Manage Your Business
Costs and your bottom line
Once you have your fishing business off the ground, determining how your costs are measuring up against your income becomes a top priority. Alaska Sea Grant has developed a tool specifically for Alaska fishermen to help do this.
Effective management of a commercial fishing business is based on complete annual data (expenses, income, taxes), a record-keeping system, and accurate accounting and financial statements. Once these are in place, you have a snapshot of your business financial status, and you can more effectively tackle more complex business decisions, on your own or with other professionals.
Fish ticket manager
Fish tickets are a primary source of financial and management data for your operation. Transferring ticket information to a spreadsheet helps track relative poundage of different species, sets the stage for other data such as crew shares, and serves as a cross-check for processor year-end statements.
Risk management means assessing and preparing for events that could compromise the profitability or viability of your business. Risk management has two components: preventing bad things from happening, and mitigating or recovering from the results if something does happen.
Lowering fuel costs
Fuel costs are often a significant part of operation overhead, depending on the fishery and equipment needs. Understanding ways to lower fuel consumption can be as effective as installing a new engine. Alaska Sea Grant has created publications about fuel efficiency and other energy systems on your vessel.