Planning your yacht management is very important in order to optimize time and money, including boats or yachts more than 24 meters long.
Generally, the concept of “management” is defined as a system of planning, programming and monitoring used inside a business. The main target is very important: be able to deliver great results for the business.
During difficult times, it is important to have an innovative approach: a good strategy implies using Key Performance Indicators, also known as KPI. It is important to set up a clear strategy that includes targeting in order to optimize your boat or yacht management.
Here are 5 important steps that will improve your yacht or boat management!
1. CREATE AN EXCEL FILE
This tool is very useful for analyzing some KPI’s: the first thing to do is creating a Dashbord.
This first step is important because it allows you to observe and compare data, in order to quantify and better understand insights.
It is a must: always keep in mind your target and your strategy, set up a range of values (minimum and maximum) and how much these numbers have changed in the short and long term.
Once you created your file, divide the tab into two big areas and after setting the target, create the KPI’s in order to monitor the results.
[If in 2019 storage costs grew of 15,7% compared to the previous year, the target for 2020 will be reducing costs of 20%.]
2. SET UP A MANAGEMENT STRATEGY
Do you know the 5W?
- What? Is about the strategy in terms of skills, costs, participants, time and other resources.
- Who? This describes the participants involved into this strategy and regards all the members of the team.
- Where or even better, where to? This will help you understand the direction you want to take in order to maximize your income in the most efficient way.
- Why? This part is about your target and your strategy. What’s your main purpose? What’s the result you are looking for?
- When? This word refers to how the strategy will be done in the short and long term. This regards also the phases in which it is divided.
3. SET UP A SPECIFIC TARGET
Previous questions will help you in order to prioritize work and keep in mind your target. This SMART TARGETS imply:
- Specificity: purpose is to reach specific results;
- Measurability: monitoring progress.
- Action: targets have to be measurable and reachable (a reachable target should be based on the SWOT analysis).
- Relevance: this targets have to reach the expected outcome.
- Timing: targets need due dates and have to be divided according to a specific moment in time; without due dates, results cannot be planned.
4. SET UP YOUR KPI'S ACCORDING TO YOUR TARGET
After doing the first, second and third step, you have to ask yourself if:
- are the KPIs you’ve set specific?
- do your set KPIs consent you to get closer to the target?
- is the target reachable?
- is your target relevant?
- how would you define the time management in your business plan?
Example: if financial targets include a boat selling before the 50% devaluation, some KPIs might be related to the difference between the medium value of the boat/maintenance work and effective devaluation and so on for other activities such as programming the maintenance intervention.
5. INSERT AND MONITOR DATA REGARDING BOAT MANAGEMENT
The success of a management plan depends on many factors, not only on monitoring some key activities.
A smart and planned management has the aim of supporting medium and small shipowners activities (yacht less than 24 meters long) and develop new unexplored resources for the nautical industry.
For companies like Sealuxury, management and planning are imperative! Strategies are also important not only for our business, but also for the evolution of the nautical industry.
That’s why defining and choosing the perfect mix of KPIs has to be the result of an accurate analysis. Benefits are obvious: improving operational efficiency, reducing costs, improving shipowners feedback. In order to create a good strategy, it’s useful to use a set up Assessment.
With more than 10 years of experience into the nautical management industry, Sealuxury’s team is able to deliver optimal services regarding the implementation and optimization of the management process of your boat or yacht.
Our services are created and personalized based on your requests. Our team of experts will be able to find the perfect solution for your need: we think that if you don’t take part to the solution, you are part of the problem.