New year, new decade! Now is the perfect time to consider how you can make 2020 a profitable one for your trucking business. Creating a strategy for success and making some simple adjustments to how you do business can reap major dividends later in the year. Check out our tips for ensuring this year is a great one for you and your trucking business.
1. Stay Lean
While it’s true that many in the industry are expecting rates to rebound this year, we don’t know by how much or when. One way to withstand rate fluctuations is to keep asset investments to a minimum, which is why despite predictions that rates will increase this year, many carriers are not planning to add assets in 2020. Taking a conservative approach to spending and keeping your trucking business lean and nimble can help you stay the course this year, despite the anticipated ups and downs of the spot and contract rate markets.
2. Implement Technology Strategically
As we move into a new decade, technology will become increasingly important to the freight world. That being said, making smart choices about which technology to use in your trucking business is crucial. When considering which solutions to implement, look for technology vendors who are continually improving their offerings and whose solutions provide multiple benefits to you and your customers. Also important: look for free or low-cost solutions that you can use with multiple brokers/3PLs. Another essential factor to consider when choosing technology is whether or not it makes your operations more efficient. Opt for tools such as Trucker Tools’ free driver app, which includes 17+ essential tools and features that are designed to increase profits for your trucking business.
3. Know Your Efficiency Numbers
If you’re not already looking at efficiency data for your trucking company or owner-operator business, you should be! Knowing how efficiently you operate and how much time and human resources you devote to each task can help you identify opportunities for improvement. Why does efficiency matter? More efficient operations often equal greater profit margins. With rates down at the moment, you need to make efficiency a top priority if you want to stay viable in the coming year.
4. Why Freight Visibility Is Important and Should Be a Top Priority in 2020
The reality is that the demand for visibility isn’t going to decrease any time soon. If anything, the demand for freight tracking is growing. When brokers and 3PLs know where their shippers’ freight is located at any given moment, they can provide better service to those shippers. And when shippers and receivers have accurate ETAs, they can operate their docks and manage their staffing more efficiently. Offering more visibility to your partners will only help enhance your earning potential as you develop and grow your strategic relationships this year.
Looking for more tips on how to increase profits in your trucking business? Check out Business Tips for Owner-Operators and Small Trucking Companies. To download Trucker Tools’ free driver app, visit https://www.truckertools.com/carriers/.