10% of Concerned Firms Are Reducing Operational Costs
“Managing financial pressures” was among the most common responses given by the logistics firms that Tech.co polled, when asked about their top priority for this quarter. Over one in five (21%) firms picking this above every other issue, putting it second overall, ahead of every other issue except vehicle upkeep (23%).
What are the top ways that firms are dealing with their money issues? Among those who are most concerned with their financial well-being right now, the biggest steam valve they plan to open up is a reduction in operational costs, with 10% saying they intend to trim some costs related to operations in the very near future.
Other options include developing new revenue streams and negotiating better rates with business partners. Here’s the full list:
- 10% to reduce operational costs
- 7% to diversify services or explore new revenue streams
- 7% to negotiate better rates with shippers
- 6% to seek financing or restructuring debt
- 5% to negotiate better insurance premiums
- 4% to improve invoicing & payment processing
