By 2024, in less than a decade’s time, the trucking industry is poised to become a trillion dollar industry, by registering a predicted growth rate of 5.4% per year, according to the latest figures released by the American Trucking Association.
Trucking is definitely a lucrative industry for anyone looking for a business that can deliver a continuous opportunity for growth and generate a consistent ROI for the financial resources invested. And the time to start your own trucking business has never been better with newer trends and technologies like Uberization, social media, ELDs & more.
The introduction of technology has equalized the playing field for emerging startups to garner more and more business if they do things in the right way. But for a new trucking company to be able to ride this next great growth wave, would require the business to adopt the latest strategies that power the successful trucking firms of today.
Conventional strategies don’t work in 2017, and if you don’t want your business to fizzle out fast, you would need to understand the intricacies of these new success mechanisms and then make them an important part of your comprehensive business plan.
Here’s a step by step guide on how to build a successful trucking company in 2017:
Go High Tech:
Nowadays, if any company in any industry, doesn’t rely on technology to solve its problems, it’s definitely doomed towards failure, and the same goes for a new trucking business. Recent technological breakthroughs have invaded our lives and have completely revamped the way businesses are run.
Don’t lose out by remaining stuck in old patterns and techniques of running your business, Go high tech! As it will make your trucking business, leaner, faster and more efficient, allowing it to compete with other firms with ease.
There are many components of the trucking business that now are completely revolutionized. Consider this for example. Around a decade ago, if one of the trucks broke down in the middle of the highway, the driver would have to look around for help or call the owner to try and send someone over. This wasted time and effort, resulting in financial losses as the trip couldn’t be completed in the stipulated time.
Now comes 2017, with the proliferation of innovations like apps and internet connectivity everywhere, a truck driver can now use his/her phone to send a distress message on the app to a firm like Roadsidemasters and help would be on its way immediately. This will help save time as well as ensure that the truck is in the hands of someone who knows what he is doing.
This is not even the start of it; tech can empower your trucking business beyond your imagination through systems like driver assistance systems (DAVs), collision avoidance systems, telematics and even more.
For a successful trucking business this year, consider making technology the mainstay for all of your business operations & results will definitely be visible on your profit reports in no time.
Build your online presence:
No matter how good of a product or service you are offering or how impressive your prices are, no one will consider it if they don’t know that it exists. And existence in today’s world means having a well-articulated online presence that is line with your business goals.
Remember that we are not talking about just having a website where you have all of your services are listed. A significant online presence now encompasses a solid social media strategy that can generate the required engagement levels to allow customers to flow further into your sales funnel. Even a trucking business cannot become successful nowadays without having a killer online marketing strategy.
Customers can be lurking anywhere so don’t ignore any possible medium. Have an active presence on all social media networks including Facebook, LinkedIn, Twitter, Snapchat and more to reach out to your customers and have them successfully directed towards your website.
The benefits don’t just stop here as you can leverage a more powerful online presence to address other important issues like fostering better recruitment strategies to address the ‘big problem’ – driver shortage that’s plaguing the industry currently.
Include an updated SEO effort, a highly integrated Influencer network, and engaging content into the mix, and you have a thriving trucking business in no time at all.
Always Focus on Getting the Basics Right While Looking Forward:
Businesses that are weak at their core will not be able to retain their success, no matter how great their marketing or strategic plans are.
Strengthening your trucking business’s core is important to allow it to weather any blocks it may encounter in the future, and the principal component of a strong trucking business is maintaining a hefty cash reserve to power operations without any significant interruptions, irrespective of the regularity of cash inflows.
Trucking is a capital intensive business as you will have to pay your leases on the trucks you own, your office bills, taxes & counter for new legislation like the ELD mandate, whether or not your clients pay you on time.
Successful trucking businesses never depend on weak cash cycles that can crash with the slightest bit of stoppage at one end. Maintain a cash reserve always to keep powering your business ahead even in difficult times, and you have a winner.
Things have a tendency to change fast in today’s world, and you need to be ready to face this volatility always. Concepts like driverless vehicles, platooning, and long-haul electric trucks are being tested today, and taking into consideration the benefits they offer, these technologies are bound to become mainstream in a few years’ time.
Even if you have a successful trucking business or a venture that requires owning a large fleet of vehicles like moving companies, you need to watch out for the changes expected so that you to have enough time to prepare and mold your business for any technological transformation that might occur in the future.
Future planning is a crucial business component in today’s world, and those who do so, will not achieve success today but will have a successful business that is sustainable in the long run.
Your trucking company will definitely stand out amidst the competition if you follow these steps and inculcate them in your business strategy. There is definitely no limit to how much you can make your business grow, and it all depends now on how correctly you follow your plans and more importantly, how effective those plans are for gaining the success you have set out to acquire for your trucking business.