In plain words
May my guru, ocean of compassion, look over this hymn and set right its faults. And for those who flounder in the middle of the sea of sin, may it be a boat to carry them across. Salutation to Nārāyaṇa.
Word for word
May my Lord guru, ocean of compassion, look over this hymn quickly and kindly correct its faults properly; to those who flounder in the middle of the ocean of sin may it become a boat again. Salutation to Nārāyaṇa.