2015 is shaping up to be a great year for the transportation industry. As the year gets under way, we headed over to a recent Transport Topics article that was laden with optimistic predictions that we couldn’t help share with our readers. Here are some worth noting:
Nearly half of executives at 37 mid-size trucking companies surveyed by GE Capital Corp. in September said they expect the industry to expand in the coming year, with more than a third of the executives saying they plan to increase spending on equipment and other capital goods.
Another survey, conducted by Transport Capital Partners and ACT Research Co. found a shift in attitudes within the industry as more carriers see their optimism about business growth accompanied by actual rate increases.
Steve Latin-Kasper, director of research for the National Truck Equipment Association, said 2015 is shaping up to be a happy confluence of positive factors for the truck-equipment industry.
“Good financial and pricing environments, growing end-use markets and increases in state and municipal government spending will likely lead to a large increase in sales of commercial trucks and truck equipment in 2015,” he said.
While all of these 2015 predictions are positive, nobody knows for sure what’s going to pan out and for how long. All we really know for sure is that right now, the economy is favorable for transportation companies that are looking to expand. With fuel prices bottoming out and growth predictions in full swing, how can you, as a small business owner, take advantage of this economic climate? You might want to consider freight factoring.
Freight factoring turns your invoices into quick cash. Utilized by businesses in many industries, including transportation and trucking, this quick and easy cash flow solution allows business owners to access crucial working capital and pay upfront expenses without having to wait 30, 60 or even 90 days for a payment on their invoice. Take advantage of the favorable economic climate and invest in improving your capital equipment and growing your business.
- Get fast access to cash. You’re saving money on fuel today, so use that savings and add to it with up-front cash to invest in improving your existing capital equipment and investing in new equipment. Freight factoring can make this a reality.
- Realize greater back-office efficiency. Good factoring companies offer complete A/R management services, which can save you time, money, and headcount, while improving office efficiency.
- Improve your company’s credit rating. With fast access to your money (notice I said your money), you’re better able to pay vendors on time, which establishes and improves your credit rating. This gives you a competitive advantage in growing your business.
- Reduce or eliminate further debt. Notice above that I said your money… factoring is not a loan, so you’re not incurring any debt, and with fees generally a few pennies on the dollar, it is a simple and affordable way to access working capital. This is a great way to grow your business using your own money – without a loan.
- Increase revenue. With fast access to your money, you can fund your next job faster, leading to faster growth. Take advantage of the good economy while it’s good!
Freight factoring can help you take advantage of the good economic environment we’re currently enjoying and put it to good use.