We’re wrapping up our first 6 months of the Aviation Business Podcast. In this episode we’re going to tie together the key principles we’ve learned and reviewed.
How do you get the right people on the bus in your organization? In this episode learn about the selection process to successful hiring. Discover the 4 C’s to finding if your candidates are a good fit for your organization.
If you can’t lead yourself, you won’t be able to lead others. In this episode learn how you can better lead yourself to become a better leader.
7 Pillar Test:
On a scale of 1-10 rate yourself on each area of your life:
Faith - are you spending time praying or reading the Bible?
Fitness - Are you exercising regularly and eating well
Finances - Are you saving, investing, and avoiding unnecessary debt
Family - Are you spending quality time, physically and mentally with your loved ones
Fellowship - Are you spending quality time with quality friends who enrich you
Fun - Are you able to spend time enjoying life, your hobbies, laughing, etc.
Field (Career) - Do you have a clear vision and mission in your career, are you setting and executing goals and developing people?
In this episode, we’ll talk about an issue that doesn’t regularly come up in business conversations. However, it is one that’s sure to have a positive impact on your life, your business, and in your personal relationships. We’ll learn how an attitude and practice of gratitude wins in business.
Many businesses struggle to differentiate themselves from their competition. In this episode, learn new ideas about how you can win in your business.
Better isn’t different. Different is different. - Jesse Cole
Attention beats marketing 100% of the time. - Jesse Cole
Learn how to avoid Shiny Object Syndrome and focus on those things that will help you accomplish your goals.
"That's been one of my mantras - focus and simplicity. Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it's worth it in the end because once you get there, you can move mountains.” Steve Jobs
“Purpose, values, vision, and mission are the barometer(s) on which all decisions should be gauged.” - Tim Bonnell
"What is the one thing, such by doing it, everything else will be easier or unnecessary." - Gary Keller (The One Thing)
“The successful warrior is the average man, with laser-like focus.” - Bruss Lee
“Most people have no idea of the giant capacity we can immediately command when we focus all of our resources on mastering a single area of our lives.” - Tony Robbins
“I don’t care how much power, brilliance or energy you have, if you don’t harness it and focus it on a specific target, and hold it there you’re never going to accomplish as much as your ability warrants.” - Zig Ziglar
“Successful people maintain a positive focus in life no matter what is going on around them. They stay focused on their past successes rather than their past failures, and on the next action steps they need to take to get them closer to the fulfillment of their goals rather than all the other distractions that life presents to them.” - Jack Canfield
Attending conferences, conventions and expositions come with an investment of time and money. In this episode, you will learn how to get a stronger ROI on that investment. We will examine various tips for the three phases of a successful event: Advanced Planning, Being Strategic at the Event, and Follow-Up.
In this episode learn how curiosity may be the trait that sets you apart from your business competition, and that helps you to better connect and succeed in your relationships.
Book mentioned: A Curious Mind by Brian Grazer
The #1 enemy to your personal and professional growth is your limiting beliefs. In this episode, learn to replace your limiting beliefs with liberating truths or freedom statements.
In this episode, you are asked to reflect on the question: When all is said and done. What legacy will you and your business leave? In the people who worked for you, with you, and in your industry? What impact did you have for the greater good?
When growing a business, you face a number of potential risks that can threaten your business in a number of ways. The loss of assets, income, liability to others, financial liabilities... among others.
