Normally tourists arrive at the island in the afternoon. After that you can have lunch and walk around the island to see fisherman village, see how they catch fish or run sea animal farms, and buy some dry seafood or souvenir at the local market.
Then, you may spend a night in homestay lodging house and another day visiting nearby attractions like Khao Ping Khan, Khao Tapu. Tham Lod, and Koh Khai, etc.
The Muslim village of Koh Panyi, most villagers here make a living by fishery, keeping sea animal farms, and selling souvenir to tourists.
Not far from Koh Panyi are many tourist attractions to explore, Khao Ping Kan, Khao Tapu, for example. A brief tour around Ao Phang Nga takes around half a day.