Hello all!
I guess my story is a bit different than of the typical person who starts a progress thread in this forum.
So, a little bit about me. I’ll be honest, I’m a young guy who has had it all quite easily for most of his life. My father owns a trucking company that has been in business for more than two decades already. I have the chance to continue running our family business and I most definitely feel like that this is the right path for me. I have been working in the company for about four years now as a logistics manager and I have understood that this is something I want to continue and hopefully take to the next level. However, there are problems that I must face.
Firstly - business problems.
Although I cannot say we are struggling, there are some huge problems in this field.
The solutions I could think of.
Secondly - my own problems.
I think that would be all for my first post, I do plan on continuing with this thread as often as I feel I something worth sharing has happened.
I am absolutely looking forward to all the replies, criticism, suggestions and whatever else any of you great minds in this forum would like to write.
Best wishes from Estonia!
I guess my story is a bit different than of the typical person who starts a progress thread in this forum.
So, a little bit about me. I’ll be honest, I’m a young guy who has had it all quite easily for most of his life. My father owns a trucking company that has been in business for more than two decades already. I have the chance to continue running our family business and I most definitely feel like that this is the right path for me. I have been working in the company for about four years now as a logistics manager and I have understood that this is something I want to continue and hopefully take to the next level. However, there are problems that I must face.
Firstly - business problems.
Although I cannot say we are struggling, there are some huge problems in this field.
- It’s a very one sided business, I haven’t found a solution for getting clients any other way than lowering the price. There are some exceptions, but it’s extremely rare.
- First problem brings us to another - competition has eaten up all the prices and there’s no room for going lower.
- A lot of our customers are bigger logistics companies so we are heavily dependent on them rather than manufacturers, importers etc.
The solutions I could think of.
- Lower the price - get the job - expand - small profits combined make a bigger profit. This has a huge financial risk of leasing new trucks etc and most probably is not the best idea in the long run. In addition to that, it’s not that easy to find good and reliable drivers.
- Hire subcontractor carriers - pay them a fixed kilometer price. Might turn out to be unprofitable at some point, no actual knowledge of who the carrier is at the beginning. On the plus side, it’s way less risky. This can be done two ways - hire them with their own truck and trailer or rent them our trailer. Second option is riskier, but potentially more profitable.
- Expand to different areas in the field - build a warehouse and start renting out space, buy trailers for carrying gravel, asphalt etc, expand our small truck service area to a bigger one.
Secondly - my own problems.
- I feel like I haven’t done anything myself - I haven’t built this business from the bottom and I feel unachieved.
- Lack of business knowledge - I do understand that this can be fixed only by me.
I think that would be all for my first post, I do plan on continuing with this thread as often as I feel I something worth sharing has happened.
I am absolutely looking forward to all the replies, criticism, suggestions and whatever else any of you great minds in this forum would like to write.
Best wishes from Estonia!
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