Questions You Need To Answer To Determine the Performance of Your Fish Farming Business - Anambra Indigenous Youth Farmers Multi-purpose Cooperative Limited
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Questions You Need To Answer To Determine the Performance of Your Fish Farming Business

Written By Anambra Farmers on Friday, 5 October 2012 | 21:36

Millions of new companies are started up each year and in most countries, over 90 % of these new companies never survive beyond the very first year of starting up.


Because many fail to understand the basic principles of a true business.

Regardless of how large or small the fish farming business is, you cannot gauge the effectiveness of any changes you’ve made within the year without analyzing the benefits and financial well being.

You must take a step back from your business every now and then to see the direction by which your business is heading….

Don’t only consider because orders are doing the same thing.

Here are 10 simple questions you need to the know the answers to as the owner of the business

What is your year-to-date sales this year compared to the previous year or so in your fish farm?
Don’t be satisfied in the event you managed to match them! If sales stayed the same subsequently you’ve achieved zero growth.

Along with inflation, this flat growth line is often a warning sign for more trouble down the road.

What percentage of your sea food farming business is from repeat customers?

This is important to learn because if it’s lower, then it needs to be improved.

The estimated cost of obtaining a new customer versus retaining an existing one is as much as five to one, with regards to the money spent.

Keeping customers can be more cost-effective than constantly seeking new ones.

How long has it been when you offered a new service from your fish farm to your customers?

Loyal customers like to see you changing and progressing with the times.

If you’re stuck for a thought, ask your customers what needed.

Do you consider marketing as well as advertising expenses or investments?
How you consider the money spent in these areas affects your willingness to waste money at all.

Would you check out prescriptions as a waste involving money?

Marketing is really investing in yourself, your vision, and your enterprise.

The old adage that you need to spend money to make money does work, but you must spend it wisely.

Spend it on ads which can be pulling responses and orders, and if they’re not maybe it is advisable to change publications.

Do you know very well what PR is and how to utilize it to positively position your organization in the media?

I’ll bet that no less than one of your competitors does.

Nearly every mention of a corporation or business in the newspapers and magazines is a direct result of publicity efforts.

Being quoted or featured within the article speaks volumes to your clients and readers who are your potential prospects.

A good PR consultant is capable of doing that for you and explains to you ways to extend the shelf life of their article beyond its publication.

Do you think you're listed in the yellow webpages?

If you only have a line listing, consider including a compact ad in the yellow webpages.

If you can afford the item, it will pay dividends throughout every season.

Do you treat your regular customers a lot better than your drop-ins?

Should your customers not feel special when going to you for your products or services, why should they remain loyal for you?

Have a customer appreciation day or perhaps a special invitation only sale to your regulars.

Create a mailing listing of your regulars.

Send occasional post cards or 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 when you really talked to one of your respective customers?

Just as you appreciate your Doctor taking time to speak to you, your customers will appreciate you investing an interest in their wants.

If you have an assistance business, have lunch or coffee occasionally with some regulars – regardless of whether they only contact you once or twice a year.

The personal touch within the impersonal world will be recalled.

How is your business doing when compared to your competition?

Every company, regardless of what the size, has competition – perhaps home-based businesses.

Are your opponents businesses growing or downsizing?

Is their pricing or service a lot better than yours?

If so, what can you tell potential customers about the price difference?

Think about how you are able to improve your service to meet up with or exceed your customer’s objectives.

Are your employees happy?

Don’t inquire directly, but observe them throughout the day.

Watch, listen and learn.

Employees who like their jobs don’t view the clock for quitting moment, aren’t habitually late, don’t have poor mannerisms, don’t spend time on personal telephone calls, and don’t look like they will never smiled.

Observe how they interact with customers.

Not everyone is a match for direct connection with the public, so make sure you don’t have an employee who is driving small business away.

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