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From page 29... ... 29 CHAPTER 4 PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN 4.1 Introduction 4.2 Mission, Vision, and Values 4.3 SWOT Analysis 4.4 Goals 4.5 Objectives 4.6 Action Plans 4.7 Ancillary Elements 4.8 Written Business Plan 4.9 Wrap-up 4.10 Worksheets 4.1 INTRODUCTION This chapter discusses six of the principal elements of an airport business plan -- mission, vision, values, goals, objectives, and action plans. The seventh principal element -- budgets -- is discussed in Chapter 11. Read the entire page →
From page 30... ... 30 Guidebook for Developing General Aviation Airport Business Plans A general aviation airport manager interviewed for this project indicated that a summary of the airport's mission, vision, and values is posted on the wall in his oﬃce across from his desk. While the summary was the result of a rather involved process, these elements are conveyed on a single sheet of paper. Read the entire page →
From page 31... ... Preparing the Elements of an Airport Business Plan 31 A values statement outlines the collective beliefs held throughout an organization. Values are enduring and will not be compromised or abandoned by the organization. Read the entire page →
From page 32... ... 32 Guidebook for Developing General Aviation Airport Business Plans Figure 4-1: SWOT Analysis If a current SWOT analysis exists, the results can be used to help establish goals for the airport. Worksheet 4-2: SWOT Analysis If a SWOT analysis does not exist or is outdated, this worksheet, provided at the end of this chapter and in Part 4 of the digital ﬁles, can be used to facilitate the analysis. Read the entire page →
From page 33... ... Preparing the Elements of an Airport Business Plan 33 If current goals exist (and the goals are consistent with the mission and vision for the airport) , the goals can be integrated into the airport business plan. Read the entire page →
From page 34... ... 34 Guidebook for Developing General Aviation Airport Business Plans Figure 4-2: Example: SMART Goal This example is consistent with the SMART model because it is • Speciﬁc -- the airport will be ﬁnancially self-sustaining • Measurable -- operating revenues will cover operating expenses and no operating subsidy will be required • Attainable -- it can be achieved by increasing operating revenue, decreasing operating expenses, or both • Relevant -- consistent with being a good steward of airport assets • Time Bound -- within 5 years Worksheet 4-4: SMART Model This worksheet, provided at the end of this chapter and in Part 4 of the digital ﬁles, can be used to help establish SMART goals. GROW MODEL After developing SMART goals for the airport, the Goal, Reality, Options, Will (GROW) Read the entire page →
From page 35... ... Preparing the Elements of an Airport Business Plan 35 Once established, goals need to be prioritized. Using the goal quadrant categorization approach, goals can be prioritized by ﬁrst identifying the low-cost, highbeneﬁt goals that will generate results quickly and create a sense of accomplishment. Read the entire page →
From page 36... ... 36 Guidebook for Developing General Aviation Airport Business Plans Figure 4-4: Example: SMART Objective This example is consistent with the SMART model as the objective is • Speciﬁc -- the occupancy of the airport-owned and operated T-hangars will increase • Measurable -- lease ﬁve vacant T-hangars • Attainable -- an increase of ﬁve tenants is realistic • Relevant -- making the highest and best use of existing facilities is consistent with being a good steward of airport assets and increasing revenue will help achieve the goal of becoming ﬁnancially self-sustaining • Time Bound -- within 6 months The GROW model can be used to reﬁne SMART objectives as well. Once established using the SMART model and reﬁned using the GROW model, the objectives for each goal need to be organized and prioritized. Read the entire page →
From page 37... ... Preparing the Elements of an Airport Business Plan 37 The airport business planning process is much more than having an occasional discussion, participating in a retreat, or putting some thoughts on paper. A quality airport business plan is an ongoing eﬀort that builds on the ideas of policymakers, airport management and staﬀ, and stakeholders in order to establish goals, develop objectives, and formulate action plans. Read the entire page →
From page 38... ... 38 Guidebook for Developing General Aviation Airport Business Plans If you don't know where you're going, you'll probably end up somewhere else. – Laurence J Read the entire page →
From page 39... ... Preparing the Elements of an Airport Business Plan 39 Figure 4-6: Goal, Objective, and Action Plan -- Interrelationships Worksheet 4-6: Action Plan This worksheet, provided at the end of this chapter and in Part 4 of the digital ﬁles, is designed to help the planning team formulate action plans. 4.7 ANCILLARY ELEMENTS In addition to the principal elements of an airport business plan, the following ancillary elements are typically included in the plan: • Executive Summary -- this section, which summarizes the airport business plan, can be one of the most important sections of the entire plan. Read the entire page →
From page 40... ... 40 Guidebook for Developing General Aviation Airport Business Plans threats; (3) providing a brief overview of the airport, the community, the market, and the industry; and (4) Read the entire page →
From page 41... ... Preparing the Elements of an Airport Business Plan 41 4.9 WRAP-UP In addition to discussing six of the principal elements of an airport business plan (the seventh -- budgets -- is discussed in Chapter 11) , this chapter provided worksheets and templates to help develop several elements of an airport business plan. Read the entire page →
From page 42... ... 42 Guidebook for Developing General Aviation Airport Business Plans WORKSHEET 4-1: MISSION, VISION, AND VALUES CHAPTER 4: PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN The ﬁrst step in developing a mission statement for an airport is contemplating the reason for its existence or its purpose. This can be achieved by identifying the areas where the airport/organization excels. Read the entire page →
