While some sections of the commercial transportation industry saw rises in demand since March – particularly those transporting essential goods – many trucking companies witnessed a significant drop in activity.
But that doesn’t mean they are giving up. Trucking companies across North America are rising to meet the challenges posed by COVID-19, employing shrewd new strategies, and embracing creative solutions.
In this article, let’s look at a few ways commercial trucking companies are committed to rebuilding during the pandemic. Here, the rebuilding process has been broken down into “the four A’s”: Assessing damage, acquiring help, altering strategies, and arranging for the future.
Hopefully, these rebuilding strategies can serve as a blueprint for more struggling businesses. If you own or manage a trucking company striving to stay afloat right now, this article may contain the ideas and inspiration you need to keep on trucking.
Assessing the Cost
The first step in the rebuilding process for any business is assessing the damage. For trucking companies during that pandemic, that has meant comparing their up-to-date financial statements against 2019’s, tracking any losses and cash flow changes, and modelling worst-case scenarios.
This sort of assessment is good practice for any business during COVID-19, as it allows you to measure the damage (or positive impact) external circumstances have had on your company.
Acquiring Financial Help
Unique times call for creative solutions. During the pandemic, commercial trucking companies have turned to trustworthy, professional equipment financing companies for help.
An experienced equipment financing company makes it easy for trucking companies to get the funds they need. They walk trucking companies through the application processes, cutting down on excess paperwork, and saving administrative time. Then they leverage their relationships with various lenders to get trucking companies the best deals on equipment leases, commercial truck loans, and more.
Essentially, they work to demystify financing, exploring the various options, and making them more accessible. If your trucking company needs financial help – whether you are looking to solve operational challenges or grow your business –consider contacting experienced business financing experts.
In addition to assessing finances and exploring creative financing options, trucking companies quickly embraced an array of new operational strategies.
According to Truck News, the vast majority of trucking companies, early in the pandemic, implemented limited contact policies with shippers and receivers, improved their cleaning procedures, and enforced physical distance rules among employees. This was done both as a means to keep their workforce safe, but also as a way to secure trust among their clients.
The speed with which trucking companies adapted to “the new normal” should serve as a model for other businesses. One of the best ways to rebuild during an unprecedented global catastrophe is to remain flexible, responsive, and alert to your clients’ concerns.
Arranging for the Future
Finally, commercial trucking companies have their sights set on a fourth A: Arranging for the future. A key component in rebuilding is looking toward future growth, even as you struggle to get your business back on track. Using equipment financing companies (mentioned above,)trucking companies have started exploring financing options to grow their fleet in anticipation of a growth period in 2021/2022.
What trucking companies have accomplished in the last nine months is extraordinary. Faced with slow growth and waning demand, they have rebuilt and continue to rebuild. That should serve as an inspiration – not just for other trucking companies, but for all businesses struggling during COVID-19.