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The Value of Time
Supplementing time with transport alternatives A wise man once observed that we cannot save time- we can only spend it wisely. David Wyndham offers his perspective on this element of advice as it applies to Business Aviation.
In our private lives- we routinely assign a value to our time and act in ways we think reflects that value. Do we cook at home or order takeout? Should we mow the lawn or hire a lawn service? Shall I take the bus to work or drive? In our business lives- we need to assess alternatives- particularly regarding transportation. The use of Business Aviation should be an extension of the same decision-making process we use in our private lives: given our limited time- how do we spend it wisely?
In business- we have three critical resources in limited quantity:
For a business to be successful- we must make the best use of those three resources. The business aircraft is a tool that enables your company to become successful as well as to expand upon its success. It is not just something to acquire once you’ve made it. To utilize Business Aviation fully- you need an understanding and acceptance of what the business aircraft can do.
Business aircraft enable an efficient use of time. Consider these typical scenarios we see when advising clients:
The VP of Manufacturing for a major corporation spends about 250 days per year on the road. This person is responsible for maintaining a global group of companies all of which are involved in just-in-time manufacturing. His is a rough travel schedule to maintain. He’d love to grill out after mowing the lawn- but he’s in such demand that he is fortunate to get home two weekends per month. The business aircraft enables him to be in the office more- to work effectively while traveling via air- to attend his son’s graduation and to feel rested and refreshed when he arrives at his next destination. In return- his company gets the full benefit of his management and leadership skills.
Few argue about the time ‘saved’ by business aircraft. But it is the use of time that is important. Consider another client who visits prospects with his sales and engineering team. Using the company’s business aircraft- the client and his team review their proposal and refine their presentation en route to the prospect. The sales and engineering team has the privacy on the aircraft it needs as well as the uninterrupted meeting time that is so hard to get at the office. In this scenario- not only does the business aircraft reduce travel time but it makes that travel time productive.
GETTING THE BEST- KEEPING THE BEST
Companies all like to hire ‘the best’. But if we don’t make good use of the best peoples’ skills and attributes- we lose them. The business aircraft is a tool that the best people can use to stay at their best. Business travel is necessary because as humans- we need to be in personal contact with each other in order to communicate the most efficiently and effectively. Emails and video conferences do not close major deals.
Yes- the business aircraft is very comfortable- quiet and some can be quite luxurious—there is nothing wrong with that picture. You take care of the things that you value the most- such as your best and most productive employees. The business aircraft is a tool that turns long-distance travel from a ‘time drain’ to a productive or restful experience. The business aircraft reduces stressors and allows people to function more efficiently and effectively. For an individual or team that generates millions in orders- an investment in Business Aviation is paid back several times over.
I asked a small company owner how he could justify spending the money on his airplane. He jokingly said it was far cheaper than a divorce. He used that machine to fly to his business connections over a multi-state region. Driving was a chore- and with traffic- he never could be sure of his arrival time. The aircraft gave him peace of mind- time to think- and it allowed him to manage 10 major projects instead of three. Thus- he was able to employ more people. And yes- the airplane got him home to his family most nights.
The cost of the business aircraft should be measured against the benefit of enabling our most valuable employees to be their most productive and effective. The wise and proper use of aircraft is something that can enable a company to be successful- sooner and to a greater degree than otherwise possible.
Do you have any questions or opinions on the above topic? Get them answered/published in World Aircraft Sales Magazine. Email feedback to: Jack@avbuyer.com