Risk management is the process utilized to control and limit loss. That process includes identifying, analyzing, and mitigating risk. In general, there are four primary ways, or a combination thereof, that are used to treat and control a risk:
To Avoid the risk (stop doing the risky activity or dispose of the asset)
To Reduce the risk (limit risky activity and/or take proactive actions to limit risk)
To Transfer the risk (via Insurance or Contractual Agreement)
To Retain the risk (in-whole or in-part)
In the process of risk analysis, most risks can be assigned into one of four categories based on the frequency of losses and the potential severity of potential losses. For each category, there is a standard risk management treatment typically utilized to mitigate the risk:
Low Risk + Low Severity = Retain the risk
Low Risk + High Severity = Transfer the risk (to an insurance company)
High Risk + Low Severity = Reduce the risk (or transfer)
High Risk + High Severity = Avoid the risk
Most aviation exposures fall into the Low Risk, High Severity category, so aircraft owners typically address their aviation risks by transferring the bulk of the potential (pure) financial loss to an insurance company by purchasing an insurance policy. The insurance policy is a legal contract set to indemnify you in the event of a direct loss. To indemnify (indemnification) is to restore the insured to the condition they were in prior to the loss. That means that an insured is not meant to benefit from a loss, but to be brought to the status they would have been had the loss not occurred.
Risk management is a simple process in nature, but can be much more involved and treated in more complex ways as operations get larger and more complex. However, the majority of aircraft owners and operators will find this concise information will provide a general understanding for their benefit.
Keep your business flying high by implementing these basic risk management techniques. Should you have a sophisticated business, be sure to partner with strong trusted advisors including an attorney, CPA, knowledgable insurance broker, and perhaps a Risk Manager, or financial risk manager.
The Aviation Business Podcast is sponsored by my company, Aeris Insurance Solutions. If you’d like to connect you can email me at Tim.firstname.lastname@example.org or check out the website www.aerisinsurance.com
If you liked this podcast be sure to head over to iTunes and click subscribe and even leave a 5 star review. Also share this with others in your company and your industry friends. Until next time keep your wheels up and your wings level.
In the last episode, we talked about Key Performance Indicators, more specifically, Lead Indicators being key to the execution of our goals. These lead indicators are essentially daily and weekly habits that, when executed, lead to the success of our goals. So being able to effectively establish and maintain effective habits are key to success.
Here are 5 Ways to successfully implement habits:
Commit up front to try the new habit or routine for a minimum of 90 days.
Have a clear vision or picture of what the end result looks like.
Have the right support system. A coach and/or mastermind group.
Keep score - what get’s tracked get’s executed.
Know that change isn’t easy - Don’t make excuses or justify anything less than success.
Most business track key performance indicators in their businesses to determine their success. These are usually results of past work such as: total sales volume, EBITDA, bottom line, number of products produced, customer satisfaction ratings etc. These are all Lag Indicators.
In order to improve results, and execute goals, it is highly beneficial to establish Lead Indicators. Lead Indicators are daily and weekly habits, actions, and activities that if done consistently lead to the desired results. Hear more about this episode.
Asking quality, open-ended questions, that lead a coachee towards the desired outcome creates several wins. You've helped the coachee move closer to their goals, and you've helped them to be able to ask themselves better questions in the future. You're training them to problem solve.
The 3 Types of Questions:
- Open (can't be answered yes or no)
- Bigger (expands the coachee's view)
- Probing (narrows and extends the coachee's thought process)
- Time Bound
- Goal: Focus and narrow down to a specific goal
- Reality: What is the reality of the situation today?
- Options: What are a number of options that could be potential solutions
- Win: The one or two actions the coachee commits to doing
Learning effective coaching skills is important to growing your business. In this episode we see three key foundations to effective coaching:
1) To genuinely want to see the coachee grow.
2) To ask good open ended questions
3) To actively listen
Then we examine the 3 Levels of Listening:
1) Level One is passive listening.
2) Level Two listens but is too caught up in preparing for the response, offering advice, or continuing the conversation.
3) Level Three listening is fully engaged active listening that doesn't judge or prepare advice for the coachee.
Learn more about being a Level 3 Listener in today's episode below.
It is nearly impossible to grow outside of trusted relationships. In this episode several different types of growth relationships that might be a good fit to help take you and your organization to the next level.
Learn more about, counselors, mentors, and coaches. As well as mastermind groups and how to win belonging to larger organizations.