Current Challenges in the Trucking Industry and How Savvy Entrepreneurs Can Overcome Them

Trucking industry leaders know that the transportation industry is growing at incredible speeds, and demand for overland shipping is higher than ever. Yet, even with such unprecedented potential for success, carriers are recognizing severe challenges that could put success in peril. As your trucking company grows, you must pay attention to the following issues affecting every business within the trucking industry, and you might need to take advantage of proposed solutions to keep your company safe.

Economic Volatility

When the COVID-19 pandemic was at its peak, the United States fell into a recession worse than 2008, but barely a year later, consumer demand surged so intensely that many industries suffered intense inventory shortages. Now, the economy is once again threatening a recession, and unemployment rates are climbing. Because the economy has become relatively unpredictable, many tucking businesses are struggling to establish a level of stability that can lead to growth and success. As a trucking entrepreneur, you might find greater success keeping your trucking operation small and agile as long as the economy remains volatile.

Cyber Attacks

As more and more companies adopt sophisticated digital systems to improve efficiency, more and more cyberattacks are being launched against businesses to take advantage of their data. Trucking companies are not immune to cyberattacks; in fact, trucking tends to be a major target for ransomware attacks, as digital criminals know how much truckers rely on digital dispatching solutions to keep drivers and equipment organized. When building your trucking company, you need to emphasize the importance of cybersecurity, and you will need to continue updating your security efforts to keep your drivers, dispatchers and digital systems safe.

Driver Shortage

Demands for overland shipping via truck have increased exponentially in recent years — but the number of truck drivers available to transport goods has remained roughly the same. Unfortunately, that leaves many trucking companies with insufficient driving staff to meet client needs. To keep up with freight demand in the United States, companies need to recruit as many as 1 million new drivers, and, perhaps more importantly, they need to be able to retain them. Trucking entrepreneurs need to recognize the value of prioritizing driver health and happiness, and you should work to develop a positive workplace culture that puts drivers’ needs first to attract and maintain sufficient staff.

Increased Oversight

With the growth of the trucking industry has come increased scrutiny from regulatory agencies tasked with ensuring safety and efficiency. Regulatory compliance is a costly concern for trucking companies, as new regulations can necessitate the alteration of long-standing business policies and processes. If regulations do increase over the coming years, established and new trucking businesses alike will need to pay closer attention to their compliance, which can be a headache in addition to a steep expense.

Deteriorating Infrastructure

Infrastructure is rarely a primary focus for politicians, with the result that roads, highways, bridges and other overland travel routes are becoming increasingly dangerous — not just for freight trucks but all manner of motorized vehicles. Traffic congestion further endangers trucks and drivers while wasting valuable resources like fuel. Trucking companies need to communicate with government leaders about the importance of infrastructure repairs and improvements.

Insurance Cost

According to the American Transportation Research Institute, insurance rates have become so volatile in recent years that proper insurance coverage has become a significant concern for trucking companies. Over the past 10 years, insurance costs per mile have increased roughly 47 percent. Smaller fleets are more affected by uncertain insurance costs — and many entrepreneurs cite insurance as a primary reason for business failure. You might try to cover insurance costs by learning how to get trucking business loans, especially if your trucking company is relatively young.

Facility Detentions

At shipping and receiving facilities, trucks need to be loaded and unloaded efficiently so that drivers can return to the road and meet other client needs. Unfortunately, trucks are becoming increasingly detained at facilities, which means vehicles, drivers and companies are wasting time waiting for freight. As a trucking entrepreneur, you might work with your shippers and recipients to develop more efficient systems for loading and unloading to eliminate this unnecessary cost.

The transportation industry is more important than ever, but with growth comes new challenges. To find success as a trucking entrepreneur, you need to recognize and plan for these challenges to the best of your ability.


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