Budgeting and Budget Forecasting
The cost of owning and running a yacht can be considerable, with larger yachts and superyachts continuing to be major investments years after their initial purchase. To avoid your yacht becoming a black hole to your finances, a carefully formulated and monitored budget is essential.
A sound budget will ensure your vessel’s maintenance and operating expenses stay reasonable. Should you choose to charter your yacht to mitigate costs, proper budgeting and forecasting can also ensure a successful yacht charter operation.
At Yacht Management South Florida, Inc., our Fort Lauderdale yacht management and yacht maintenance company, our financial management offerings include smart budgeting and forecasting services for yachts. Our experienced and certified financial managers promise a detailed approach and close collaboration to develop a precise budget forecast and budget for your yacht.
Comprehensive Budgeting & Budget Management
When developing or optimizing a budget for a yacht, there are numerous considerations that need to be taken. While creating a potential budget by looking at the budgets of similar sized or identical yachts may seem like a good idea, it doesn’t take into account specific owner preferences and use, as well as guest use.
Our financial managers understand that effective budget management for a yacht starts with a realistic budget that adapts to the owners and guests using the vessel. That kind of budget takes time and effort to develop. It requires close collaboration with the yacht’s owner and captain to ensure all costs and are accounted for and funds are properly scheduled.
Below are just some of the expenses and spending calculations our financial managers need to consider when budgeting for a yacht.
- Seasonal cruising plans
- Scheduled owner and guest use
- Fuel costs
- Provisioning and food budgets
- Crew payroll and expenses
- Regular maintenance schedules
- Planned yacht restoration or major refits
- Marina and docking fees
Take note that there may be some significant differences between private vessels and charter yachts, (not only due to the potential income chartering can bring, but also due to the resulting additional hours of use) but thankfully the expert yacht financial management team at our Fort Lauderdale marina have plenty of experience budgeting for both types of boats.
Accurate Budget Forecasts & Financial Forecasting
Our budgeting and forecasting services for yachts encompasses developing precise budget forecasts for yachts that have significantly changed their regular cruising plans. If you have decided to change your vessel from a private yacht to a charter yacht, accurate financial forecasting is invaluable to ensure your expenditure stays reasonable. That’s what you can expect from our certified financial managers who are experienced at budget management for a number of charter operations.
Whether you need budgeting help for a private vessel or a charter yacht, Yacht Management South Florida, Inc. has the services and experience to develop a workable budget for your yacht that best suits you and your unique preferences. Have any more questions about our yacht budgeting and forecasting services, as well as our overall financial management packages? Contact us or call (954) 941-6447 today and a member of our team will happily answer them.