As 2022 comes to an end, TruckNews.com reached out to several trucking industry executives to ask about the biggest challenge their fleets will face in the coming year, and how they plan to address these issues.
In this installment, Titanium Transportation chief operating officer Marilyn Daniel offers her insights.
Q1: What is the single greatest challenge that your business will face in 2023?
Market volatility and effects of inflation on cost control. The market is very volatile from a revenue perspective and there are swings in pricing.
However, we do feel that pricing for responsible, sustainable operators will not see large change as costs remain high and margins proportionate.
We believe that many unsophisticated registrants entered the carrier market last year when pricing was very high and lived off the spot market and there will likely be fallout from that this coming year.
Q2: What are some of the steps you are you taking to address that challenge?
As always, we continue to focus on technology and staff retention.
The next year will highlight the need for strong financial navigation and high-quality customer service. We have purposely refreshed our fleet over the past year to help reduce downtime in this parts-shortage environment and ensured we maintained a strong balance sheet allowing us to pivot quickly according to economic conditions.