The COVID19 pandemic has impacted all of our businesses. All of us have had to make changes to our business operations and how we plan for future business. How do we use what we have learned over the last several months to shape our future business direction? It has required us to step back and evaluate our business plans for not only 2020, but 2021 and beyond, looking at all aspects of our organization and the markets within which we choose to operate. In addition to the day-to-day challenges we have experienced, we were being challenged to continue to grow the business in the coming years. We had to look at and evaluate our current business lines and take into consideration the concept of adding new products. It has become our challenge to determine how to grow the business in an industry that was forced to contract over the past several months while at the same time, evolve into something that is completely “new” to the organization.
Some of the issues we faced were:
- Do we look at services within our comfort zone, or do we reach out into new markets?
- Do we identify product lines that complement our current business or products that go away from our current business?
- Do we continue to build business organically or consider acquisitions of existing organizations?
After a great deal of consideration, we decided we should look at doing all the above. The near term challenge being what products were available or could be developed and launched quickly with a ready audience of potential customers.
The first product we have announced and launched is that of a general freight brokerage service. Now, in addition to our traditional business of transporting new and used vehicles across the US and Canada, we have the ability to move various other types of freight for customers across the US and Canada.
It would be remiss of me if I did not acknowledge that there were some challenges in getting this endeavor launched in today’s environment. We believe that the opportunity outweighs the challenges. With the support of top management and the addition of a highly experienced team, we successfully launched this exciting new business line in October 2020.
We continue to make progress on all of our strategic initiatives and fully anticipate the announcement of additional, exciting opportunities in early 2021.