From page 43... ... Preparing the Elements of an Airport Business Plan 43 A values statement outlines the collective beliefs held throughout an organization. According to Erica Olsen, VP of marketing at M3Planning, one good question to ask is, "What are the guiding principles that dictate how we treat each other and our customers? Read the entire page →
From page 44... ... 44 Guidebook for Developing General Aviation Airport Business Plans WORKSHEET 4-2: SWOT ANALYSIS CHAPTER 4: PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN The purpose of the SWOT analysis is to categorize actual and perceived strengths and weaknesses of an airport and its organization from an internal perspective and opportunities and threats from an external perspective. The results of the SWOT analysis serve to document the planning team's understanding of the airport and its organization. Read the entire page →
From page 45... ... Preparing the Elements of an Airport Business Plan 45 The SWOT results can be summarized in a four-quadrant graphic that identiﬁes each component of the analysis. Strengths Weaknesses Threats Opportunities Identify strengths here: ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ Identify weaknesses here: ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ • • • • • • • • • • • • • • • ______________________ • • • • • • • • • • • • • • • Identify threats here: ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ Identify opportunities here: • • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • ______________________ • • • • • • • • • • • • • • • • • Read the entire page →
From page 46... ... 46 Guidebook for Developing General Aviation Airport Business Plans WORKSHEET 4-3: GOALS CHAPTER 4: PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN After establishing mission, vision, and values and conducting the SWOT analysis, goals can be established for the airport. The ﬁndings of the SWOT analysis can serve as the basis for the development of goals that realize the mission and vision for the airport. Read the entire page →
From page 47... ... Preparing the Elements of an Airport Business Plan 47 WORKSHEET 4-4: SMART MODEL CHAPTER 4: PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN The SMART Model Worksheet is designed to help the planning team evaluate existing goals and/or establish new goals for the airport. Every goal should meet the SMART criteria: • Speciﬁc -- simple, straightforward, compelling (without speciﬁcity, a goal can never truly be reached) Read the entire page →
From page 48... ... 48 Guidebook for Developing General Aviation Airport Business Plans SMART Chart Goal Speciﬁc Measurable Attainable Relevant Time Bound Yes/No Yes/No Yes/No Yes/No Yes/No SO U RC E: AD A P T ED F RO M C O RNERS T O NE EX EC U T I V E & L I F E C O A C HI NG LT D "SMART GO AL S E T T I NG W O RK S H E E T WI T H GU I D A NC E NO T ES" SMART Results Goal 1: Goal 2: Goal 3: Goal 4: Goal 5: Goal 6: Read the entire page →
From page 49... ... Preparing the Elements of an Airport Business Plan 49 WORKSHEET 4-5: GROW MODEL CHAPTER 4: PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN The GROW Model Worksheet is designed to help the planning team reﬁne goals using the Goal, Reality, Options, Will model. The GROW model can be used in three diﬀerent ways: • For each SMART goal; • For a few select SMART goals, especially those that are more complex or important; or • Generally, considering the entire airport or organization as a whole. Read the entire page →
From page 50... ... 50 Guidebook for Developing General Aviation Airport Business Plans GROW Model Worksheet Goals: Where does the organization want to be? Focus on assessing and meeting the needs of the customer and ensuring congruence between the two. Read the entire page →
From page 51... ... Preparing the Elements of an Airport Business Plan 51 WORKSHEET 4-6: ACTION PLAN CHAPTER 4: PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN As a fundamental part of the airport business plan, an action plan seeks to answer the key questions of who is going to do what, when, where, why, and how in order to accomplish a speciﬁc objective. These key questions are commonly referred to as the Six Ws. Read the entire page →
From page 52... ... 52 Guidebook for Developing General Aviation Airport Business Plans TEMPLATE 4-1: AIRPORT BUSINESS PLAN CHAPTER 4: PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN Executive Summary [INSERT EXECUTIVE SUMMARY HERE -- AFTER ALL OTHER SECTIONS HAVE BEEN COMPLETED] This section conveys the reason(s) Read the entire page →
From page 53... ... Preparing the Elements of an Airport Business Plan 53 SAMPLE: • Community-oriented in our focus; always strive to be a good neighbor • Outreach to aviator and community to understand and balance needs and priorities • New ways of evaluating opportunities and challenges by creating innovative solutions • Nurture and guide employee growth and well being • Environmental stewardship and minimization of negative impacts • Conscious of safety and security in our operations • Transparent environment based on integrity, trust, and respect • Excellence in service with fair, responsive, and courteous treatment of all • District ﬁnancial responsibility to use public funds fairly and equitably, strive for aﬀordability for local pilots, scrutinize costs, and evaluate rates and charges Goal 1 [INSERT GOAL 1 FROM WORKSHEET 4-4 HERE -- AFTER ENSURING CONSISTENCY WITH THE SMART AND GROW MODELS AND ORGANIZING AND PRIORITIZING GOALS] SAMPLE: Within 5 years, operating revenues will cover operating expenses and no operating subsidy will be required to sustain the airport. Read the entire page →
From page 54... ... 54 Guidebook for Developing General Aviation Airport Business Plans Each objective can, and most likely will, have multiple action plans. Budget [INSERT BUDGETS FROM TEMPLATES 11-6, 11-7, 11-8 (IF APPLICABLE) Read the entire page →

From page 29...

... 29 CHAPTER 4 PREPARING THE ELEMENTS OF AN AIRPORT BUSINESS PLAN 4.1 Introduction 4.2 Mission, Vision, and Values 4.3 SWOT Analysis 4.4 Goals 4.5 Objectives 4.6 Action Plans 4.7 Ancillary Elements 4.8 Written Business Plan 4.9 Wrap-up 4.10 Worksheets 4.1 INTRODUCTION This chapter discusses six of the principal elements of an airport business plan -- mission, vision, values, goals, objectives, and action plans. The seventh principal element -- budgets -- is discussed in Chapter 11.