There seems to be little doubt that 2008 will be a difficult year for the economy as a whole and for freight carriers in particular. The economic gurus are suggesting that it may take six months to two years before we come out of the current "freight recession". What can carriers do to ensure their survival during these challenging times? Here are a few thoughts.

1. Understand your Customers’ Needs
Make sure you are close to your customers and prospects and verify that your business is meeting and preferably exceeding those needs.

2. Start with a well thought out written Business Plan
Develop a Strategy Map and Balanced Scorecard to provide a focus on your key strategies and metrics. Make sure these are synchronized with your customers’ needs.

3. Focus on your Core Competencies
Identify what you do best and what your customers confirm as being superior to the competition.

4. Build your Niche
Focus on expanding your customer base in the areas where your core competencies exist. Through sales, marketing, acquisitions and learning, build on your strengths.

5. Surround yourself with Quality and Committed People
You are only as good as the weakest link in your chain. Therefore make sure you clearly understand the strengths and weaknesses of every member of the team. Make sure your team can carry you to the next level. If not, recruit and train the people you need.

6. Be the Low Cost Producer
Make sure you have a good handle on your cost structure and margins. Verify that you truly understand the levers of profitability in your company. If you cannot compete on price with your competitors, make sure you reduce your costs.

7. Differentiate yourself from the competition
Use your low cost structure and core competencies to differentiate yourself from the competition. If you cannot be the low cost producer, make sure you provide added value and your customers are prepared to pay a premium for this.

8. Break the Rules
Create your own rulebook. You don’t have to be an Apple or Google to break the rules. Fedex did this years ago with their hub and spoke model. Other companies in the transportation industry have done this as well.

9. Increase Productivity
Use technology and other tools to improve the efficiency of your business and differentiate yourself.

10. Maintain a set of KPI’s that tell you what you need to know
Establish a set of KPI’s in your Balanced Scorecard and monitor your performance on a consistent basis. Move quickly to address subpar performance on any of your KPI’s.

While 2008 is slated to be a difficult year, those companies that have well focused business plans and have excellent execution can expedite to perform successfully.