The panic associated with the COVID-19 pandemic has forced you into ADAPTING how your business is run.
Only weeks ago, it was unthinkable that both our United States healthcare system and our economy would be under this kind of assault.
The good news is that this bizzare event has uncovered some things that will be useful to incorporate into your business strategies going forward.
Here are some tips & suggestions as you look ahead:
Topics: Business Tools, Payroll, Business, Profit
Here's a quote that correctly sums up today's blog post , "The past is in your head. The future is in your hands."
You'll recall that our last blog post dealt with the fact that today's FXG Contracting environment is very different than it was several years ago. More specifically we said what is being done has not changed as much as how it's being done differently.
Topics: FedEx Ground, contractor, Profit, leadership
What was once “wild speculation” has now obviously become reality. As most of you know, we were among the first and few trumpeting the change of your business from lifestyle to transportation company. Now that the transformation is at least halfway complete, it should now be obvious that “what worked in the past won’t work in the future”.
Topics: FedEx Ground, contractor, Profit, leadership
HOW A COMMUNITY COLLEGE DROPOUT FOUND ENTREPRENEURIAL SUCCESS
You think your market conditions are tough, what about Colorado? According to the latest Bureau of Labor Statistics (BLS) data, the Denver area's average weekly wages are $1,242. Think it's easy to find drivers? The BLS also lists the area unemployment rate at 2.4%. Way lower than the U.S. average.
What made a young guy from out of town who knew nothing about the logistics industry think that he could buy a Ground business to support his growing family? Sure he's smart, but he's so young.
"There's no selling, no advertising, no collecting money from past due accounts. I'm not saying it's easy, but it beats a lot of other options out there," Preston Wengert says.
Topics: Business Structure, Business Tools, Business Results, Management, ISP, FedEx Ground, contractor, Profit
As of 1/10/2020, it’s a new day for FXG CSP’s.
You may recall we’ve talked about TRANSFORMING your Lifestyle Business into a
FXG's announcement of the new Financial Health Assessment added a new, critically important component for how they keep score on your business performance, and your value to them.
Engaging a third party, RapidRatings, to examine your financial health, then reporting those findings to FXG will create a measurement (number) that will become just as important as your daily service - if not more so.
As a CSP, you should understand the significance of this announcement and the reasoning behind why it will be so crucial going forward.
Let’s take a look at what is going on here...
Topics: Business Planning, Business Results, ISP Negotiation, Business Metrics, Contract, Profit
Dustin Franz bought an RPS route twenty years ago in Pasco, WA. Today, he's a successful FXG contractor with multiple routes. He's traveled an interesting path to profitability.
Buying a route was his first time owning a business. Much of how he learned to deliver packages came from his own experiences plus talking to contractors in his terminal.
Others taught him what they had learned from their own mistakes, and they really couldn't teach him how to be more profitable any faster. It was no fault of their own. They hadn't been trained themselves.
Dustin performed some online research and determined he needed outside assistance.
Topics: Business Structure, Business Tools, Business Results, Management, ISP, FedEx Ground, contractor, Profit, coaching
YOU CAN'T LET DRIVERS RUN YOUR BUSINESS
Business owners (CSP's) are generally likable. Drivers want to work for them. People enjoy being on their team. Nothing wrong with that. It's a good thing.
However, it's a problem when CSP's are too nice. Tracy Taylor learned that lesson early in his career as a Contractor.
"I had 12 employees, 15 trucks and two operations hundreds of miles apart. My people needed me to make tough decisions instead of letting them manage themselves," he recalls.
Topics: Business Structure, Business Tools, Business Results, Management, ISP, FedEx Ground, contractor, Profit
RETAINING EMPLOYEES IN TIGHT LABOR MARKETS
Steve Ellis has been a contractor for almost twenty years. Many business owners who've been operating that long think their processes work because they've "always done it this way."
However, Steve's openness to studying and changing his processes make his operations exceptionally successful in a state with some of the lowest unemployment rates in the country.
Topics: Business Structure, Business Tools, Business Results, Management, ISP, FedEx Ground, contractor, Profit
THE PERILS OF BUSINESS OWNERSHIP
Marena and Ralph Markel bought their first FedEx Ground route in 2005.
Of course, they were inexperienced owners, but they were committed to their future and each other. Like many couples who work together, each spouse brought different skills and strengths to the business.
After experiencing significant growth, the pair were overwhelmed by the responsibilities of leading a large team of commercial drivers including:
Would the couple remain happily in business?
Topics: Business Structure, Business Tools, Business Results, Management, ISP, FedEx Ground, contractor, Profit
It's a simple question with a simple answer. If you're a FedEx CSP, you may think - of course FedEx decides how much I'll earn because they decide what to pay for my services.
But it's not the right answer.
Focus instead on two key words, "decides" and "earn."
FedEx offers, or negotiates, estimated fixed and variable revenues, but they don't decide how much of that you'll keep.
You will make decisions during the course of the contract determining how much you'll earn.
Don't confuse income with earnings.Topics: Business Structure, Business Outlook, FedEx, Training, Ground, FedEx Ground, Negotiation, Profit
Wayne Gretsky, Isiah Thomas, Magic Johnson, and Pete Rose. Each was phenomenally successful at scoring goals, points, or runs in their respective sports. Coaching others to do the same? Not so successful.
Bill Belichick, Pat Riley, Bobby Cox and Tony La Russa. Polar opposites to the previous four athletes.
"What's your point?" you ask.
Business people, like athletes, don't have to be great players to be great coaches and vice versa. However, great coaches can bring out the best in others.
Topics: Business Structure, Business Outlook, FedEx, Training, Ground, FedEx Ground, Negotiation, Profit
Here we are at the end of another year.
Topics: Business Structure, Business Results, FedEx, Business Metrics, Business, Investment, model, Metrics, Selling, contractor, Profit, vendor