The trucking industry can bring highly lucrative, however to be successful strategic management is essential. Statistics reveal that millions of new trucking companies are being registered every day; however, most of them fail due to tough competition in the market.
According to Statista, “Trucking is responsible for most of the overland freight movement in the United States, with the market being worth 796.7 billion U.S. dollars in 2018. At that time, there were over 928,000 truck drivers employed in the U.S., which is less than the industry requires. Owing to this driver shortage, driver costs are the biggest challenge faced by the industry.”
If you are interested in starting a successful trucking business, it is important to employ som key organisational strategies to grab your slice of the logistics market. Below we have listed ten different ways truckers can grow their businesses, outlining tips that help you to take your venture to a whole new level.
- Decide on a segment:
The first task you need to do while setting up your trucking business is deciding on your ‘trucking segment’. There are plenty of options to consider, such as refrigerator trucking, food tucking, currier trucking and many more. The chances are that you have limited resources in the beginning phase of your business; making it even more important to choose your niche wisely. Once your company becomes financially stable, you can grow your business by adding more services and client options.
2. Design a unique logo:
There are numbers of competitors in the market; you must find some way to prove your edge in the market. Experts recommend designing a unique and eye-catching logo for your business. As it will appear in your marketing campaigns and advertisements. Finding a design to create a lasting impression is a must. Be careful with the choice of colours, symbols, typeface, and the appearance of the logo. It must draw the attention of your target market to ensure greater business success.
3. Build a list of customers:
Many trucking companies prefer to use Load Board so that customers can bid at lower prices for different services. This application often helps truckers to build a solid lis of customers that can be updated and maintained as their business grows. Bidding is really useful at the beginning phase of any trucking venture, which Load Board also assists it’s customers with.
4. Set up a website:
In 2020 no business can grow without making a presence online. Experts recommend setting up a website where you can list all your products and services. It’s also wise to add a few essential pages to the website, including home, services, prices, testimonials, and contacts. Make sure your website is user-friendly and easy to navigate.
5. Create catchy business cards:
A big mistake that most of the start-up trucking companies make is taking their business cards for granted. Well, it is high time that truckers take business cards more seriously and understand they are and effective tools to share valuable contact information with your prospects. Professionally designed cards can leave a memorable impression on recipients while building a solid reputation in the logisitics space.
6. Maintain cash flow:
Commercial Capital LLC states, “Trucking is a cash flow-intensive business. You are always buying fuel, making insurance payments, making truck payments, and so on. Unless you get quick-pays, shippers and brokers can pay invoices in 15 to 30 days. Sometimes they take 45 days. This delay can create a cash flow problem for you, especially in the early days of the business.”Your trucking company may need regular cash flow right from the initial phase of the business. Make sure you create schedules for client payments and keep on top of your incomings and outgoings. Also, it’s crucial to maintain sufficient cash-flow in order to pay the staff salaries. Other than this, an adequate flow of cash must be maintained to meet various expenses such as fuel and truck repairs.
7. Bring your business on social media:
No business can succeed without building a presence on social media. Most people and bussinesses these days prefer to make decisions about services on Facebook, Twitter, and Instagram. You need to stay active on social media pages to spread awareness about your business. LinkedIn is another preferred platform for developing professional industry connections.
8. flyers for marketing:
When you are starting a business with a limited marketing budget, you may need to find some cost-effective ways to capture audience attention. Experts advise using flyers outling key details about your company, your brand and what you have to offer. Trucking businesses can use flyers to create word of mouth awareness in the market and provide quick and accessible information for potential clients.
9. Consider feedback and improve:
It is natural to make mistakes when you are running a new trucking business. But instead of ignoring those mistakes; you should learn from them. Allow your customers to update their experiences and encourage feedback. This user-generated data may help you to make improvements in your trucking services. It is better to incorporate feedback into future strategies to take your business to new heights.
10. Automate your business with CartonCloud:
Most trucking business owners find it difficult to handle the bulk of data and multiple processes involved with running their company. Well, CartonCloud is one of the most effective tools for managing the entire data entry process. It can integrate all data sources and make it easier to mobile scan all products. CartonCloud is also preferred to allocate delivery runs while making it easier to navigate destinations. Furthermore, this software application enables automated invoicing processes so that your cash flow can be nurtured and maintained. CartonCloud works perfectly on iOS and Android platforms to help you manage your warehouse and transport systems with ease. Additionally, you can maintain a real-time view of all stock levels, inventory, order progress and other warehouse activities.
Now you have gone through all these trusted tips, you should be able to take your trucking business to a whole new level. When these simple ideas are used alongside solid branding strategies, they can help you boost your brand reputation in the competitive logistics market.