StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

How to maxamize revenue at small business marina on a lake - Research Paper Example

Cite this document
Summary
The cost of starting marina business is extremely high and is dependent on the efficiency of employees as well as quality of services the business offer to its…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.9% of users find it useful
How to maxamize revenue at small business marina on a lake
Read Text Preview

Extract of sample "How to maxamize revenue at small business marina on a lake"

How to Maximize Revenue at Small Business Marina on a Lake Affiliation) Introduction The profitability of marina businesses is dependent on the season and the prevailing economic conditions of the state. The cost of starting marina business is extremely high and is dependent on the efficiency of employees as well as quality of services the business offer to its clients (Recreational Navigation Commission, 2004). This study focuses on the challenges facing small lake marina and approaches to overcome those challenges.

CompetitionSmall scale businesses face stiff rivalry in terms of good customer service and low priced products and services offered by well established competitors (United States Congress, 2008). This is because well established large scale businesses enjoy economies of scale when they offer large scale products. Furthermore, well established business can afford to hire qualified workforce and provide employee training that result to efficiency of operations. Small lake marinas face stiff competitions for customers from the public operated marinas and big lake marinas.

The big lake marinas and public run marinas have stable sources of finances to finance their activities. In addition, due to large scale of operation the rival marina owners are able to enjoy low cost recreational services hence enabling them to charge their clients competitive fees. Also, the public marinas and big lake marinas are able to provide better services to their clients due to their ability to hire qualified workers (Cooper, & Burke, 2011). There are other cheaper alternative recreational facilities that limit the performance of marinas; hence marina operators should utilize efficient technology to provide a wide range of recreation facilities and increase business profitability.

Financial Management The growth of small business revenue depends on the managers ability to use the finances appropriately throughout the financial year. Many businesses face characteristic fluctuations in the flow of finances since in some periods the income is lower than the cost with some seasons of huge sales hence greater incomes (Kariv, 2013). Therefore, since the fixed cost of running the business remains constant throughout the year, the business managers should be able to distribute their incomes throughout the financial year.

However, small scale businesses are rarely able to distribute their finances throughout the year because of lack of financial reserves (Prosek, 2011). For this reason, small scale business relies heavily on borrowings from banks and other financial institutions that charge interest on the loans hence reducing the business profitability. For example, small lake marinas rely on earnings from their clients. Since the business is recreation in nature and the flow of clients vary with seasons, the management face a lot of challenges in managing their finances to sustain the operation of the business throughout the year (Mill, 2008).

The managers of the small lake marinas can improve the management of their finances by adopting modern technology that result to reduction of the operation expenses. StaffingSmall scale businesses find it hard to hire the best employees and provide them with appropriate training in order to remain competitive in the market (Alex, 2008). This challenge is posed by the fact that businesses have to incur additional cost for hiring qualified workers and provide employee training. The same challenge is facing small lake marinas because most of these businesses are owner operated or they are run by low-paid, but less qualified employees who cannot deliver competitive services to the clients (Bannock, 2005).

Hiring competitive workers is an essential management tool of the business because qualified workers increase efficiency of operations that result to low cost and increase in business profitability. ConclusionOperating small lake marina has a lot of challenges, but these challenges can be alleviated by employing appropriate technology, improving marketing techniques and operational efficiencyReferencesAlex, M. (2008). Entrepreneurial Services Marketing Initiatives Facilitating Small Business Growth.

Journal of Small Business and Entrepreneurship, Vol. 21(4).Bannock, G. (2005). The Economics and Management of Small Business: An International Perspective. Routledge, New York.Cooper, C. L. & Burke, R. J. (2011). Human Resource Management in Small Business: Achieving Peak Performance. Edward Elgar PublishingKariv, D. (2013). Female Entrepreneurship and the New Venture Creation: An International Overview. RoutledgeMill R. C. (2008). Management and Operation. John Wiley and SonsProsek, J. (2011).

