A New Year gives us all collectively an opportunity for some introspection and self-improvement.
Maybe we decide to give Dry January a try or set new financial goals. Congratulations to those who have remained steadfast with their New Year’s resolutions as we approach the second month of 2023.
For many in the industry, the New Year also brings about uncertainty. Will inflation continue to rise? Will fuel costs stabilize and parts become more accessible? Will our companies be able to hire enough drivers and technicians? Will any of the experts agree on whether or not we are heading into a recession?
Two things are certain to continue in the new year: talking heads will continue to add noise about where the economy is heading, and the trucking industry will continue to move 80% of the goods in this country.
So, how can TCA members work together in the new year to cut through the noise and speculation to get actionable ideas to work on some New Year’s resolutions for our businesses? Consider taking a look at TCA’s Profitability Program (TPP) and giving your company a tune up.
The revamped TCA Profitability Program has successfully brought carrier members together to benchmark their performance based on their actual operating ratios and key performance indicators (KPIs) for more than 20 years. TPP groups are segmented into non-competitive company groups with similar operating concerns, challenges and opportunities, allowing for accurate comparison and open discussion.
Each of the 120 carriers involved in the program receive a monthly Composite Report highlighting KPIs and giving actionable takeaways and ideas to try in their companies. Participants are encouraged to share best practices, link data to actions and forecast and set operating goals. This isn’t a one-time New Year’s resolution kind of fix, but one that is continuous and long term.
Taking the program a step further, our TPP Best Practice Groups meet within their groups bi-annually to have more focused discussions and deepen the relationships between the participants. These meetings are all about peer-to-peer networking and an open exchange of ideas.
Building the TPP program has been a major focus for TCA over the course of my chairmanship. We have hired a new facilitator and are currently accepting new applicants to Best Practice Groups. We are also rejuvenating our TPP Seminar Series, with four seminars focused on maintenance and operations currently being scheduled for May and June of this year. These one-day seminars will provide a great opportunity to look under the hood of the composite, make new connections and hear the latest trends being gleaned from the program.
Prior to speaking at a previous TPP Seminar held in early December, current TPP member and Cargo Transporters’ COO Jerry Sigmon, Jr., shared his though on the meetings. “This is a great opportunity for anyone who has ever wondered if joining the TPP would benefit their organization. Here is the chance to get all your questions answered. One intangible benefit that should not be overlooked is the networking these groups provide.”
So, is your company ready for a year-round tune up that will pay dividends for your business? If so, please find out more here and learn about TPP, or you can reach out to TPP Managing Director Jack Porter at mailto:email@example.com.