2020 has been a difficult year for many businesses. Nobody could have anticipated the impact of coronavirus across every industry, leaving many businesses in turmoil. Freight companies have been no exception and have had to react and reevaluate in the wake of COVID-19.
While coronavirus is still an ongoing threat, businesses are beginning to establish a new normal, looking ahead to the rest of the year and making up for the losses that they have endured. With fall being one of the busiest periods of the year for freight companies, it’s important that your business is prepared for what’s to come, ready to end the year on a successful note.
What should freight companies prepare for in the fall? Take a look at some of the following considerations and make sure your business is ready.
Creating safe work environments
One of the most important considerations for freight companies, like all businesses, is creating safe working environments. Stopping the spread of COVID-19 is a priority, and an outbreak could be devastating for your business.
Some of the things you can do to ensure your business operates safely include:
- Checking the latest guidance from the U.S Department of Transportation
- Making sure your staff have access to personal protection equipment (PPE), sanitizing products, etc.
- Maintaining a regular cleaning schedule of vehicles and office spaces
- Communicating with clients to establish safe working practices and keeping them informed of any problems. If a client can’t demonstrate that they’re following the appropriate guidelines, you will need to think about the health and safety implications for your own business.
It’s important that your employees feel empowered and confident to return to work. Communicate regularly and speak to everyone individually to address their concerns. Your employees should come first in this situation.
Saving money while reacting to changing business demands
Statistics show that the coronavirus has had a significant impact on the freight industry, with a decline of almost 50% in some areas compared to last year. A huge reduction of business will have left many businesses teetering on the edge, which is why continuing to save money will be vital as we move into fall.
While it’s important to meet the demand while it’s there, in anticipation of increasing demand in the coming months, businesses must look to cut costs elsewhere. Encouraging home-working where possible and even potentially getting rid of office space completely could help conserve money that can be allocated elsewhere. There are some tough decisions ahead, but making the right ones now could help safeguard your business’ future.
Prepare for the usual fall demands
In the last quarter of the year, businesses who have suffered from a drop in sales will be looking to turn things around in the run-up to Christmas and the usual holiday promotions. You’ll need to make sure that your business is ready to cope with the demand, and potentially provide services such as less-than-truckload shipping to provide services to smaller companies.
Now is a good time to start communicating with previous or existing clients to try and anticipate what the demand will look like over the coming months.
McKinsey’s predictions for the freight industry post-COVID-19 show that there could be some hope for trucking companies that seek to adapt their strategies and look for new opportunities, including e-commerce, which looks set to continue to grow at this time. While it’s an uncertain time for all right now, freight companies can continue to analyze trends and plan accordingly, hopefully making it out of this with the potential to grow still intact.
With new opportunities and a chance to make positive strategic changes, there is still hope for the industry as we look to the fall and the future post-coronavirus.