In the November 2021 issue of Waste Advantage Magazine, Kevin McGinn, Senior VP, co-founder and head of CCG's National Waste Division, discusses business growth opportunities and profitability tips. We've provided a brief outline below. Or you can read the full article Profitability Tips for a Successful Solid Waste Hauling Business.
The waste collection industry had been steadily growing every year for the five years prior to the pandemic, but in 2020, there was a sudden drop due to the effects of COVID-19. The commercial sector felt most of these losses because they had no choice but to cancel their contracts with garbage collectors & waste haulers when many office buildings and stores were closed. Solid waste hauling and collection businesses are on the radar of investors, too. But, if your solid waste hauling business is young or just getting started, what's the best path forward for growth? We've been helping waste hauling business owners for 17 years, and we've learned a thing or two about successful growth strategies along the way.
from startup to 50 trucks
There are four main options to grow your solid waste hauling business from the start-up stage to the next level. Some companies use one strategy, while others combine two or more strategies to reach their growth and profitability goals.
- Speed Up Cash Flow
- Reduce Costs/Expenses
- Raise Prices
- Market Expansion
options to fund growth
- Use Equipment Equity
- Equipment Refinance
- Debt Consolidation
All the options listed above can help grow your solid waste hauling business, but you'll need to take some time and research the local marketplace and the competition. While you're exploring the available growth opportunities, remember to evaluate costs vs. benefits. It's easy to shy away from big-ticket items like equipment, but equipment can lead to growth rates that would otherwise be impossible in many cases. Fortunately, some experts can steer your company towards profitable solutions that make the most sense for your business, market, and service offerings.
You can read the full article Profitability Tips for a Successful Solid Waste Hauling Business.
This article first appeared in Waste Advantage Magazine, November 2021.
