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How to Navigate Shippers Extending Freight Payment Terms (via Denim)

Leaders constantly balance two goals: building strong client relationships and keeping their business stable. This balance gets tested when customers like Fortune 100 companies ask for longer payment terms. The Fed's rate hikes this year have constricted financial liquidity for businesses. Many shippers rely on bank loans, so when the Fed rates increase, they grapple with higher bills, straining their budgets. To handle these money pressures, shippers are thinking differently. Some propose longer payment terms, from the usual 30-day cycle to 60 or even 90 days. This shift can help their bottom line, making their financial reports look better or allowing them to make better offers to their clients. For brokers, it's about tactful negotiation. They aim to keep clients happy and close. But they also need to watch their company's financial well-being. Striking the right balance is an essential skill. Read the entire article … [Read more...] about How to Navigate Shippers Extending Freight Payment Terms (via Denim)

Not your ‘70s Convoy any more…

Convoy was one of those ‘70s flicks capitalizing on the public’s newfound obsession with CB radios, and the romance appeal of long-distance trucking. But the trucking business is nothing like the movies. One company created to ‘disrupt’ the industry was Convoy, an outfit valued at over 3.8 billion dollars, with aspirations to remake freight as we know it. Didn’t work. They went bankrupt last week, leaving a trail of broken promises, unpaid carriers, and disillusioned brokers. Read this insightful article, which spells out how it all started, how it ended, and why it was doomed to failure: Convoy's collapse: Was the tech worth the hype? … [Read more...] about Not your ‘70s Convoy any more…