Sustaining a business to generate growth
As we take a close look at the industry, we see numerous vessel brands, management companies, training facilities, designers and everyone in between yearning to grow their businesses and help shape the yachting world of today. This drive and passion, while very much a substantial part of sustaining a successful business, is just the foundation. It is the long-term vision, beyond quarterly or yearly objectives, that directly impacts the sustainability of your business to generate growth.
Staying ahead of the curve is key in building the momentum of your business model. From implementing new customer service strategies to reinventing the wheel on your approach to infrastructure, many factors come into play to achieve goals set to sustain your business.
Fighting complacency
An effective way to improve your business model is fighting the state of complacency. The motto “5 percent better and 5 percent different” holds more power than you think when setting long-term trajectory goals. Questioning your own status quo and your objectives on a regular basis is imperative. Establishing a new approach with regards to how you engage with your clientele or adding a new interactive element to a trade show or special event can raise the bar immensely. Even discovering new ways to refurbish a dock or dredging a marina to accommodate more travelers can set you apart from the competition and put you at the forefront of the industry.
Grow from within
A business cannot succeed without the right people put in place to support and build momentum over time. Selecting the “best of the best” requires a careful eye, an understanding of your customer base and what your customers are looking for. With this in mind, the best way to achieve this is by engaging with your key stakeholders – employees, customers, commercial partners and more. This conversation facilitates the selection of individuals best suited to exceed objectives and help frame new ones. At IGY, we have frequently looked to develop talent from within and many our team members have been with the company for years, starting anywhere from a dockhand to now serving in our corporate office. Working hard to create career mobility in an industry with limited career mobility builds strong morale from the bottom-up, motivating staff to strive for success.
Injecting capital into your business
A key differentiator in propelling a business forward is a commitment to thoughtfully investing capital in people and facilities to ensure growth and protect market share in difficult times. Investing funds to improve service and operations, respond to customer needs, pioneer industry trends, establish new revenue lines, and enhance company culture will continue to set the stage for new resources that support these sectors. It also serves as another avenue to open your network of stakeholders and investors, which ultimately provide the backing of a fully operational company. This is an important factor to consider when it comes to economic impacts, as there is peace of mind knowing your business is secure during financial difficulties.
Tom Mukamal serves as CEO of IGY Marinas. For more information on IGY Marinas or its collection of marina destinations, visit www.IGYMarinas.com.
