Transparency, Communication Are Key in Achieving Financial Resiliency

 
Is your airport ready for the next economic downturn? Chellie Cameron, CEO of Philadelphia International Airport, led a discussion with three of North America’s leading airport directors on how U.S. and Canadian airports dealt with the last economic downturn, and what necessary steps there are to take to prepare for the next recession. St. Louis’ Rhonda Hamm-Niebruegge, Tampa’s Joe Lopano, and Kelowna’s Sam Samaddar dived into the key strategies and best practices available to assist airports in building their toolkits for financial resiliency.

Building cash reserves in preparation for times of uncertainty is important when navigating toward a better situation. Saving for a rainy day and being vigilant about disruptions at the airport is a part of the main strategies for protecting your revenue.

However, each of the panelists agreed that the first step in your plan for the best path forward through a financial decline has to include communication. Airport leaders must be transparent with staff, tenants and the surrounding communities in order to make progress. Nothing happens overnight, especially without nurturing your relationships and getting creative.

“Be thoughtful, but don’t panic. Building relationships when the times are good is crucial. When things go south, they will come to your aid,” Lopano said. “The time to prepare is now. ”