How to Plan for Success in Your Trucking Business

I have been in business for myself for some time now. It’s easy for us as humans to become complacent and operate things on routine. But with new technology and business advances happening every day around us, it’s important for me to take time to evaluate how my business is doing in terms of changes happening in our industry.

As a business owner, if I find that I have a cutting edge in the industry, just like a good knife needs to be sharpened, I too need to stay active and up to date. I must take the time necessary to plan and adapt to changes in the marketplace. Knowing business costs and expenses is a vital part of an evolving business. Reflect on how I obtained my customers. Was it because I was cheaper, faster, offered better service, or was it just luck that I called at the right time when they needed a carrier? 

When I meet with my financial planner at the end of each year, we discuss next year’s plan and look ahead to ways to reinvent my business. The key is to stay fresh and ahead of the competition. Effective business planning should be done regularly each year.

For me, it’s a good game plan to use the SWOT Analysis each year. By gaining an understanding of my Strengths, Weaknesses, Opportunities, and Threats, I can get a good picture of how my business is performing and what areas may require attention. 

You can also keep up to date and current with your industry by doing the following:

• Attend industry meetings and conferences

• Plan time to meet with your Accountant/ Financial Advisor to discuss business affairs

• Attend leadership, management, or business training events within your industry

• Take training courses when necessary

• Write a strategic business plan of action for each year

How you plan and how you adapt to evolving changes in the industry will determine if your business can survive and thrive in an ever-changing marketplace.