Small Fleet recap: How should owner-operators manage downturns?

Understanding your costs and developing quality relationships are key, says Trucker Path’s Oliver

This fireside chat recap is from the FreightWaves virtual Small Fleet & Owner-Operator Summit on Wednesday.

FIRESIDE CHAT TOPIC: What steps can owner-operators take to manage downturns?

DETAILS: Owner-operators face increasing uncertainty in the freight markets, but there are steps they can take to handle whatever the market throws at them. Understanding your costs and building quality relationships serve carriers better than taking the “bear down and hope” approach that small fleets have operated under in the past.

SPEAKER: Chris Oliver is the chief marketing officer of Trucker Path.

BIO: Oliver has more than 25 years’ experience leading small to midsize businesses. In addition to Trucker Path, he led growth and development efforts for several transportation brands, including Cargomatic, Zonar and PrePass. He holds degrees in marketing, international management and finance.

KEY QUOTES FROM OLIVER

“It all comes down to the basics. How do you know if you’re making any money if you don’t understand what your costs are? So the very first that you have to do is understand those costs. And there’s a lot to consider there — it’s not just your truck and your fuel.”

“Over time, after you have built a relationship and trust and that shipper knows you’re a go-to guy that’s going to get the job done for you, they tend to loosen the purse strings a little and trust you a little bit more and share a little bit more of the revenue. Just to build those types of go-to relationships over time is just a smart thing to do.”

“We’re not just here to book a load, send it to you and get our little percentage out of the way. We’re trying to help people be better businesspeople.”