Army of Entrepreneurs: Create An Engaged and Empowered Workforce for Exceptional Business Growth. AMACOM, New YorkRecreational Navigation Commission. (2004). Dredging of Marinas. PIANC, 2004United States Congress. (2008). Financial and Economic Challenges Facing Small Businesses. Vol. 4. U.S. G.P.O.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“How to maxamize revenue at small business marina on a lake Research Paper”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1624422-how-to-maxamize-revenue-at-small-business-marina-on-a-lake
(How to Maxamize Revenue at Small Business Marina on a Lake Research Paper)
https://studentshare.org/miscellaneous/1624422-how-to-maxamize-revenue-at-small-business-marina-on-a-lake.
“How to Maxamize Revenue at Small Business Marina on a Lake Research Paper”, n.d. https://studentshare.org/miscellaneous/1624422-how-to-maxamize-revenue-at-small-business-marina-on-a-lake.
  • Cited: 0 times

CHECK THESE SAMPLES OF How to maxamize revenue at small business marina on a lake

The Gulf Agency Company Strategic Management

In addition, it is vital to plan how to monitor and control the defined goals.... In the GAC Company, the control of the goals depends on the shipping measures; thus, the company needs to plan how to measure their shipping processes and products.... The BSC recommend an analysis of goals based on the performance indicators using the four perspectives: Financial Customer Internal business process Learning and Growth To achieve an established strategic planning we have to implement the strategies at a lower level of the company....
10 Pages (2500 words) Essay

Business Plan for AquaBlu, the Premier Online Swimwear Company

AquaBlu will be positioning the business under ethical perceptions and innovation, providing eight percent of profits to The Blue Marine Foundation.... Utilizing an emphasis on the marketing mix, especially through promotional prowess, the business will establish its first objective in year one of operations, which is establishing brand recognition and market loyalty that will contribute to the firm's profitability.... Using guerrilla marketing, affiliate marketing and viral marketing as the most low-cost promotional methods, the business will be ready to tackle its medium- and long-term objectives of expansion of the product line and the distribution channel....
31 Pages (7750 words) Dissertation

BP Global Oil Spill in Gulf of Mexico and Its Affect on Local Businesses

BP Global Oil Spill in Gulf of Mexico and its Affect on Local Businesses Introduction When the Deepwater Horizon platform exploded on April 20, 2010, nobody expected that Gulf of Mexico would turn into an ocean wilderness and a dead zone of the size of New Jersey after the spill still in uncountable millions of gallons of oil....
22 Pages (5500 words) Research Paper

Impact of European Union on the Small States in the EU

The work "Impact of European Union on the small States in the EU" describes the behavior of a small state in the European state.... From this work, it is clear about the challenges facing the small states in the European Union.... The author outlines the major roles played by the European Union on the political and economic capabilities of the identified small states.... hellip; The European Union has several developments that have created either new benefits or challenges to small states....
24 Pages (6000 words) Research Paper

Radioshack Company Strategic Management

adioShack's mission statement is to focus on the major part of its retail business which is its customers and electronic products.... The mission statement places emphasis on not only its retail business but also accepting that its employee delivery is a crucial component of achieving its goals (Treverton 2012).... On the other hand, the retail class comprises of consumer electronics In the last few years, the company has been faced with reduction in sales revenue due to the global phenomena of online retailing and financial reports from the company indicate that it has failed to be profitable for the past three years due to the intense competition from companies like eBay and Amazon....
14 Pages (3500 words) Essay

Analysis and Valuation of General Dynamics

The company deals with combat weapons systems, business aviation, ship building, solutions and systems of communication and information technology.... eneral Dynamics Corporation conducts business with worldwide government customers like governments of Australia, The United Kingdom, Switzerland, Spain, Mexico and Canada.... he commercial business segment of the corporation entails export of business-jet aircrafts and global aircraft services....
4 Pages (1000 words) Essay

The Management of Business Logistics

The aim of the paper "The Management of business Logistics" is to identify the four critical factors for the success of the maritime logistics sector in terms of business methods and novel technology methods and practices that play an important part in enhancing the performance of the sector....
17 Pages (4250 words) Research Paper

Hand Soap Manufacturing

The commitment of all stakeholders towards energy efficiency also ensures success of the energy management system (Garzena and marina, 2004).... For the system to be effective, the management of the production plant and the staff must be adequately trained in how it works....
14 Pages (3500 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us