Do you have a compass??

[tsubaki]

For the most part we just have to run to the east out, just follow the sunset coming back till seeing land then try to figure which water towers you can recognize and find the channel or markers. This is at about 3 miles out, sandbar flats go way out!! Using the flasher type depth finder was a lot of help too.
Only problem depending on the compass would occur when letting someone drive that couldn't keep a straight heading. Normally you could expect to be within 1 1/2 miles either way when comming back from 20 miles offshore. One event left my father and another guy (who owned the boat and was driving) 15 miles off from the intended return point.
Since GPS became economical, a dash mount combo unit and a hand held backup have been my norm. With extra batteries and hand held backup VHF radio.
If a total failure were to occur, would have to rely on the above.
No compass, till you mentioned it I haven't missed it. Do remember the old days of nothing else but it, the flasher depth finder and a VHf radio. Just leave from a given location or buoy, run a certain rpm for a determined amount of time at a certain heading and hope for the best. Return trip, do a 180 on all headings!
Seems better to have one than not, currently I can't justify one.