By TTA Blog
2017 purchase by Entrepreneur Stanley Kowlessar propels 30-year-old aviation company to success even during pandemic…
Thrust Tech Accessories, a trusted name in the aviation industry for 30 years, has reached a key milestone – its third anniversary under new ownership, on Dec. 15. That’s no small feat, considering the U.S. Bureau of Labor Statistics says 20 percent of U.S. small business start-ups do not even succeed beyond the first year.
After three years though, this aviation-focused business led by entrepreneur Stanley Kowlessar, owner, president, and general manager with 40 years of industry experience, has not only survived and thrived –during this pandemic era – but achieved modest growth while taking on the challenge of re-tooling the organization from top to bottom.
Thrust Tech Accessories (TTA) is a minority-owned, family-owned, and veteran-owned business operating as an FAA-certified and EASA-certified 145 Component Repair Station. Here’s a look at what the company achieved in this past year, all the while focusing on strengthening the company’s foundation and setting it on a path to growth and prosperity:
2020 Achievements
- Landed new aviation-focused clients, enhancing business revenue in a tough year;
- Increased parts inventory by 30 percent allowing TTA to respond more quickly to clients’ needs and keep the company’s pipeline of business flowing;
- Added new equipment and upgraded other equipment, taking advantage of such marketplace opportunities as auctions – at advantageous pricing;
- Enhanced its internal talent pool by adding managers, aviation specialists and more technicians, and improved “engagement” with the employee team;
- Focused on more training to keep employee skills sharp, take advantage of new business opportunities, and create an environment that allows team members to “take ownership” of their work processes and responsibilities;
- Developed new, more flexible payment terms for aviation-focused clients, to help them survive in a tough year, while preserving TTA’s customer base for the future;
- Beefed up marketing efforts, created enhanced TTA Web site, and hired a public relations agency – all moves designed to spread the company’s reach and increase sales;
- Appointed Stanley Kowlessar, Jr. to oversee social management and develop new marketplace synergies;
- Tackled issues or unexpected opportunities quickly and decisively, and plowed more operating capital back into the business;
- Created a safer workplace during a pandemic era by instituting workplace social distancing, fresh air circulation and other health/safety protocols.
“I’m proud of our team of 35 employees as they’ve ‘stood strong’ in the face of a challenging economic environment with COVID-19 this year,” says Kowlessar, who began working for his company’s “predecessor business” in 2015, first as operations manager and then as its general manager.
When the opportunity arose in 2017, Kowlessar was able to muster the financial resources to acquire the company. He started Thrust Tech Accessories with a totally new business plan, approach and direction – one with an eye toward growth.
Making a Difference
In fact, the company’s journey over the past three years is a lesson in how one motivated entrepreneur can make a difference. In 2018 the company posted modest sales. However, within just one-year billable sales increased by 15 percent – all while operating as a new business venture and overcoming less than favorable standing in the industry. In 2019, billable sales continued to increase 15 percent above 2018 in this, TTA’s second year – which is the make-or-break year for most new business. Pre-COVID, the company was on track to hit an average of 15 percent annual growth for the third straight year in a row.
“Even though our billables this year are not matching pre-COVID-19 projections, we’re still on track for modest growth for 2020,” Kowlessar emphasizes. He’s also continuing to redeploy Thrust Tech’s resources and put operating capital back into the company –in fact, during this challenging year, TTA made the most capital investment in the company. He says the goal is to always have “gas in the tank” or the financial resources needed to pivot quickly to meet client needs when business opportunities develop.
Keeping employees motivated and building a strong team is also a priority. All TTA employees will receive a Christmas bonus, and it’s expected to be the same monetary level of bonus that they received in 2019.
“It certainly hasn’t been easy in this COVID-19 year,” he says, but emphasizes: “Thrust Tech is ‘going strong,’ growing, and moving – not just in performance, but also in operational structure, direction, and vision.” He notes that one of the keys was open communication with employees – through an ongoing series of “all-hands meetings” that continually keep them informed.
Kowlessar concludes: “Thanks to our employees working as a team; a collaborative mindset by our aviation-related suppliers; our ability to pivot quickly and make good decisions; and the creative financial approaches we’ve developed this year for customers, we’re weathering the storm, celebrating our third anniversary – and looking forward to a strong fourth year in 2021.”
