Growth Inhibitors & Accelerators in Freight

Episode 2: Growth Inhibitors & Accelerators in Freight | The EMP by CarrierDirect

Bain and P-Mutt discuss some of the biggest growth blockers and growth accelerators in for freight businesses. Also, now that they are both fully engrossed in this podcast, truck driving puns abound!

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When done well, your freight tech strategy, training, and future state visioning are valuable growth accelerators. On the flip side, if executed poorly, these same things can inhibit your growth. When it comes to future state visioning, it's important to take time to really consider for your business: who do you want to be when you grow up? Set the vision and let everyone in on it! Your go-to-market strategy will support this vision and your company and individual goals should track to this as well.

Set the vision and let everyone in on it! - P-Mutt

Bain & P-Mutt weigh in on Goal Setting: Q4 is coming...

Did you set goals for 2021? Are you tracking them as we approach the end of the year? Are you staying in touch with your direct reports to keep the conversation around these goals open? You don’t want to catch anyone off guard if they won’t be receiving their full bonuses. Now is the time for check-ins before the end of the year.

Bain & P-Mutt weigh in on Growth Blockers and Accelerators

The first step to an effective growth plan is future state visioning. Decide what you want to be when you grow up and strategize to that. Often leadership, management, and seat level employees across the organization are so caught up in the day-to-day that they haven’t had time to do this extremely valuable future state visioning. Make time!

This enables you to be intentional about your go-to-market plans.

Consider: What services are going to set you apart? What tech are you going to invest in?

Institutional Knowledge

It's great if people have been with your business so long that they just know things, but not taking the time to document this knowledge is risky. You want that knowledge to be accessible and understandable across your business. Being able to use your institutional knowledge alongside quality data: This becomes your superpower.

FreightTech

If your old, outdated tech makes it difficult for customers, and especially new customers, to integrate with your systems, you're creating friction for your business growth. Conversely, if your tech allows customers to connect and onboard smoothly, you are making it easier to bring on new customers and grow.

If you’re doing the same manual processes all day: This is a sign that something should be automated. If your tech does not enable you to automate certain processes, the time is now to modernize.

Are you taking advantage of cloud-based benefits? This allows you to try new things quickly and be flexible, which can significantly impact your growth.

Training

A quality training program enables your employees to be confident and productive in their roles, thus enabling your growth. On the other hand, providing minimal training or poorly executed training will confuse and frustrate your employees, which obviously will inhibit your growth. Take the time to create an intentional training program to set your employees and your business up for success.

More on Future State Visioning

Coming back to this as it is so important in your growth journey. Define your north star. Know what you’re good at. Know what you want to be good at. Allocate your resources accordingly! Don’t just say yes to everything. Defining your ideal customer is part of your go to market strategy. If you need to expand into a different mode or service, revisit your strategy. Your vision needs to be continually worked on and continually revisited by leadership.