Say goodbye to 2022 and hello to 2023. The year is quickly coming to an end, and the new year will be here before you know it. Before you break out the party poppers and light your sparklers, you’ll want to ensure you’re setting up for the new year. Here are some tips for facing the new year with confidence.
Review the Previous Year
One way to start setting up for the new year is by reviewing trends and business practices from the previous year; knowing what worked well and what didn’t will be critical to forming your strategy. Your response to market volatility can constantly be improved, and this recent data can help you build a plan to grow in 2023.
It is vital to be aware of upcoming market trends as 2023 approaches. Information from the news is critical as knowledge of geopolitical conflicts and the economy’s general state can help you plan for what is coming. S&P Global predicts a mild US recession starting in the fourth quarter, which could last until the second or third quarter of 2023.
Additionally, the cost pressure for fuel, equipment, and maintenance driven by inflation will continue to build up. This can have an impact on carrier survivability due to inflationary pressure. Given the consequences of elections, inflation, and the potential for fewer shippers, the approaching marketplace challenges will have long-lasting effects.
Due to the challenging market, there will be fewer shipments, and it will be more critical than ever for carriers to decrease issues with efficiency. If they can cut down load times and keep their equipment in good shape, they may be able to take on more loads to help mitigate cost pressures.
Staying on top of news like this and gathering information and knowledge from multiple channels can help you set up for the new year.
Make a Strategy
Given the information you have about the previous year and the information you are gathering about the coming year, it is time to form a strategy. Consider factors that will influence your business, both positively and negatively, and what you will do to respond to them. Take a look at this article for tips for getting started on your strategy and how to put it together.
Another way shippers can set up for the new year is to maintain diversification within the routing guide. This can help ensure that you aren’t relying on just one partner and getting business from various places. The balance between contract and spot business is integral to your success as the market shifts. Spot rates are 25-30% under contract rates and are expected to decline further in 2023, which may impact contract rates. Having a healthy mix of business will be essential in the coming months.
One of the best ways to set up for the new year is by setting goals. Knowing where you want to improve and having a measurable plan is essential for business and personal growth. These goals will be necessary to track throughout the year to see how you are doing and what you can do to improve. It is best to choose specific goals you feel you can achieve within the time period you set. Try to have short-term and long-term goals to look back at as time goes on.
Starting a new year can be exciting. Let the excitement of the new year fuel your planning and keep you optimistic for the months ahead.
The England Logistics Full Truckload division offers services for companies of all sizes. Dedicated team members are available day and night to offer solutions and assistance with all logistical needs. Regardless of the transportation mode, our market and seasonal specialists provide flexible shipping solutions and are committed to helping every step of the way.