Have you ever thought, “What if I could use what I know now to make a fresh start?''
You'd be surprised how many owner-managers have said the same thing as me. “Okay, now that I know this, I’m going to retire.”
For those who have had the hard-earned experience and are still in the trucking industry, remembering the small steps it takes to feel fully relaxed after making the leap from company driver to truck owner. may be very difficult. Whether you made the leap in the past few months or years ago, the fundamentals of an owner-operator business can never be dismissed, forgotten, or ignored.
In the last few months alone, several new owners have told me how stressed out they are about the possibility of failure. Here in 2024, his clearly harsh lessons from 2023 are adding to the emotional disappointment. But that's not all. In difficult situations, you react too quickly. Sure, you need to hit the brakes immediately when someone has your job cut out for you, but the management moves needed to secure your business in the long run are more likely to help you commit to a plan to achieve your goals. It is more likely to be a slow and deliberate action.
As previously discussed, thoughtfully set goals, assign completion dates, and evaluate the success of your efforts to get there along the way. If you're careful about change, spring in your business may come sooner than you think. It's at least certain that Punxsutawney Phil of Pennsylvania didn't see his shadow this year.
[Related: Truckers’ New Year’s Resolutions: Get closer to the freight source, and back to basics on costs]
Leverage proven resources
We look forward to seeing many of you at the Mid-America Truck Show. Mike from ATBS will be the host and I will be introducing the annual program again this year. Overdrive/ATBS The Partners in Business seminar, as always, has the goal in mind: to provide you with ideas to set you up for success.
When the pet owners I work with fall into the trap of emotional reactivity, one of the things I often recommend is: Overdrive business partner Book. In the excitement of owning your first truck and starting an owner-operator business, make sure you have the proven basics that are often forgotten. That is, forgotten or forgotten with time, habit, and/or hardship.
Ongoing annual PIB updates for this year's release in MATS provide a foundation for stabilizing and adjusting good habits that are essential over time for both new and existing owners. Provide building blocks.
Rush Truck Centers is a 2024 sponsor of Partners in Business. The company operates more than 150 full-service dealerships in the United States and Canada. They represent industry-leading truck brands and offer parts, service, collision repair, and a variety of aftermarket solutions. Download the 2024 PIB book from this link.
As I suggested, Overdrive Editor Todd Dills also faced a barrage of comments on economic forecasts last month, but it's important to keep in mind what they're all about. opinion, And vice versa. There are several solid sources available to learn about the average owner-manager's historical expenses, revenue, and profitability. ATBS benchmark data is always a big part of his MATS sessions, this year as well, and is updated and released every 6 months, giving anyone interested an idea of relative current and historical trends. can do.
[Related: If your trucking income’s taken a beating this down cycle, you’re not alone]
Benchmarking such data provides an opportunity for comparison, but certainly, I would argue that it is not. trap, like that. Studying benchmark averages will enhance your ability to evaluate your business, show long-term and short-term trends, and help you make decisions in the coming years. Do you have access to an accurate breakdown of your company's business numbers over the past year? Even better. To get the most out of your presentation at MATS, we recommend bringing your breakdown to the seminar.
If you don't have a near real-time bookkeeping habit of crunching numbers like cost expenses (fuel, maintenance, fixed costs, etc.), miles, income, income, etc., work on your system to get there. This also helps owner-managers more quickly assess lost opportunities and evaluate potential changes.
Again, be careful with your emotional reactions
Know the driving force behind your decisions. This is very important. Is it the desire for independence that drives you? Perhaps the belief that one can earn more, or the often too strong feeling of pride? What about the belief that ownership is a natural leap or progression? every Are drivers expected to earn from trucking?
While it is impossible to remove emotion from all decisions, it is more effective in business to take a more analytical approach to advance choices than to rely on beliefs, assumptions, and, of course, those powerful emotions. It's a target.
Indeed, it is difficult to keep them at bay. Small business ownership is about more than a weekly cash flow squeeze. Real-life disruptions seem to strike like lightning and always occur when we are least able to deal with them.
Recently, I received the following message from a new owner-manager: “I feel really stupid,” he said. He was asking himself where all the money had gone, but he didn't have all the answers. Hearing his honest confession, I realized that this was an opportunity to have an equally frank discussion about what and how to change.
Please join us for a MATS session. I hope it's more of the same for all of us. I hope to see you there.
A MATS session with Gary Backes, ATBS's Mike Hosted, Todd Dills and others is scheduled for Friday, March 22nd at 2:45pm at the Pro Talks Theater at the Louisville Expo Center. There is.
You can download a PDF of this postcard and share it using this link. The newly updated Partners in Business handbook for owners is available at this link.
