How can owner-operators and small fleets survive and thrive in tough economic times? Watch this webinar to find out.
Join us for a live webinar August 22, 1pm CST Hear from owner-operators and small fleets as they discuss how they prepared during the good times to weather the storm.
In a recent SNAP poll, Overdrive A reader posed a simple but certainly pressing question.
What makes you wake up at 2am?
The answers hit a deep-seated nerve for many small and mid-size trucking business owners. Asked to pick up to three of their “most challenging” concerns in the trucking business, respondents most frequently cited fundamental cost control, closely followed by rate negotiations with direct and/or broker customers, the other side of the profit equation. Generating revenue to cover costs is of Supply and demand pressures caused by the pandemic have driven freight rates to unprecedented highs throughout 2020 and early 2022, making it a central issue for smaller fleets and owner-operators for two years now.
Of course, rates have plummeted since then, but costs remain high in many areas, creating a nightmare for a trucking business that is built on a fragile foundation.
But one business owner’s 2 a.m. nightmare is another’s competitive challenge, a challenge to prove they can scale the mountain, so to speak, and make enough profit on the way down from the top.
And many lanes have tolls of less than $2 per mile.
Thursday, August 22nd at 2pm ET Overdrive Editor Todd Dills will host a roundtable webinar with three owners who have experienced the peaks and valleys of the trucking industry's notoriously tough economic cycles, which can be especially tough on small fleets. The panel will tackle head-on a central question of the past few years: how small trucking companies can prepare for and profit from times of rising costs and declining revenues by doing the little things on a day-to-day basis and being smart enough to find the big things that will get them through the downturn strong.
[Related: More ‘cheap freight’ curves ahead: Between ways to assess rates and reviews, costs and emotions]
Featured panelists will share wisdom from previous economic downturns, including the biggest in recent history around 2008. And there's the example of Ilya Denisenko, owner of ICV Express, who decided to seize the moment to start his own business with a single truck. Based in Chapel Hill, Tennessee, Denisenko lives by the old adage that the best time to start a business is at the bottom of an economic cycle. As he points out, if you can be successful and profitable at the bottom, you'll really benefit when things get better.
How is he surviving? Find out the answer and much more in our roundtable discussion. Learn from three trucking pros about diverse survival strategies for weathering freight economic headwinds, and how careful preparation can help you get ahead of the next inevitable downturn.
[Related: Service, loyalty might mean little to a shipper today, but we can’t give up on them entirely]
Register for the event on August 22nd to join us live or watch the replay.
Please register via this link.
Featured speakers:
Jason Cowan is the founder and president of Silver Creek Transportation, headquartered in Henderson, Kentucky. Founded in 1994 with the acquisition of a local trucking company, Silver Creek has been a leader in specialized trucking ever since. Under Cowan's leadership, the company's fleet of more than 30 trucks offers a variety of services, from walking floors and dry bulk tanks to flatbeds and dry vans, serving a diverse customer base. Cowan is focused on maintaining a healthy company culture in an increasingly finely tuned operation, striving to actively engage the company's team of drivers and leased owner-operators in achieving safety and maintenance goals. And he has been a leader not only in the transportation industry, but also in the field of leadership and relationship building more broadly. Essentially, Cowan is constantly trying to answer this question for himself when it comes to the people who work at Silver Creek: “What can I do to help them live a better life?” In 2021, Cowan and Silver Creek Transportation will continue to OverdriveSmall Fleet Champ award winner.
From New Jersey Ilya Denisenko Denisenko is the owner and operator of ICV Express, a one-truck operation headquartered in Chapel Hill, Tennessee. Denisenko's trucking business was started after several years of experience in both long-haul and local trucking, and he leveraged lessons he learned in the restaurant industry. His business experience has given him a strong focus on keeping costs as low as possible and he is using that to succeed in today's tough freight market. ICV Express has been approved for less than a year. Thanks to his careful planning and tireless efforts in building a network of trusted brokers, his 2020 Volvo has made the old adage that the best time to start a business is at the bottom of an economic cycle a reality. As he points out, if you can succeed and make a profit at the bottom, you'll be in the real money when things improve.
Gary Backus He lives in Colfax, Illinois with his wife Marsha. Formerly leased to Landstar, the longtime owner/driver retired from the active trucking industry in October 2019 after working with multiple freight agencies and operating his own dry van fleet in the area around his home. He now offers a private owner/driver business coaching service where he enjoys sharing the wealth of knowledge he gained during his career. Overdrive A contributor and guest on SiriusXM's truck driving talk channel, Road Dog, Buchs was the 2016 Owner-Operator of the Year award winner for his professional acumen.
Follow this link to register for the talk on August 22nd and engage directly with the panelists. Post your questions in the comments below this post and they will be routed through the roundtable moderator. We hope you'll join us!
Stay tuned for the latest information on learning more about the owner-operator business. Overdrive“Partners in Business,” co-produced by /ATBS, is a book for new and existing owner-operators and a comprehensive guide to running a small trucking business sponsored by the Rush Truck Centers dealer network in 2024. Click here to download your complimentary copy of the latest edition of Partners in Business.
