When operating a trucking business that offers couriering and related services, you will always look to improve. However, inspiration doesn’t have to come solely from the trucking industry. In truth, a plethora of other sectors can help you on the road to success. The real estate arena is one of the most effective.
Here are just five key lessons that you can take from real estate investors and businesses. Integrate them into your trucking venture, adapting them to suit your sector, and the journey ahead will look a whole lot smoother.
#1. An asset can serve multiple clients
Like any other business owner, you want to maximize the performance of your assets. One of the best ways to do this is to break up the asset and serve multiple clients. For real estate, multi-unit properties are ideal as individual units can be rented or sold at a higher price. It also means that they can make a profit without filling 100% of the dwellings.
Deals like the Huntington Building transformation by The Millennia Companies highlight the potential. For trucking businesses, it could be something as simple as offering partial truckloads. So, multiple companies or individual clients can use the same truck rather than paying for the whole space. In return, the company can charge a higher fee per square foot.
It opens the door to a far larger prospective client base and helps maximize revenue. Besides, having a larger volume of customers is always good news.
#2. Marketing influences perceptions
Marketing is a key factor in any business model. However, trucking businesses often overlook the importance. After all, the services are only needed by people actively looking for this type of service. Due to the lack of impulse purchases, it may be assumed that marketing requirements are minimal. On the contrary, it’s more vital than ever.
Businesses need to know that regional or international carriers will deliver a reliable service. Because it must reflect well on their company. So, an emphasis on quality is vital. Great real estate marketing, for example, will use premium brochures rather than printed handouts. Trucking businesses should do the same or create attractive digital products.
When supported by SEO and testimonials, the company will feel professional and trustworthy. Given that many B2B clients will be retainers, the impact on your ROIs is huge.
#3. A diverse portfolio of assets is useful
When talking to real estate investors and companies, diversification is a key term. Most want to have multiple property types including houses, apartments, and business properties. Even those that have a specific niche may look to have assets in multiple locations. As a trucking business, a diverse range of vehicles is advantageous.
Using the smallest vehicle that’s suitable for a specific job will save a lot of money on gas and operational costs. So, consulting a truck size chart to find the right solutions for your needs is vital. If nothing else, it ensures that your services can be tailored to match the client’s needs. By saving them money, their satisfaction levels will rise.
Meanwhile, it’s important to know when an asset is no longer useful to you. When this time, selling to reclaim some money is advised. This extends to all business assets.
#4. Outsourcing is perfectly fine
Like properties, you could argue that there is a limit of how much revenue can be delivered by each vehicle. Therefore, it is easy to fall into the trap of thinking that you have to do everything in-house to see maximized ROIs. In reality, though, it would be better to sacrifice 20% of your profits on one asset if it subsequently allows you to upscale with extra assets.
Outsourcing and partnering with other businesses is a completely normal part of business. Real estate investors may hire property management companies. But you may look to outsource vehicle maintenance or loading and unloading duties. It is particularly useful if the hired services cost less than the hourly wage of your driver.
Better still, if it allows drivers to focus on their tasks, it may improve time efficiency. When more jobs are completed, revenue will soar.
#5. Human interactions are still vital
As a trucking business owner, you may feel that the process is simple. The client arranges a service, you collect the products and then transport them to a new location. On the face of it, this is true and the process could theoretically be completed without interactions. However, great communication is vital if you wish to stand out from the crowd.
Customers are far happier with real estate companies when they receive regular updates and do not have to chase info. As a trucking business, you can provide regular updates or go one step further with tracking services. It gives your clients, as well as their recipients, a chance to stay in the know. It provides peace of mind and improves the overall UX.
Crucially, quarterly meetings with decision-makers to review the services allow you to adapt. Keep them happy, and the road to success will stay smooth.