, and
- What systems are in place to support the company if any member of the management team is unavailable.
You have built your company and selected key individuals with certain expertise, skills, abilities, knowledge, know-how…and they are an integral part of how your company does business. Each role has value and each person has value. But have you given thought to what would happen if you or one of your key management team members was unable to work or suddenly left?
Ask the Questions
Setting up a plan for how to handle a sudden or temporary departure of management team member—including yourself—adds value to your aviation business. It might be time to take a look at your business and consider each key managerial role and responsibility.
- What are the primary responsibilities that each manager has?
- What tasks are most important in each role?
- What tasks must be carried out, and at what intervals?
- Are those tasks well-defined and documented?
- Could anyone else in the company “pick up the slack” in each role? And for how long?
Establish a Plan
It’s important to establish both a short-term and longer-term plan for backing up management. If something sudden happens, it can be essential to your business to have a plan in place to ensure that things keep moving forward.
But long term plans are also important. That can mean thinking ahead to who in your company can be trained to take over certain roles as senior managers retire. It can also mean working with someone in the company who might be a candidate to buy your business in the long run. This is especially true for smaller aviation companies.
It’s All About Value
It’s all about building and maintaining the value in your business. While unplanned events can have sudden impacts on the value of your aviation business, planning ahead can mitigate the effects of the unexpected and reduce a risk that could negatively affect the value of your business. Planning ahead can turn that risk into a positive.
