Running a small yacht isn’t just about flying across the ocean blue and sipping cocktails in front of epic sunsets. Any boat owner will tell you that most of the yacht price goes on maintenance and management. Operational excellence means getting the most out of your yacht, and that’s more than filling up the fuel tanks and finding where to pay your berthing fee. All owners must learn yacht management to keep their vessels seaworthy, whether they’re operating a single boat or an entire fleet. So, how do you manage your craft to keep it in tip-top condition?

Yacht Management and You – Building a Lasting Operation

One of the biggest pitfalls yacht owners encounter is managing their new vessels. They’re so excited to get out on the water that they forget all the other things that make an operation tick.

Let’s go through the three most important principles of maintaining a yacht or fleet.

1. Maintain a Stable Crew

Exclusive yachts all have one thing in common: they avoid frequent crew changes and enjoy a stable workflow.

Don’t underestimate the value that a great crew brings to any boat. Veteran crewmembers know how to operate the yacht and bring vital knowledge that can be passed on to newcomers when people eventually move on. If your crew is constantly changing, it’s tough to keep everything running like clockwork.

So, what are the keys to crew retention:

·  Competitive Wages – Experienced crew members expect to be rewarded for their hard work, which means paying competitive wages. If you’re underpaying your crew or – heaven forbid – relying on inexperienced volunteers, you won’t keep them for long.

·  Respectful Work Environment – Being at sea is a high-stress job, whether on a small yacht or a vast superyacht. However, a respectful, supportive work environment takes the edge off. Think about how you eliminate toxicity and create a sense of belonging.

·  Growth Opportunities – Most crewmembers want to advance their skills to build a sustainable career in the industry. Are you offering chances to learn and become better? Yacht management is about implementing effective retention strategies. Put yourself in the shoes of your crew and consider what it’s going to take to incentivize a member of the team to stay for years to come.

2. Optimize Costs Through Supplier Relationships

Supplying your yacht will make up a significant portion of your running costs. Lean on your crew for information about which suppliers help you balance the cost vs. quality equation. Again, this is another benefit of implementing crew retention strategies

Forming and maintaining relationships with local suppliers offering consistent quality and service is the foundation of what makes a yacht work.

Follow these extra tips for leveraging these relationships:

·  Implement Inventory Management – Invest in an inventory management system. These platforms ensure you always know what you have and need in real time. This puts a stop to redundant purchases and keeps everything streamlined.

·  Conduct Regular Cost Analysis – Be ruthless with your cost analyses. Run them regularly to identify unnecessary expenses and keep your finances in line.

·  Practice Strong Negotiation – No price is fixed in the yachting industry. Use your negotiation skills to secure the best possible deals to optimise your costs further.

Strategically managing your network of suppliers doesn’t just bring you cost savings. It guarantees everything runs smoothly, so you’re not left scrambling with last-minute purchases and unnecessary expenses.

. Tailor Management to the Yacht

All boat brands and models operate differently. What’s needed for a small yacht isn’t the same as a big-ticket exclusive yacht. In other words, flexibility should be one of the principles of your yacht management strategy.

Tailoring your management strategy begins with understanding the vessel you’re working with. Take the time to understand your yacht’s needs. Nuanced understandings lay the foundation for identifying the challenges and opportunities unique to every boat.

You’d be surprised at the number of yacht owners who don’t have anything more than a basic understanding of the vessel they’re sailing on. Plus, this is another area where you can lean on experienced crew members.

Instil a collaborative work environment to lean on superior experience, regardless of rank. For example, you might be an experienced yachtsman, but you’ve got a younger crew member with extensive knowledge of a particular vessel. Listen to them and adapt your management approach.

Conclusion: Build a Slick Yachting Operation

Driving any business forward starts and ends with good management. Managing your yacht or a fleet of yachts means identifying the right crew and keeping them. Install the systems that make their jobs easier and ensure that you leave no stone unturned with regular and irregular operations.

How are you streamlining your yachting operation?

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