Questions You Need To Answer To Determine the Performance of Your Fish Farming Business

Millions of new companies are started up each and every year and in most countries over 90 % of those new companies never survive beyond the first year of starting up. Why? Because many fail to understand the fundamentals of a true business. No matter how large or small your fish farming business is, you cannot gauge the effectiveness of any changes you’ve made over the year without analyzing the benefits and bottom line. You must take a step back from your business from time to time to see the direction in which your business is heading…. don’t just think because orders are coming in for fish that all is well with your business. Here are 10 simple questions you ought to the know the answers to as the owner of the business: How do your year-to-date in your sales compare to the last couple of years in your fish farm? Don’t be satisfied if you managed to match them because if sales stayed the same then you’ve achieved zero growth. With inflation, this flat growth line is a warning sign for more trouble down the road. What percentage of your fish farming business is from repeat customers? This is important to know because if it’s too low, then it needs to be improved. The estimated cost of getting a new customer versus retaining an existing one can be as much as five to one in terms of dollars spent. Keeping customers is more cost-effective than constantly seeking new ones. How long has it been since you offered a new service in your fish farm to your customers? Loyal customers like to see you are changing and progressing with the times. If you’re stuck for an idea, ask your customers what they need. Do you consider marketing and advertising expenses or investments? How you look at the money spent in these areas affects your willingness to spend money at all. Would you look at prescriptions as a waste of money? Marketing is really investing in you, your vision, and your company. The old adage that you must spend money to make money is true, but you must spend it wisely. Spend it on ads that are pulling responses and orders, and if they’re not maybe you need to change publications. Do you know what PR is and how to use it to positively position your business in the media? I’ll bet that at least one of your competitors does. Nearly every mention of a company or business in the newspapers and magazines is a direct result of publicity efforts. Being quoted or featured in an article speaks volumes to your clients and readers who are your potential prospects. A good PR consultant can do that for you and show you ways to extend the shelf life of that article beyond its publication. Are you listed in the yellow pages? If you only have a line listing, consider including a small ad in the yellow pages. If you can afford it, it will pay dividends throughout the year. Do you threat your regular customers better than your drop- ins? You shoul!!! If your customers don’t feel special when coming to you for your products of services, why should they remain loyal to you? Have a customer appreciation day or a special invitation only sale for your regulars. Create a mailing list of your regulars. Send occasional post cards or greeting cards for special events or just to keep in touch. Learn to recognize them on sight and greet them by name when they visit you. How long has it been since you really talked to one of your customers? Just as you appreciate when your Doctor takes time to talk to you, your customers will appreciate you if you take an interest in their needs. If you have a service business, have lunch or coffee periodically with some regulars – even if they only contact you once or twice a year. The personal touch in an impersonal world will be remembered. How is your business doing compared to your competition? Every company, no matter what the size, has competition – even home-based businesses. Are your competitors businesses growing or downsizing? Is their pricing or service better than yours? If so, what can you tell potential customers about the price difference? Think about how you can improve your service to meet or exceed your customer’s expectations. Are your employees happy? Don’t ask them directly, but observe them throughout the day. Watch, listen and learn. Employees who like their jobs don’t watch the clock for quitting time, aren’t habitually late, don’t have poor body language, don’t spend time on personal phone calls, and don’t look like they never smiled. Observe how they interact with customers. Not everyone is a match for direct contact with the public, so make sure you don’t have an employee who is driving business away.