How to Thrive in a Freight Recession
And Make More Money Trucking
As many Americans saw during the 2020 COVID-19 shutdowns, trucking is a vital industry that keeps our economy moving, but it can also be a challenging career for those who are looking to make more money. However, there are plenty of ways to be successful and make more money in trucking. The key to making more money in trucking is to be efficient, productive, and smart with your time and resources. Here are some tips on how to run your fleet more efficiently and make more money in trucking:
Be efficient with your time
As some may say, “time is money,” and the more time you spend on the road, the more money you will make. One of the best ways to be efficient with your time is to use an edge computing fleet management solution with built in commercial truck routing to plan your routes and avoid traffic congestion and other delays. Additionally, make sure you are taking full advantage of your HOS driving hours by utilizing exemption statuses when applicable.
Maximize your loads
Another way to make more money in trucking is to maximize the number of loads you are hauling. This can be done by working with a variety of shippers and carriers to find the best rates and most efficient routes. Additionally, you can look for opportunities to haul multiple loads at once, such as team driving or using a larger truck.
Take advantage of bonuses and incentives
Many trucking companies offer bonuses and incentives to drivers who meet certain performance goals. Many fleets using an enterprise fleet management solution keep track of these metrics through driver safety scorecards. Driver scorecards measure drivers safety and performance which provides a non-biased way to reward safety bonuses, on-time delivery bonuses, and/or fuel efficiency bonuses. Take the time to understand the bonuses structure and incentives offered by your company and make an effort to qualify for them.
Look for niche markets
By specializing in niche markets, you can often command higher rates for your services. For example, if you are experienced in hauling hazardous materials, refrigerated goods or agriculture, you may be able to command higher rates than other drivers.
Keep your costs low
The more you can keep your costs down, the more money you will make. One of the best ways to do this is to keep your truck well-maintained and in good working order. Implementing pre and post-trip DVIR into your daily routine is key to identifying wear and tear on your vehicle. This will help you avoid costly repairs and downtime, which can eat into your profits. Additionally, try to keep your fuel costs down by driving efficiently and planning your routes to avoid heavy traffic and hilly terrain.
Invest in technology
Today’s trucking industry is heavily reliant on technology. By investing in the latest trucking software, you can improve your efficiency, reduce your costs, and make more money. Some examples of edge computing technology that can help truckers include electronic logging devices, driver dash cams, and trailer tracking systems.
Networking with other truckers can be a great way to find out about new opportunities and to learn about the best ways to make more money in trucking. Join trucking industry groups and forums, attend trucking events, and talk to other drivers to learn about the latest trends, best practices, and most lucrative routes.
Be a safe driver
Safety should always be a top priority when driving a truck, but it also has economic benefits. Implementing a driver safety program with ai-powered dash cams can help eliminate dangerous driving habits. Not only can dash cams decrease distracted driving, if an accident does occur, dash cams can provide the evidence to prove a drivers innocence from a potential nuclear verdict. When you’re a safe driver, you’re less likely to get into accidents or get pulled over for traffic violations. This means less time spent on the side of the road and fewer fines to pay.
Making more money in trucking requires a combination of efficiency, productivity, and smart business decision-making. By following the tips outlined above, you can improve your bottom line and make the most of your time on the road. Remember to always prioritize safety, be willing to adapt to new technologies and trends, choose the right technology partners and stay informed about the industry. With hard work and dedication, you can make more money in trucking and enjoy a successful and rewarding career.
Konexial provides superb technology to the transportation industry through the PaaS (platform as a service) model featuring fleet management, video, and safety management, asset tracking, fuel savings programs, and more.
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