7 Point Trucking Business Year End Tune Up

, , ,
7 Point Year End Tune-Up for a Trucking Business

With the year winding down to a close, here are seven ways that you can tune up your trucking business so it’s set to grow in the New Year.

7 Ways to Grow Your Trucking Business in the New Year

Whether you want to call them year-end to-do’s or New Year Resolutions, here are seven things you can do as the year comes to a close to position your trucking business for growth next year.

While we can’t believe that the year is almost over, nevertheless the year end provides a good opportunity for many carriers and owner-operators to assess how the year has gone, execute year-end checklists and look for ways they can improve their business in order to be more profitable and grow in the New Year. Here are seven tasks that should be on your year-end checklist that can help.

7 Point Year End Tune-Up for a Trucking Business

Year End Trucker Tax Tune Up

Now is the time to make sure that you’ve set aside what you need for tax payments for the year (or quarter). It’s also a great time to contact your tax accountant (or make an appointment with a local tax specialist for a consultation) to find out whether there is anything you can do now to minimize tax obligations or maximize the amount you hope to get back after filing your taxes next year.

Year End Trucker Marketing Tune Up

What kind of marketing did you do in the past year, what worked well and what failed to produce a return? By identifying where your new orders are coming from and taking steps to improve customer retention, repeat business and referrals, you will know where to invest marketing resources and money to grow faster next year. Some of the questions that can help you determine whether to invest money and resources in marketing in the New Year include:

  • How do new customers usually find out about my trucking business?
  • How are competitors getting new business?
  • What characteristics do my most profitable customers have in common?
  • Based on these buyer profiles, where can I expand or launch marketing that will reach these buyers?

Year End Transportation Industry Tune Up

Not only will you help your trucking business but you may even be able to help guide the future of the transportation industry by becoming more aware of the issues facing the industry and getting involved in organizations or by lobbying your local, state and federal representatives in order to express your opinions. Consider subscribing to a print or digital publication that can keep you in the know about what is going on in the trucking industry as far as best practices, rules, fees and regulations.

Year End A/R Factoring Tune Up

If you are not factoring freight bills, this would be an ideal time for you to reach out to a top transportation factoring company like ours to find out whether factoring freight bills would help improve your business. Factoring freight bills allows truckers to get back on the road and take on new business more quickly, since you don’t have to wait for customers to pay. We would be happy to provide you with a free, no obligation quote for factoring services, even if you are currently factoring your A/R (accounts receivable) invoices with another transportation factoring company.

If you are already factoring freight bills with another Factor, the end of the year is a great time for you to get a no-cost, no-obligation comparison from us to make sure that you have the best invoice factoring program in place relative to your organization’s financial needs.

Year End Customer Outreach Tune Up

The holidays give you an ideal time to reach out to trucking customers to find out whether your trucking business is doing a good job for them or ask how you could serve them better. This may even uncover new opportunities with existing trucking clients. In addition, you can take this opportunity reach out to your past and current freight customers to ask for referrals or let them know about any customer referral rewards you offer.

Year End Trucking Business Plan Tune Up

If you have never taken the time to put a business plan in writing, this could be an ideal time to do so. Having a trucking business plan on paper provides you with a snapshot of what your business looks like today as well as a vision of what you want it to look like tomorrow. If you do have a business plan in writing, and especially if you have not reviewed it for some time, the year end is a great time to take it out and see how you are doing compared to the goals laid out in your plan and to update it with your current position and goals for next year.

Year End Employee and Peer Networking Tune Up

If you’re a trucking owner-operator, you may not have staff, but you probably still have a vast network of peers, vendors, suppliers, brokers and other contacts in the industry. The year’s end is a great time to reach out to these valuable resources and let them know what you plan to do in the New Year to grow your trucking business, so that they can do a better job of helping you reach your goals.

In addition, this might be a good time to review vendor and supplier contracts. You should double check that they are fulfilling the obligations they laid out, touch base on anything that isn’t going as well as you’d like or even reach out to other vendors for competitive quotes. It’s not always about the lowest price, but to grow as quickly as possible in the New Year, you need to be sure that you are receiving a good value for what you spend to do business.

You Might Also Like: 16 Ways to Run a Lean Trucking Business

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply