How Tracking More Than Just Basic Metrics Can Help Improve Your Marina’s Bottom Line
One great thing about marine software is that the best ones out there are data-driven.
In other words, all the information that the software collects about your business transactions and other financial activity can be used to evaluate your business performance, as well as guide you in making long-term decisions. With software like DockMaster, you get a comprehensive package, giving you a great deal of material to help you make those decisions.
It’s worth noting that marinas have some similarities to airlines and other hospitality services when it comes to tracking their performance. Most of them use a number of metrics every month, which cover the rudiments of a marina’s operations.
Crucial Marina Business Metrics
Occupancy percentage is one crucial metric that is geared to record the level of booking activity. However that percentage can be deceptive, especially if a marina is operated seasonally; let’s face it, some months are regularly busier than others. There also lies the complications of transient slips, which are filled out when a regular boater has taken a vessel out for a few days, ensuring a dock slip isn’t vacant. Add to that the overages in pricing, especially if a vessel has added components that make it longer than the manufacturer’s specifications. Finally, marinas must also consider cancelations, processing fees involving credit and debit cards and other distortions. All these marina business metrics play a factor in your bottom line.
Even when taking all those factors into account, it wasn’t too long ago when you could get all the answers from a spreadsheet. By plugging all the data at your disposal, and creating formulas for certain cells, you would have enough material to work with to determine where to take your marina financially.
However, that was at a time when changes in the market were far more glacial and when monthly tracking yielded results that showed only marginal fluctuations over time. Nowadays the market is changing much more rapidly with the advent of electronic innovations from the internet to social media. With the industry’s accelerated pace, a more fickle customer base and neighboring marinas becoming far more competitive, the need for a robust and comprehensive marine management system is more pressing than ever.
Maximizing Revenue Streams
Depending on how complete your software package is, you can also consider other marina business metrics, from night bookings to identifying niche revenue streams. In the past, marinas would be satisfied with discovering one key performance indicator working for them. These days, more sophisticated management systems can highlight several of them, some that can enhance a business and others that could hamper its performance.
Tracking even the smallest of factors could play a critical role in how a marina might fare in the future. While the tracking of basic metrics, like occupancy percentages, are still worth emphasizing, it’s the other variables in the equation that might hold the key to prosperity in the marina market.
DockMaster Software is an industry leading management system for marinas, boatyards, and boat dealerships. DockMaster includes Unit Sales, Prospecting and F&I with fully integrated financial management and numerous integrations with CRM applications, dealer websites and text/messaging services. The Service module includes estimating, labor tracking, and complete parts management with ordering/receiving, subcontractor fulfillment and invoicing. DockMaster Mobile allows technicians to clock on/off jobs from any mobile device. Visual Marina™ management includes storage & billing, occupancy tracking, reservations and dry stack management, including integrations to leading consumer applications for boat rentals, online reservations, concierge/launch scheduling and our new Fuel Integration with FuelCloud. DockMaster also includes Point of Sale, Order Entry with eCommerce and a complete accounting system. Learn more at www.DockMaster.com and follow DockMaster on Twitter, Instagram, Facebook, and LinkedIn. Or email firstname.lastname@example.org