In 2019, more than 795 trucking companies in the U.S. were unsuccessful. The failures resulted from the overcapacity in the market, leading to lower prices that affected the operation of some companies. If you’re in the transportation business, you can still make it big with some ideas.
The trucking industry is one of the sectors holding the economy. Your business has the potential to thrive exponentially. With the increasing competition, you’ll need to strategize on ways to make your trucking business succeed.
Do you want to grow your fleet this year? Here are transportation business ideas to get you on the road to success.
Owning a transport business is not a mean feat. Your involvement in almost all departments on a day-to-day basis is inevitable. Yet, it can be daunting.
Fortunately, you can take advantage of technology to save yourself some of the hassles. With the right technological tools, you can manage your finances, organize operations, and navigate through the road, among other functionalities. You need to know which activities you need taken care of before shopping for software.
KeepTruckin is one of the trucking apps that can make significant differences in your trucking industry. The tool tracks HOS driver logs on your mobile device. The tool allows you to monitor your drivers and get relevant alerts. Such an app saves you money that is otherwise lost through reckless truck drivers’ behavior.
You can also shop for software that improves your bookkeeping. Considering that your truck drivers often work away from the office, investing in digitized tools will help in your accounting process. Vet all the identified software providers to get a tool that resonates with your company’s needs.
Give Your Fleet Drivers Well-Optimized Routes
Wrong routes can have costly implications for your trucking business. Besides losing cash on expenses such as increased fuel, you’ll end up with frustrated drivers, who will spend more time on the road. When you check the overtime cost, you will realize how a seemingly slight error can have adverse implications.
To avoid all these losses, your routes should be highly accurate. You can use a route planner, which will make the entire process seamless. With the planners, your drivers will know the route they are taking and possible hindrances such as extreme cold or sunny weather.
This approach will save your drivers the agony of driving more extended hours than anticipated. Besides, you’ll save a significant amount of money. While at it, ensure that your communication with the customer is clear and you have the right address.
Master Your Finances
About 29% of businesses fail due to diminished finances. You can’t run a successful company without money. As part of the transportation business ideas, it is vital to include matters relating to financial management.
Truck owners should keep track of their spending, current balances, expenses, and income. Such information will give you relevant insights on where to make modifications. Assessing your company’s financial situation regularly helps you to maintain your focus on your financial goals.
You can check ways that you can save on purchases and services. You can use fleet cards to fuel your trucks. The rebates and discounts will have you saving, which will propel your company’s financial position. With the range of available fleet cards, you will have options on what can work for your company.
Ensure that your drivers scan receipts or any transactional documents. Having financial reports can increase your chances of getting a loan to expand your trucking business. What’s more, it helps you to predict the future of your company.
Educate and Motivate Your Workers
Employees are a company’s most valuable resource. A business owner should know how to keep workers zealous towards achieving the company’s goals. Motivated workers can drive your company to greater heights.
Field representatives and drivers are some of the most crucial workers in your trucking business. You have to involve them every step of the way for you to make meaningful progress in the firm. They will have a feeling of belonging and work with you enthusiastically.
Start by educating them on the importance of saving on fuel costs. If need be, you can work with professional trainers to offer guidance on ways to reduce expenses.
You should also consider rewarding drivers who are practicing fuel efficiency. The rewards are a great way to boost your staff morale and enhance commitment. You can motivate your entire team through various non-monetary incentives such as recognition, thank-you note, or even a voucher.
Regular Truck Maintenance
A truck breakdown can lead to expensive downtimes. The amount lost in a day by one faulty vehicle can be up to $700. These breakdowns can be averted through regular car maintenance.
You don’t need to wait for your vehicles to develop problems for you to seek maintenance services. Having a professional inspecting your car often can prevent most of the typical vehicle breakdowns. Your trucks will also be in an optimal shape that will ensure that you save some dollars and have better mileage.
You should consider a regular change of some parts such as oil filters and the air filters. These vehicle parts accumulate dirt, and over time, their functionality reduces. Your car service provider will guide you on the maintenance needs of your trucks.
Car maintenance is amongst the transportation business ideas that you shouldn’t ignore. Lack of maintenance will ultimately lead to more expensive faults.
Commit to Quality Service Provision
If you want your transportation business to grow beyond your imagination, ‘customer is king’ should be your mantra. From the first time you interact with the customer to the final delivery, have the customer in mind. The calls coming through will be a sign that your commitment to providing quality services is bearing results.
In a recent study, more than 80% of the respondents stated that they hoped a company could respond in a day. Customers want to feel valued through your interaction, all the way until they receive their goods. Your team should know one of your high-ranking values is exceptional customer service.
Treat each of your clients with the utmost importance. Create lasting working relationships and your business will blossom. When you pay attention to timely deliveries, clear communication through the transit, and ensuring that goods reach the clients in the right state, your trucking fleet will have consistent growth.
Reduce Delivery Failures
One of the common challenges faced in the trucking business is failed deliveries. If you don’t deliver as per the agreement you have with your client, your reputation and profit are at stake. Failed deliveries are not necessarily a glitch on your end; a customer can miss an appointment, which will cause you losses.
It would be best to allow your client an opportunity to choose the best time to deliver their goods. The opening allows the customers to select a window period that they will be available for a pickup. Having tracking software throughout the delivery process is another great way to avoid failed deliveries.
You can work with several tools to increase your delivery efficiency, from timing to identify the best routes. With the information, it will be easier for your truck drivers to deliver the designated items at the right time.
Your Paperwork Should Be in Place
While most of the operations involving a fleet business are outdoors, taking care of the office is paramount. The office and relevant documentation play an essential role in the overall growth of any trucking company. You should have a properly running office where the documentation takes place efficiently.
You can’t wish away papers in this industry. The number of receipts and contracts you’ll handle need proper maintenance for future reference. For that reason, proper documentation should be a priority.
However, you can choose to digitize some of these services. For the receipts, you can invest in a receipt scanner, which allows you to store them as digital copies. Taking advantage of the tools will make some of these processes seamless.
Grow Your Network
One of the transportation business ideas that will keep you on the game is having an extensive network. Depending on a single client for your business can have detrimental impacts on your stability once the client no longer needs your services. It would also help to have more than one broker or manufacturer.
Start by checking out the manufacturers near you, where you can propose your transportation services. You can build meaningful relationships that will lead to the possible growth of your clientele base. The more networks you create, the more clients you are likely to have in the future.
Most Transportation Business Ideas Don’t Require Substantial Investment
The trucking business is competitive and remaining on top requires you to be strategic. You can actualize some of the transportation business ideas with minimal effort. Over time, your business will start showing results.
If you’ve been thinking of investing in the trucking sector, go for it. The returns will be worth every investment. Just like any business, your creativity and commitment to the industry are what will set you apart.
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