Strategies to Build a Freight Broker Book of Business

There are many avenues to build a freight broker book of business. The ability to connect shippers with reliable, efficient carriers takes skill and organization. Taking stock in customers and keeping up with carriers describes a few daily tasks of being a freight broker. Working with a diverse network of carriers and shippers allows freight brokers to control who they partner with and what choices they may make for their freight management and logistics needs. Ultimately, it is about who has the most to offer and who stands to provide the most beneficial partnership in the long run.  

1. Know What a Freight Broker Book of Business Is

A freight broker book of business refers to the logs they keep as part of their records and the use of freight technology. It describes the customers they have and how often they work with them. It reveals the diversity levels among the fleet. It also shows just where the money is made and where it is lost. A freight broker's book of business is the key to maximizing profits for a freight broker.

 A broker can help to connect pieces of the puzzle more efficiently and effectively to provide a more streamlined process from end to end. This also allows freight brokers to continue to expand by giving carriers and shippers more opportunities to find and acquire capacity and keep their trucks running at full capacity. According to Forbes.com, brokerages in the supply chain network have connected over 26 million people in domestic and international networks by using these techniques and platforms. 

2. Focus on Specific Lanes 

To reap the benefits of a freight broker book of business, freight brokers need to focus on those specific areas where they can and should improve. This means focus on where the industry sits now and where the business is. Focus on the software that needs to update or enhance to ensure communications, invoicing, data analysis, claims adjustments, logistics reporting, customer service, and many other vital services are operating at maximum efficiency.  

Reaching the full potential for success within the modern-day transportation industry relied heavily on pairing the right shipment and mode with the right lane and shipping services. Direct the attention to those areas such as diversifying carriers or adjusting to the consumer base's needs. As seen the entire last year, the safety of everyone intensified, and so did the requirements to conduct day-to-day business. Implementing features such as contactless dock delivery and pickup ties into the need for those paperless functions, such as a TMS. A freight broker book of business can only benefit from upgrading those software functions. 

3. Focus on Specific Industries Requiring Service

As well as focusing on building a freight broker book of business, freight brokers need to focus on those industries that require service. Using a load board helps find these matches. For example, specific industries, such as grocery stores and health facilities, will always require service regardless of what happens in the market or throughout differing risks. A majority of truckers drive locally, and there are plenty of those types of businesses that need service. Along with local service opportunities, it is essential for freight logistics and broker managers to keep an eye on long-stance and even global industries that can benefit from the services they have to offer. Not every carrier or shipper can handle complicated orders and specific industry requirements, so any provider who can meet those needs should capitalize on the opportunity and meet those needs.

4. Think About How You Can Diversify Your Carrier Network.

One way to exponentially increase profit margins using digital freight brokerage is by diversifying your carrier network. Keeping a freight broker book of business means keeping a list of clientele. The more diverse the network, the more money comes in. Offering a range of services and being able to cater to various clients makes it easier to find capacity and secure full load for both legs of a shipment. Fewer dead miles, more opportunities to secure shipments and stronger customer relationships are all benefits that come from a strong broker relationship.  

5. Take Advantage of Technology to Network With Other Shippers and Even Brokers to Find More Value and Opportunities for Growth

Another tip key to the growth of building a freight broker book of business is to take advantage of technology to network with other shippers. Expanding the available list of shippers and carriers that are available and willing to work with a transporter also expands profitability margins and boosts profits overall. Transportation service providers can replace those areas where money is lost due to those shippers who do not ship as often as they need to with drivers who can meet specific needs and requirements within the supply chain network. 

Reap the Rewards of a Strong Freight Broker Book of Business by Choosing a Back-Office Software That Promotes Expansion and Efficiency

The benefits of building a freight broker book of business for freight matching are bountiful and ready for growth. Choose the back-office software that promotes that expansion and efficiency and keeps freight brokers making money. If brokers make money, carriers also make money, and everyone is happy. Request a newtrul demo to get started today.