The yachting industry has always been a lucrative and exclusive market, with wealthy individuals and corporations investing in luxury yachts for personal use or to charter out to others. However, like many industries, the yachting sector has been hit hard by the financial uncertainty caused by the COVID-19 pandemic, and the turn of following events which signals we are heading towards financially turbulent times.
Challenging times ahead
In 2023, charter companies will need to find ways to navigate the challenges caused by the economic downturn. One way to overcome these challenges is by being smarter and more efficient in how they operate. This means investing in digital solutions to automate everyday tasks and streamline operations. These types of digital tools can help to reduce the workload for staff, freeing up time and resources to focus on delivering a top-quality experience for their clients.
Digital yacht management tools
One company that is leading the way in this regard is Seazone, which offers a range of digital management tools specifically tailored for the yachting industry. These tools cover a variety of key areas including financial management, planned maintenance systems (PMS), administration, recruitment, charters, and fleet management.
Focus on what you do best
By using these tools, Central agents and management companies can save time and resources, allowing them to focus on what they do best – providing a luxury experience for their clients. For example, the financial management tools offered by Seazone can help yachting companies to better track and manage their expenses, giving them greater control over their financial performance. Similarly, the PMS tools can help to ensure that yachts are well-maintained and in top condition, reducing the risk of costly downtime or repairs.
Be open to new ideas, prepare to pivot
In addition to being smarter and more efficient, yachting companies will also need to be adaptable in order to survive in the current climate. This means being open to new ideas and ways of operating, and being willing to pivot if necessary. For example, some yachting companies may need to diversify their offerings in order to appeal to a wider range of customers. This could include offering shorter charters or more budget-friendly options, or exploring new destinations that may be more attractive to travelers in the current climate.
Embrace new technologies
Another way that yachting companies can adapt is by embracing new technologies and digital solutions that will allow them to take more yachts under full management and incorporate a steady flow of income to the company.
As mentioned earlier, Seazone offers a range of tools that can help yachting companies to automate their operations and streamline their workflows. By using these tools, companies can reduce their reliance on manual processes and reduce the risk of errors, freeing up time and resources to focus on delivering a top-quality experience for their clients.
Adapt, or get left behind
In conclusion, the financial uncertainty of 2023 will no doubt present a number of challenges for the yachting industry. However, by being smarter, more efficient, and adaptable, charter and management companies can overcome these challenges and continue to thrive in the coming year. By investing in digital solutions such as those offered by Seazone, companies can streamline their operations, reduce costs, and focus on delivering a top-quality experience for their clients.