The trucking industry has always been a highly intensive business. The costs involved are huge. From new vehicles to salaries, permits, and more, trucking is not an easy industry to make a mark. However, there is no denying the fact that if you get it right, you are looking at stable growth and great profit margins.
A major change or opportunity that has come up in this regard has been because of the COVID-19 Pandemic. The slow nature of the economy and business in the affected year has meant everyone is looking to grow. This means everyone- producers, logistics, brands, retailers, E-commerce companies are all exploring aggressive growth.
For the trucking industry, this creates a favorable environment for expansion. Not taking the initiative here would mean you will lose out to your competitors.
In this article, we are going to help businesses in the trucking industry plan their expansion plans. We will list down five steps that will help them gain a competitive advantage over their business rivals.
List of 5 Easy Steps that can Help Expand your Trucking Business
Step 1: Expand your Trucking and Lorry Fleet to Meet Growing Demands
This is a great time to add to your existing fleet. A lot of new online platforms and companies have come up that are looking to attract customers by offering discounts, free service, easy finance options, and more.
Trucking businesses need to move beyond their regular sources of purchase and explore newer and better alternatives. If you are unsure of investing in a new vehicle, you can always opt for a used lorry for sale in Singapore.
This will help you cut your investment in half and ensure that you are not taking too big of a financial risk. Here as well you can enjoy warranties, services, and finance options.
Step 2: Use Digital Avenues to Scout for New Business Opportunities
Trucking businesses have been notorious for not taking help from digital growth and platforms. However, experts believe that using simple digital avenues can help. This can help them reach out to clients in new states and districts.
For example, trucking businesses need to create a digital portfolio and presentation for new businesses to pitch. This should include their services, history, fees, and so on.
Using cold outreach through Email Marketing can help in getting new connections. Maintaining social media pages can also be a great way to publicize your trucking business.
Step 3: Adapt New Technologies to make Processes Simplified and Efficient
Trucking is one area where new technologies are redefining the business experience. These technologies are also helping the clients of the trucking businesses a great deal.
Using software for tracking and showing routes can be a major help that can streamline the entire logistics and supply chain. Businesses can simply integrate this into their ERP software and allow for the best stock movements for themselves.
Additionally, using workflow and task assignment software can help in promoting better coordination between the teams. Lastly, digital communications can help in ensuring faster commands and communication channels.
Step 4: Paying Attention to Safety and Maintenance of Vehicles and Truckers
A successful trucking business is built on loyal and committed employees. This is one of the toughest industries to work in. for a business, it means that adequate care and concern of the truckers and other support staff is of paramount importance.
A good and committed workforce can help in executing expansion plans in the best manner possible. You also need to ensure that in terms of health and life insurance, your employees are covered.
Additionally, vehicle maintenance allows the business to spot problems as soon as they arise. Proper checking, servicing, and part replacements mean that there would be no breakdowns or delays. These can cost a trucking business significant loss.
Step 5: Keeping your Trucking Business Updated with all Governmental Regulations
Leading experts have pointed out how Democrats are more likely to fine-tune transportation regulations. This will be done in two major respects- environmental concerns and safety.
For a trucking business, your entire organization must be following all the regulations to the T. This should cover licenses, permits, vehicle upgrades, and other areas that the regulation covers.
Not keeping pace with the regulations would result in your fleet getting grounded or your licenses getting suspended. You do not want to pay a hefty fine for getting it restored.
The Bottom Line
All the above steps will help plan your next set of expansions. You can use the above steps as a great starting point to build on. If you want us to clarify another point whether it is financing options or servicing costs, or have any specific questions that need answering, let us know in the comments section below.