Revenue Growth FY 2014 to 2016: 80%
Continued expansion: Spot Freight, a third-party logistics firm that has been a Fast 25 company three consecutive years, has grown through a mix of contracting with new customers and getting more work from existing customers, President Andrew Elsener said. The added work includes handling additional product lines and working with new facilities.
Other factors: Over the last 12-18 months, Spot Freight has made a substantial push to provide managed solutions—meaning taking over all freight-management for its customers. “The vision is that our customers should focus on what they do best [i.e. making their product] and let us be the experts on the transportation piece,” Elsener said.
Service first: Elsener said Spot Freight continues to stress customer service, which he lists as another reason for the company’s success. Because it’s a “people business” (Spot Freight doesn’t own any trucks), “it is vitally important that our team members all buy into this service-first philosophy. Our growth comes from adding more team members who continue to drive our growth by providing great service.”
Help wanted: Spot Freight continues to add employees—its headcount increased 35 percent last year, Elsener said, reaching 85. The company continues to develop training programs to help prepare and retain talented individuals, but it’s an ongoing challenge to find the right people. Still, Elsener is optimistic. “The city of Indianapolis is a great place for a growing business with its central location, access to talent and a pro-business environment.”
Tech oriented: Elsener said third-party logistics—the connection between the shipper and the carrier—came about in the 1980s and has seen incredible growth since. He said Spot Freight is about to roll out its own propriety software, RED, which “we think will be a game-changer” and puts the company on par with its largest competitors. “RED will allow us to connect with customers and motor carriers in new, innovative ways and further expand our freight network to improve service and continue driving down costs.”•
Check out more of IBJ’s ranking of central Indiana's fastest-growing private companies.