What to focus on during a volatile market

<p><strong>Amid a volatile market: take time to refocus on your foundation</strong></p> <ul> <li>Recruiting <ul> <li>Having the right roles in place to service customer and internal needs</li> <li>Exploring nearshoring partners when possible to limit costs and streamline operations</li> </ul> </li> <li>Customer Satisfaction <ul> <li>Differentiate your business</li> <li>Ensure that you are meeting the various needs of your customers and carrier relationships (evaluate for top performers)</li> <li>Continue to build relationships so that when the market change again, you have those foundational elements in place</li> <li>Going the extra mile - something that we talk about here at Metafora quite often. Want to make sure that your company is showing value and acting not just in a business sense but also as a partner where possible</li> <li>Speaking to multiple industry veterans, in past cycles, they have noted the importance of the second bullet above</li> </ul> </li> <li>Internal Areas <ul> <li>Ensuring that you are supporting your resources with what they need to make decisions and assist customers</li> <li>Robust processes, rules of engagement, training, etc.</li> <li>Making sure that your company vision and how you want to treat customers is trickling down to the operational level and that your customers are reaping the benefits and rewards from that</li> </ul> </li> <li>Balanced, Diversified Approach <ul> <li>Cycles have tended to vary in duration and intensity.</li> <li>Ensure that you are planning for worst-case scenarios and proactively responding to customers and the market to ensure the success and viability of your business</li> <li>Do your best not to make decisions in a silo or for short-term gains that may affect the business more long term</li> </ul> </li> <li>Emotional Decision Making <ul> <li>Try not to let emotions feed business decisions and instead do your best to act off data and your overall company charter and vision</li> <li>Hasty reactions can often have long-term effects that outlast a cycle</li> <li>Do your best to rationalize</li> </ul> </li> <li>Past Cycles <ul> <li>Look at what has happened in past cycles and learn from what you did well/the mistakes that were made</li> <li>Take best practices from the above and do your best to incorporate in the business and externally with customers</li> <li>Reach out to your network when possible to gain additional insights and help if needed</li> </ul> </li> </ul>

An episode of the FreightWaves NOW podcast, hosted by FreightWaves, titled "What to focus on during a volatile market" was published on February 8, 2023 and runs 8 minutes.

February 8, 2023 ·8m · FreightWaves NOW

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Summary

Amid a volatile market: take time to refocus on your foundation Recruiting Having the right roles in place to service customer and internal needs Exploring nearshoring partners when possible to limit costs and streamline operations Customer Satisfaction Differentiate your business Ensure that you are meeting the various needs of your customers and carrier relationships (evaluate for top performers) Continue to build relationships so that when the market change again, you have those foundational elements in place Going the extra mile - something that we talk about here at Metafora quite often. Want to make sure that your company is showing value and acting not just in a business sense but also as a partner where possible Speaking to multiple industry veterans, in past cycles, they have noted the importance of the second bullet above Internal Areas Ensuring that you are supporting your resources with what they need to make decisions and assist customers Robust processes, rules of engagement, training, etc. Making sure that your company vision and how you want to treat customers is trickling down to the operational level and that your customers are reaping the benefits and rewards from that Balanced, Diversified Approach Cycles have tended to vary in duration and intensity. Ensure that you are planning for worst-case scenarios and proactively responding to customers and the market to ensure the success and viability of your business Do your best not to make decisions in a silo or for short-term gains that may affect the business more long term Emotional Decision Making Try not to let emotions feed business decisions and instead do your best to act off data and your overall company charter and vision Hasty reactions can often have long-term effects that outlast a cycle Do your best to rationalize Past Cycles Look at what has happened in past cycles and learn from what you did well/the mistakes that were made Take best practices from the above and do your best to incorporate in the business and externally with customers Reach out to your network when possible to gain additional insights and help if needed Learn more about your ad choices. Visit megaphone.fm/adchoices