How to grow your business in 2025

By Malcolm Stewart Commercial Manager

Isometric illustration of a marina with several yachts docked, adjacent to a modern building on a wooden dock.

Share

Four key areas to focus on for marine business growth

Knowing just how to spark growth running a marine business can be a challenge, so we have pulled together four key areas which can make a real difference to the direction a business heads in and examined each to provide you with inspiration.

Owners and executive teams of marine businesses should constantly monitor the growth of their company and plan ahead. It is easy to become focused on everyday tasks and neglect longer term plans for business growth.

It almost goes without saying that by employing the best staff, expanding your customer base and ensuring your marine company is profitable, whilst making sure your brand is out there for all to see, will all help ensure that your enterprise continues to thrive. However, we will explore some of the intricacies of each to provide a starting point to create growth plans from.

Hire the best person for the role and look after them

If you have a vacancy in your marine business, it’s vital to hire the best person possible as making the wrong choice can have lasting impact.

It’s worth bearing in mind that employees of smaller businesses have a greater opportunity to make a direct impact on the organisation compared to a larger marine business with hundreds of people. Because of this, it’s important to make sure you take enough time out of running your business to properly vet candidates to ensure they will fit in with the rest of the team and contribute positively to your marine company.

Make sure your employees are happy and feel appreciated. If there are any grievances, make sure they are addressed swiftly. If a staff member enjoys their role and respects the marine business and their managers, they will be much more likely to speak about it positively and carry out their job well. A satisfied team will provide high-quality customer service and go the extra mile for your marine business.

In addition, if your workplace is a positive environment, staff will be more likely to stay longer, saving the challenge of recruiting for new employees. Regular staff reviews will help the team to remain motivated and provide an extra opportunity for staff to provide feedback and suggestions to help growth. It’s worth having regular brainstorm meetings with your employees to generate fresh ideas and keep them involved in your marine business.

Illustration of a person in a bright orange outfit standing on cracked ground with hands placed on the head.

Two workers in orange overalls repair a boat, sanding the hull and painting the top, fueling maritime business growth.

Broaden your product or service portfolio

When planning to broaden your marine product or service portfolio to help grow your marine business, there are several strategies that should be factored in. While it may be tempting to rush in with your own ideas, take the time to carry out detailed market research first. Carry out a survey of your customers to gather their opinions and comments on any new marine product or service you are planning to introduce. You can also ask friends and colleagues their thoughts on the new product or service.

Make sure there is a market for the new product or service and remain open to change to develop new market ideas. It’s vital to listen throughout the product development process.

Thoroughly work out all the financials and check any profit margins to make sure the product or service will be financially beneficial to your marine business. Research your competitors to see if the new product has already been developed by another business.

If developing a new idea from scratch your business will need to have the necessary funds to cover any investment in R&D, production set up costs, marketing and sales costs.

You will also need to work out how to bring the product or service to market. There are many ways of doing this including appointing regional wholesalers, selling direct to local dealers or setting up an online store to reach straight to boat owners. Don’t forget to target existing customers and encourage them to become repeat, loyal clients.

Increase profitability

Your marine business needs to be profitable to survive and a healthy sales revenue is the first step. There are various options to increase revenue with the price point of your products or service being key, alongside sales volume. Obviously, costs need to be kept in check to ensure a good level of profit from revenue.

If you focus on the drivers likely to have the greatest impact, you are more likely to achieve revenue growth for your marine business. Getting the pricing right for your product or service is crucial as is understanding all the factors involved in the actual cost of producing and selling your product or service. Determine the price your customers are willing to pay and the price your competition is charging, also consider how many products your marine business is selling and ensure expenses are controlled to cut out anything which is not productive in the process.

Carry out regular reviews of your marine business and current market conditions to see if prices need to rise or costs cut. A yearly review is a commonly used time frame with the review including an evaluation of goals both for the next few months and looking longer term.

