Staying Afloat in a Flood of Freight Brokers
Transport Topics reported on a 29% growth in freight volumes this year, which sounds like good news for freight brokers (Transport Topics, 2019). But the increase in activity has only brought a surge of competition among brokers trying to win loads and the capacity to move them.
The question on freight broker’s minds is: what can I do to be more efficient, get more business, and build stronger relationships with carriers?
1. Achieving Optimum Efficiency
It’s expensive to run a truck, and not just on a per-mile basis. In terms of time, the cost can exceed $71 per hour.
If the wheels aren’t turnin’, the truck ain’t earnin’. Delays and missed appointments due to incorrect documentation and miscommunication can drive up transportation costs, strain relationships with carriers, drivers, shippers, and receivers, and stop efficiency in its tracks.
But here’s some good news. There are tools available to help cut down on administrative work, reduce check calls, improve transparency, capture the total cost of the truck and driver’s time, and achieve optimum efficiency.
2. Payment Flexibility
When it comes to securing trucks, money definitely talks. And truckers want to hear not only how much you’re willing to pay but how quickly you can make a payment.
Your ability to compete for carriers may come down to whether you can offer the terms and cash flow advantages of a quick-payment program. Make sure your flexibility on payments comes through loud and clear.
3. Doing Business with the “Little Guy”
Big carriers are easy to find. But 94% of all carriers in the U.S. have fewer than 20 trucks, and 84% have fewer than seven (OOIDA, 2019).
With more freight brokers competing for trucks, the latest technology can connect you with fleets of all sizes—but especially with owner-operators and smaller carriers that rely on brokers for loads.
To help you achieve this, you can leverage an all-in-one digital platform that manages loads, organizes paperwork, and connects freight brokers with qualified available carriers. It’s guaranteed to keep your brokerage afloat.