What are the issues challenging the trucking industry in the US? Scott Law is a longtime transportation industry expert who has been growing his business since he bought it in 2011. Scott is sharing the keys to running a lean business, developing your employees’ skillsets, and not setting your sights too small when hiring.
Takeaways:
- The transportation industry is facing two main challenges which are hiring new drivers and the cost of buying and maintaining equipment.
- Part of the hiring issue stems from insurance companies not insuring drivers with less than two years of experience, forcing smaller companies to compete for a small pool of experienced drivers. Larger companies can afford to self insure these new drivers.
- Running a lean business is imperative to a trucking company’s success. With smaller companies, crosstraining the management staff can be very helpful in maintaining the lean business model.
- You need to have metrics to track how your company is growing, no matter what industry you’re in. For the trucking industry, these could be revenue per truck and revenue per mile.
- By incorporating more technology into your business, you can get access to many more valuable metrics which can inform your business decisions.
- Approaching conversations with your employees as coaching opportunities rather than disciplinary actions can help you retain more employees while also moving the business in the right direction.
- Don’t be afraid to hire people that are overqualified for the role you’re hiring for. These people can help the company grow and take on a larger role as they become more involved in the company
Quote of the Show:
- “If you’re being proactive versus reactive, I think your success rate is significantly higher” - Scott Law
Links
- LinkedIn: https://www.linkedin.com/in/scott-law-57038a9/
- Company website: http://www.mcmillantransport.com/
- Company website: https://www.rpmabsolute.com/
Ways to Tune In
- Amazon Music: https://music.amazon.com/podcasts/337eea2a-f8ab-4b4f-8a36-fe4143b5913b
- Apple Podcast: https://podcasts.apple.com/us/podcast/leaders-who-scale/id1609131634
- Spotify: https://open.spotify.com/show/5PFtdxDlXcnaojG8jJk74T
- Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc3dob3NjYWxlLmNvbS9mZWVkLnhtbA
- YouTube: https://youtu.be/ayItrlqxj3U
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