Use all the financial data available to see how the business is faring commercially and to evaluate and analyse any highs or lows from the last 12 months. As well as looking for opportunities, highlight any obstacles or challenges that may be thrown up.

It is certainly worth deciding on a number of Key Performance Indicators (KPIs) – indicators of progress toward an intended result – and targets, which will help you and your employees see the progress that is being made in your marine business and provide a focus for improvement.

Illustration of a small sailing boat with a striped sail, numbers 3534 and 4535, symbolizing business growth, viewed from above.

Illustration of a sailboat with a person climbing the mast and another person on deck, featuring a red wave design on the sail.

Market your business

Implementing a well-thought-out marketing strategy will maximise the reach of your marine business helping it to not only be found by new customers, but also serve as a reminder to past and existing customers that your business is still there to help with their boating needs. Marketing is key to informing customers of any new products or services that you have or are about to introduce.

There are numerous marketing tools that can be used but a key place to start off is by knowing who your target audience is, what solutions they need and what solutions you are able to offer them.

Set aside a marketing budget and prepare a marketing plan for your marine business using a range of digital and traditional marketing methods.

Some marketing ideas to consider include:

Content marketing – adding useful content to your website in the form of a blog or news articles helps drive visitors to your site (like this one).
Encourage your customers to share their experiences and write reviews as customers often use these to guide their purchasing decisions.
Pay Per Click advertising on search engines such as Google will make your brand more visible to potential customers. Advertisers pay each time a user clicks on their online ad making this a targeted way of attracting new customers.
Email marketing campaigns are a way of sending out promotional messages or news to build customer relationships and ultimately drive sales.
Running webinars and online courses are a way to gain awareness from potential customers and confirm you as a marine industry expert. They can also be used for product demonstrations.
Take part in trade shows and industry events to show your products or services. These are a great way to show potential customers any new products you have in your portfolio and reach a new audience.
Offer promotions and flash sales to create a sense of urgency with your customers and to manage the inventory of your marine business.
Sponsor a local event or a person such as a sailor sailing around the world to help improve awareness of your products and marine business.
Direct mail campaign to deliver a special offer or promotion straight to a prospect’s letterbox.
Product launches at shows or events can be used as a way of gaining press attention and extra exposure for your marine business.
PR campaign – a well thought out public relations campaign will positively impact the reputation of your marine business and raise awareness of your products and services.
Display advertising is a traditional form of marketing which will put your brand in front of potential customers. Advertising can be placed in print publications or in online sites.
Social media marketing encompasses a range of social media platforms and is used to share information about your products, services and brand. Using social media is a cost-effective way for your marine business to interact with customers though it does need constant ongoing attention and can attract negative feedback.
Giveaways and promotional material with your logo and branding help to promote your marine business. There are a vast choice of giveaways available and it can be a cost-effective way of promoting your marine company.

Successful marketing does take time and effort. There are various agencies that can be employed with expert staff to develop and implement a marketing strategy for your marine business if required.

By taking these four areas as a starting point for growth and carefully examining each with regards your business, you should be well on the road for a successful year of business in 2025 and beyond. Don’t let anything get in the way of your business success. It is important to always be protected with the right commercial insurance policy. At Haven Knox-Johnston Commercial, we have decades of experience in assessing the risks faced by marine businesses and helping to provide insurance cover to protect from them. For all your Marine Trade insurance needs, visit HavenKJCommercial.com or call us on 01905 930 760.

Marine trade insurance, expertly navigated

Useful Links

Haven Knox-Johnston Commercial is a trading name of Howden UK Brokers Limited, which is authorised and regulated by the Financial Conduct Authority No. 307663. Registered in England and Wales under company registration number 02831010. Registered Office: One Creechurch Place, London EC3A 5AF. Calls may be monitored and recorded for quality assurance purposes

How to grow your business in 2025

Four key areas to focus on for marine business growth

Hire the best person for the role and look after them

Broaden your product or service portfolio

Increase profitability

Market your business

Call us today on

Enquire here

Latest News