With 2022 now in the past and a new recession upon us, saving money and cutting costs is now more important than ever before. In order to prepare your car hauling business for 2023 and beyond, there are several strategies that your car hauling business can implement in order to set itself up for success – here are the four things that you should do in order to set your business up for success in 2023.
Evaluate Your Business Finances
One of the most important things to do to help prepare your business for the future, regardless of the industry, is to evaluate your finances. Dive into your profit-and-loss statement to look for any financial leaks, make a full list of all of your debts and expenses, and figure out your cost of doing business. Doing this will give you full visibility of your business and see exactly how profitable your business is. If your car hauling business is less profitable than it should be, then figure out why that may be.
The issue might be decreased loads or an increase in expenses; but regardless of what it is, being able to identify where your business is slipping financially is the first step.
On the other hand, if your business is doing just fine financially, then that’s wonderful! Your next step is to continue that positive trajectory – figure out why your car hauling business did well in 2022, and take the proper steps to continue making even more in 2023.
Find Ways to Cut Costs
Whether you’re still paying for an old software tool that you haven’t used in months or have been filling up at more expensive fueling stations, there are many ways to cut your business expenses. When it comes to car hauling, there are many, many expenses involved, from maintenance to fuel costs to the various tools and equipment required.
One major way that trucking companies lose money is from not performing maintenance as frequently as they should, and then having mechanical problems occur on the road such as tire blowouts, braking failure, or engine problems. While not always avoidable, these issues can often be reduced by performing regular maintenance. While costly, performing maintenance on a more frequent basis can keep you safer and avoid large repair costs later down the road.
Another great way to save money is to keep track of your on-the-road spending, with food usually being the biggest factor. Pack your meals at home, and bring them on the road to avoid spending a fortune on fast food or gas stations – this will be better for your health as well as your bank account.
Take Risks
When it comes to running a successful business, trying out new things and taking risks is essential if you want to grow and increase your ROI. Therefore, it may benefit your car hauling business to try new things. Going into next year, consider experimenting a bit – this can range from changing up your regular hauling route in order to find more high-paying loads, focusing on hauling loads within different niches – such as hauling luxury cars, exotic cars, inoperable vehicles – or trying out new software. If you haven’t upgraded your online tools in a while, then now might be the time to do so; upgrading to a new TMS software, a more modern load board, or even an auto transport platform may be just what your business needs.
Overall, not everything that you try is guaranteed to work, but taking risks is essential for your business to succeed.
Upgrade Your Software
Nowadays, technology plays a huge role in auto transportation. Everything from finding high-paying loads in your area to building your network of Shippers is done through the use of software, so possessing the best tools can make or break your business.
Carriers need both an advanced transportation management system and load board for finding loads, but there are many different options available. These tools can also range quite a lot in price – if you want to make the most out of your money, you should pick tools that provide the best bang-for-your-buck.
Super Dispatch provides an end-to-end solution for auto transportation, with both a Carrier TMS and load board packed into one single platform. Our platform also offers many exclusive features including a fully integrated payment solution, instant booking, and more. If this sounds like something that your car hauling business could use, then try it out for free today!
