Welcome to OTR Solutions! In this article, we’ll give you 5 tips to succeed (and survive) in the competitive world of trucking . You’ll gain insider knowledge into the market and learn how to weather any conditions. Let’s get started.
1. Don’t Take Cheap Freight
It may seem quite obvious at face value that you should never take cheap freight; however, many truckers end up taking cheap freight for FOMO (fear of missing out). Taking cheap freight can be bad for a few reasons:
- You make less money
- You miss out on higher paying loads
- You’re seen as a cheap and reliable source
2. Master a Niche
Master and own a unique niche within the world of trucking. This goes beyond just hauling flatbed or reefer and into the realm of “agricultural flatbed hauling” or unique reefer loads such as “deli reefer”. While these are very specific examples, owning unique niches makes it easier to build relationships.These relationships make it far easier to make more money in the competitive trucking industry
Owning a unique niche in the market can also give your trucking business a competitive edge. Customers often prefer companies that specialize in a particular service and excel at it, rather than choosing a competitor who might only offer that service as part of a wider range. This specialization can make you the go-to choice for specific trucking needs.
3. Optimize Your Operations
Optimizing your operations as a trucker in a competitive market is vital. Optimizing your operations can mean a variety of things in our industry, so let’s go into a little more detail.
Navigation Optimization
First, consider optimizing your navigation strategies. Taking the fast route may not be the most fuel efficient, and in many cases it often is not.
To optimize your navigation and routes, consider the following:
- Distance (by miles)
- Hill coverage
- Distance-to-stop
Instead of using a GPS such as Google Maps or Apple Maps, consider using a trucking-specific GPS that will help you navigate better under more fuel efficient routes.
Note that a longer trip can be better if it means you’re saving on fuel. Making longer trips work to save on fuel can lead to more money in your pocket for each haul. It’s about being smart with your route to spend less on gas and earn more from the job.
Haul-Backs are loads you prepare that are within a reasonable distance of your first drop off destination. With haul backs, if you plan them correctly, you can easily have a full load there, and a full load on your way back. Planning ahead is vital in a competitive market.
Bonus Tip: Use a fuel card.
Take advantage of the deep discounts of a fuel card to immediately offset the price of fuel. Consider using the OTR Fuel Card to save up to $500 per truck per month.
Delegate to a Dedicated Back Office Support Team
Optimize your operations by offloading your office essentials to a dedicated back office team. When you delegate your office tasks to a dedicated team, you can free yourself up to have more time towards building relationships and finding more freight.
OTR Solutions’ back office support team is equipped to help you with everything from accounts receivable down to cash flow consultation.
OTR Solutions Back Office Support →
4. Build Relationships & Leverage Partnerships
Building relationships is critical under any conditions, but it is especially important when in a more competitive industry. It’s oftentimes better to make less money by focusing on building relationships than it is to take cheap freight or any load you can get. Focusing on building strong relationships pays off in the long run and sets your business up for success. This offers you peace of mind in these competitive markets.
When you partner with OTR Solutions you get access to industry-leading partnerships like DAT and Marquee Insurance Group, offering exclusive trucker-related tools and services.
Interested in our partnerships? Check them out here!
5. Stay Ahead on Industry News
Keeping informed with the latest industry news is crucial for success in the trucking sector. Staying updated helps you anticipate market trends, understand regulatory changes, and adapt to new challenges. By monitoring relevant news sources, you can make informed decisions, spot opportunities for growth, and avoid potential pitfalls. Regularly check a trusted news source to stay ahead in the dynamic world of trucking.
6. Freight Factoring
Freight factoring is when you sell an unpaid invoice to a factoring company in exchange for a faster payment.
Freight factoring can be beneficial in the competitive trucking industry as it allows you to get paid faster. This allows you to focus on building relationships and scaling your trucking operations.
Enroll in our non recourse freight factoring solution and see the many benefits it has to offer!
Get Ahead and Stay Ahead with OTR Solutions
Partner with OTR Solutions today and unlock a new level of financial freedom. Get instant access to tools and services such as freight factoring, a client management portal, BASIC scorecard reporting, fuel advances and much more.
Questions? Reach out today, we’re happy to help answer any questions you might have!