The battle of winning customer trust and loyalty begins with frontline employees: those that interface directly with the customer on the ramp and at the front desk. This is your FBO’s ground zero!
Read MoreIf your service team is not truly customer focused… not truly tuned into being a part of a customer centric culture… then your customer experience is dead-on-arrival (DOA).
Read MoreThe last element in building equity in your FBO enterprise is developing a consistent customer service experience.
Think of a three legged stool where each leg represents a primary component that helps support the entire customer experience platform. The three legs must work in concert with each other. If one leg fails, the stool will collapse, causing a breakdown in delivering the best possible customer service experience.
Read MoreWhen planning a strategy to boost equity in your FBO enterprise, we highly recommend you double-down on building a strong internal safety culture.
Read MoreBuilding equity in your FBO business can often take years. It’s an investment in both time and resources.
That’s why FBO owners and operators need to make sure their equity position is protected and made durable through a strong Airport Minimum Standards document.
Read MoreAs a continuation of our blog post regarding the value of creating a sound balance sheet with consistent EBITDA performance, we pick back up with the importance of conducting a financial ratio analysis which helps spot trends, whether good or bad.
Read MoreThe recent European Union Aviation Safety Agency’s (EASA) proposed ground handling regulations have sparked interest amongst leaders in the U.S. FBO Industry and was a general topic of discussion by FBO owners and operators attending the annual NBAA Schedulers & Dispatchers (S&D) Conference held March 12-14 in Ft. Worth, TX.
Read MoreThe annual NBAA Schedulers & Dispatchers (S&D) Conference offers a great opportunity to catch up with FBO clients, associates and leaders in order to get a feel for the pulse of the industry as well as issues that could impact policy and procedural changes. This year’s rendition, March 12-14 in Ft. Worth, TX, was no exception.
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FBO Fuel Sales Softened in 2023
The results of our Annual FBO Fuel Sales Survey indicate that fuel sales softened in 2023 following a relatively flat 2022 performance.
Read MoreA handy tool for FBOs to help manage profitability is to conduct a financial ratio analysis which will assist in spotting trends, both good and bad. This process will aid owners and operators to get a better grip on cash management and forecasting the effect that operations have on the bottom line.
Read MoreThe fourth element in building equity in your FBO enterprise is creating a sound balance sheet to help determine financial performance.
Read MoreMulti-Part Series on The 7 Immutable Elements of Building Equity in Your FBO Enterprise. Now that you have your three golden eggs nicely arranged, lease agreements for Hangar Space, Office Space and Tie-down Space, there’s one last section of the lease documents that should not be overlooked. It’s the rules and regulations section that offers you protection should one of the parties in your agreement defaults.
Read MoreIf you want to maximize your ground lease return on investment, don’t overlook the value of your tie-down space. It’s an opportunity to add one more golden egg to your nest of income producers: Hangar Space, Office Space and Tie-down Space. We call it the trifecta of recurring income that will produce a passive source of revenue for months and years to come for your FBO.
Read MoreDon’t look now, but there are two golden eggs in your grassy nest next to your fuel farm. The first one is your hangar lease agreement which we discussed in the last blog post. The second golden egg represents your office lease agreements which also deserve your undivided attention.
Read MoreIn today’s FBO operating environment, we’ve often heard the term “Gas and Grass” to describe the two most important elements of building a successful enterprise. For this blog post, we’ll call gas the golden goose and grass the golden egg.
Read MoreWhen it comes to reviewing the contract fuel section of your fuel supplier agreement, please remember that there are two sides to every coin. On one side there are the rewards that need to be examined. On the other side, there are potential risks that need to be weighed.
Read MoreMulti-Part Series on The 7 Immutable Elements of Building Equity in Your FBO Enterprise
An often-overlooked element in developing a better fuel supplier agreement is the ability to negotiate favorable credit card processing fees. If you want to have a tangible impact on your bottom line, watching your credit card processing fees is a sure bet.
Multi-Part Series on The 7 Immutable Elements of Building Equity in Your FBO Enterprise
Details, details, details. It’s often humdrum, but paying attention of the subtler points of a fuel supplier agreement can pay dividends in the long run.
For this blog post, we’ll discuss the finer points of a favorable fuel supplier agreement. This includes taxes (federal, state, local, LUST and flowage fees), in addition to quality control, training and marketing support.
Read MoreMulti-Part Series on The 7 Immutable Elements of Building Equity in Your FBO Enterprise
As we all know, running a successful FBO fueling operation comes down to dollars and cents. A penny saved per gallon here and there can mean better bottom line returns.
It’s really simple math. If you added a penny to the cost of every gallon sold annually, that’s $100 gross profit to the bottom line for every 10,000 gallons pumped. Not exactly chump change!
Read MoreThere are many ways to attract customers to your FBO, including advertising, social media, word of mouth and face-to-face encounters at trade shows. But once you get first-time customers on your ramp, how do you motivate them to return and become loyal; the kind of loyalty that generates a recommendation to other flight crews and business aircraft operators?
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