A sense of entitlement combined with a lack of understanding of the budgeting process has hastened the demise of several aviation endeavors. For the preparers, budgets are often thought of as a painful but necessary practice that is to be endured. For a few, budgets are nothing but a tool that is used to assign blame. Like a child who’s first exposure to a dog is via a bite, a bad experience early on can make any future budgeting processes unwelcome.
That which is measured improves… For professionals who fly with precision and leave nothing to chance, Business Aviation leaders need to to apply metrics in their managerial duties as they do in the cockpit.
The owners of a 10-year old light jet were facing the possibility of significant avionics upgrades in the next few years. They were also considering replacing the aircraft during the same timeframe. While the upgrade would add value to the aircraft and might make it easier to sell, what path was best for the owners?