Posts Tagged ‘business aviation’

Time is Money

Tuesday, September 2nd, 2014

One of the first things people discover about flying is that it requires an abundance of two resources: time and money. The money part is pretty obvious. Anyone who inquires about flight instruction at a local school will figure that one out before they even take their first lesson. The importance of time is a bit more nebulous.

When I began working as an instructor, I noticed that even in affluent coastal Orange County, at least one of those two assets always seemed to be in short supply. Those who had plenty of money rarely had much free time; they were financially successful because they worked such long hours. Younger pilots typically had fewer demands on their schedule, but funds were limited at best. It reminds me of Einstein’s famous mass-energy equivalence formula, E=mc2. But instead of matter and energy being interchangeable, it’s time and money. Benjamin Franklin took it a step further in a 1748 letter, concluding that “time is money”.

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I learned to fly during a period when both of those elements were readily available. It was a luxury I didn’t appreciate — or even recognize — at the time. It’s probably for the best, since I would have been sorely tempted to spend even more on my addiction.

After flying Part 135 for the past three years, it’s interesting to note how those same limits apply to charter customers despite being much higher up on the proverbial food chain. These restrictions are the very reason Part 91/135 business aviation exists at all.

Case in point: I recently flew a dozen employees of a large retailer around the U.S. to finalize locations for new stores. They were able to visit ten cities in four days, spending several hours working at each destination. Out of curiosity, I ran our itinerary through booking sites like Kayak, Orbitz, and Travelocity to see how a group of twelve might fare on the airlines. Would you be surprised to learn that the answer is “not well”?

Our first leg, three hours in length, would have taken twelve hours and two extra stops on the airlines and actually cost more, assuming business class seats. Some of the subsequent legs wouldn’t have been possible at all on the airlines because they simply don’t serve those destinations. Overall, chartering the Gulfstream IV-SP cost less than trying to do the same trip on an airline. As far as time saved, on an airline, each of those ten legs would have required passengers to be at the airport 90 minutes in advance of their scheduled departure time. That alone would have wasted fifteen hours — the equivalent of two business days.

A chartered aircraft waits for passengers if they’re running late. If they need to change a destination, we can accommodate them. Travelers spend more time working and less time idle, literally turning back the clock and making everything they do more productive. And once we’re airborne, they can continue to do business, preparing for their next meeting and using the cabin as a mobile office. They can conference, spread out papers, and speak freely without worrying about strangers overhearing sensitive information.

This time/money exchange is present on every trip. Since I’m based in Los Angeles, our passengers are often in the entertainment industry. Imagine an artist or band who had a concert in Chicago on Monday, Miami on Tuesday, Denver on Wednesday, and Seattle on Thursday. They need to be in town early for rehearsals, interviews, and appearances. These tours sometimes last weeks or even months. Keeping a schedule like that would be nearly impossible without chartering. Imagine the cast of big budget film needing to be at film festivals, premieres, media interviews, awards shows, and such. Or the leaders of a private company about to go public or meeting with investors around the country prior to a product launch. Franklin was right: time is money.

When I fly on an scheduled airline, the inefficiency and discomfort remind me of why charter, fractional, and corporate aviation will only continue to grow. The price point of private flying doesn’t make sense for everyone, but for those who need it, it’s more than a convenience. It’s what makes doing business possible at all.