With a new administration taking over the reins of leadership in Washington, and the global economy entering a period of turmoil unlike anything we have experienced in our careers, the freight transportation and logistics industries are faced with a double-barreled challenge that will test the mettle of every participant.
The new political landscape will mean changes for the policies and regulations that govern our industry. Certainly, the scope and extent of change will be the subject of much debate. Different regulators may take a more aggressive role in regulating business, which will likely add costs at a time when many businesses are simply struggling to survive. It’s safe to assume that as new leaders are appointed, their philosophies will be reflected in legislation, policies and rule-makings we will have to deal with over the next four years, if not longer.
Then there is the economy. The speed and severity of the economic downturn has been dramatic — as has the corresponding impact on the companies that manage and deliver goods to America and the world. There will be continued fallout in the transportation industry. The credit crunch will catch up with smaller players, forcing more capacity out of the market. The sheer lack of demand will have economic realities that many companies will not be able to overcome.
While adversity brings challenge, it also creates opportunity. Those who are able to navigate the shifting sands of Washington and our struggling economy, and do so while remaining focused on customers and practicing good business fundamentals, will emerge from these difficult times able to derive advantage from adversity’s opportunities, and be better for the experience.