8 Ways to Thrive in an Endure Market

Close to 12,500 trucking companies filed for bankruptcy in 2024, and thousands more continue going out of business this year, according to FreightWaves. This is a shocking number. The biggest contributor has been the downward pressure to lower rates due to a weakened economy. It is a difficult time to be a trucking company.

Adam Miller of Knight-Swift coined the four different stages of the trucking economy. What are the four stages?

The Four Stages of the Trucking Economy

• Endure – Demand is low, spot rates are depressed, and margins are tight.
• Prepare to Thrive – Early signs of recovery appear, freight volumes start stabilizing, and rates show upward trends.
• Thrive – High freight demand, favorable rates, and robust profitability.
• Prepare to Endure – Preparing for future challenges. Even during prosperity, smart carriers build resilience for future challenges.

Why do these four stages matter?

They reflect the cyclical nature of the trucking economy, which is heavily influenced by consumer demand and the overall economy. Successful carriers continuously shift strategies between these phases to remain competitive.

DO NOT BE DISCOURAGED

Because on the other side of Endure is Thrive. So how can we “Thrive” in an Endure market? Here are eight practical ways:

#1 Shout-Out Your Coworkers

Proverbs 27:17 says, “As iron sharpens iron, so one person sharpens another.” Nothing feels better than having your coworkers striving toward the same goal right alongside you. A thrive mindset can happen at all times, and we want to shout out the wins we see. Say a simple thank you. See someone changing the coffee pot? Say great job! Deliver a hot load on time? High-five! Lift your head up and encourage those around you- it will change your day.

#2 Encourage New Hires

To succeed at all times is to have lower turnover. When people enjoy their jobs, they want to work. Ask yourself: Are you the type of person you’d want to work with?
Our goal this year is to hire 30 new drivers by April 30, 2026. Turnover in the trucking industry can be close to 100%. That means if you have a staff of 500 drivers, you may need to hire 500 more just to maintain your current roster.
Nussbaum has a record-low turnover in the trucking industry- currently 42% over the past 12 months. That’s amazing! Let’s continue making Nussbaum a place where people want to be. Whether you’re a hiring manager, road captain, or accounting specialist, we all impact making Nussbaum a place where people look forward to coming in on Monday.

#3 Focus on Dedicated Success

Dedicated freight is one of the most reliable ways to help the company thrive during an “Endure” market. Unlike the volatile spot market, dedicated lanes offer consistent volume, stronger customer relationships, and better rates. Everyone plays a role in supporting this– from sales securing contracts, to CACs emailing customers, to software engineers writing code, to drivers delivering dependable service, to planners optimizing routes. By prioritizing dedicated freight, we build stability and profitability that carry us through tough times.

#4 Make Flatbed Profitable

One of our big goals this year has been to make flatbed more profitable. You may not be pulling trailers, but we can all encourage those who are working in the flatbed division. Say thanks to all our flatbed drivers and the operations staff who make our flatbed division possible!

#5 Find Simple Ways to Save Money

During Endure, saving costs is a big deal. Celebrate when coworkers optimize routes, renegotiate a contract, or find a way to save the company money!
We all influence spending costs. What are the areas of influence in your job role? How can you think ahead and help the company thrive? Remember, if the company thrives, then the ESOP thrives—and your ESOP balance will reflect that 😉 Not to mention the amazing impact you make on all the customers we serve.

#6 Celebrate Safety Wins

Safety is a huge part of trucking success. Proactive driving, completing 90 days without a lost time injury, or avoiding a jack-knife are all great ways to improve safety. Recognize drivers and our safety employee-owners who go above and beyond to keep everyone safe. Fewer accidents mean lower costs and happier customers.

#7 Innovate in Your Role

Thrive happens when we look for better ways to do what we already do. Ask yourself: Is there a process I can streamline? A tool I can learn? A creative idea that could improve efficiency or customer experience?
Innovation doesn’t have to be big- it can be small, daily improvements that add up.

#8 Stay Positive & Solution-Oriented

Markets fluctuate, but attitude is contagious. A positive outlook helps teams push through challenges.

Let’s Thrive Together

By embracing these strategies, we not only strengthen our company but also uplift each other. Let’s keep pushing forward together.