As the new year approaches, it’s an excellent time to step back, take stock of your business, and set meaningful goals for the months ahead. By focusing on clear, actionable objectives, you can steer your trucking business toward greater efficiency, profitability, and long-term growth.
Here’s a detailed guide to help you craft business goals that stick.
1. Reflect on Your Business Performance
Start by reviewing the past year’s successes and challenges. Look at your business holistically and ask yourself:
Did I meet my revenue goals?
Was my cost per mile consistent and sustainable?
Did I have trouble finding loads or managing my schedule?
Go beyond the surface by examining specific metrics like operating ratio, loaded vs. empty miles, and total operating days. For example, if empty miles were high, you might prioritize optimizing routes or finding more backhaul opportunities this year.
Pro Tip: Use your financial records, KPIs, and feedback from customers or employees to guide your reflection. Our Definitive All-in-One Trucking Business Spreadsheet, which includes a built-in dashboard, is a great place to start!
2. Set SMART Goals
SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound—are the cornerstone of business planning. Instead of saying, “I want to grow my business,” focus on something specific and trackable like:
“Increase gross revenue by 20% in the next 12 months by securing five new contracts with direct shippers.”
How to make your goals SMART:
Specific: Define the exact result you want. Be specific.
Measurable: Include a number or milestone to measure and track progress.
Achievable: Set goals that challenge you but are still attainable.
Relevant: Align the goal with your overall business vision.
Time-bound: Set a deadline to create urgency and accountability.
3. Break Down Your Trucking Business Goals into Steps
Big goals can be overwhelming. Breaking them into smaller, actionable tasks ensures you stay on track. For example, if your goal is to add a second truck to your fleet, break it into steps like:
Evaluate finances: Calculate current revenue and expenses to determine if adding a truck is feasible.
Secure financing: Research loan options and prequalify for truck financing.
Research trucks: Decide whether to buy new or used and compare models.
Hire a driver: Start the recruitment process if you’re not driving the new truck yourself.
Having clear steps makes even ambitious goals feel achievable.
4. Prioritize KPIs for Ongoing Tracking
Tracking your key performance indicators (KPIs) will help you measure progress toward your goals. Some essential trucking business KPIs include:
Cost per mile: Understand your exact expenses for each mile driven. Read more on how to calculate your cost per mile here.
Operating ratio: Gauge profitability by comparing expenses to revenue. Read more on how to calculate the operating ratio here.
Total empty miles: Reduce wasted mileage to save on fuel and wear.
Gross profit margin: Track how much of your revenue remains after covering costs.
Regularly reviewing these numbers will help you stay aligned with your goals and make adjustments as needed.
5. Embrace Technology to Streamline Processes
The right tools can make a world of difference in achieving your goals. Consider adopting:
Load boards: Find new opportunities and potential partners using load boards like DAT.
Fleet management software: Track maintenance, fuel, and driver schedules.
IFTA reporting tools: Simplify tax calculations and filings using tools like our Trucking Business Spreadsheet.
Accounting software: Stay on top of invoicing, budgeting, and taxes.
For example, if your goal is to reduce expenses, fleet management tools can help you monitor fuel consumption and find cost-saving opportunities.
6. Prepare for Challenges with Flexibility
The trucking industry is unpredictable—fuel prices fluctuate, regulations change, and unexpected repairs happen. Plan for potential hurdles by:
Building a contingency ("rainy day") fund: Aim to save 3–6 months of operating expenses and keep these funds saved in reserve just in case something unexpected happens.
Staying adaptable: Be ready to adjust routes, contracts, or operations as needed.
Diversifying your income: Consider new niches like reefer freight, hazmat loads, or partial shipments.
Having backup plans ensures that even when surprises occur, your business stays on course.
7. Incorporate Personal Goals for Work-Life Balance
As a small trucking business owner, your health and happiness matter just as much as your bottom line. Consider setting personal goals that improve your overall quality of life, such as:
Scheduling more time with family or friends.
Creating a routine that includes exercise or healthier meals.
Taking a break from the road for mental health.
Balancing personal and business goals will help you avoid burnout and maintain long-term motivation.
8. Celebrate Milestones Along the Way
Don’t wait until December 31st to pat yourself on the back. Celebrate small victories throughout the year, whether it’s signing a new client, hitting a revenue target, or reducing empty miles by 10%. Rewarding yourself keeps morale high and encourages continued progress.
Drive Your Business Toward Success in the New Year
Setting and achieving business goals isn’t just about growing your trucking business—it’s about creating a clear path forward. With thoughtful reflection, a focus on SMART goals, and the right tools and strategies, you can position your business for success in the year ahead.
Here’s to a prosperous, safe, and fulfilling new year for you and your trucking business!
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Soshaul Logistics LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. It is meant to serve as a guide and information only and Soshaul Logistics, LLC does not assume responsibility for any omissions, errors, or ambiguity contained herein. Contents may not be relied upon as a substitute for the FMCSA's published regulations. You should consult your own tax, legal and accounting advisors before engaging in any transaction or operation.
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