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It takes more than being a great fleet owner to run a profitable trucking business. We don’t want a lack of cash flow to hold you back. That’s why we put together five easy ways to increase your profit margins, so your business can thrive and grow.
According to the ATA, we are failing to retain our drivers 87% of the time. A recent article in FreightWaves Magazine stated the average cost of turnover is at $11,500 per driver.
A survey of recruiters by Driver iQ reported the number one reason drivers quit is total compensation. The number four reason is the unpredictability of paycheck each week. Thousands of trucking companies turn to invoice factoring to improve their cash flow so they can retain their drivers.
Utilize fuel cards! There are several companies that offer fuel cards to give you discounts and other benefits at truck stops nationwide. When comparing the different fuel card programs, you want to consider the coverage, savings, and benefits for your small or medium-sized trucking company. Stop paying full price for fuel. For example, eCapital’s fuel card can save you over $9,000 per year per truck and covers more than 16,000 locations from the top fuel providers in the country.
Outfitting your rig with Low-Rolling-Resistance tires (LRR) can save on fuel costs and extend tire life. According to the U.S. Environmental Protection Agency, LRR tires can reduce costs and emissions for a long-haul class 8 tractor-trailer by 3% or more. If you drive 100,000 miles a year, a 3% drop in fuel costs could bring savings of $1,383.
Utilize load boards and brokers to find loads. As you do, you’ll build relationships with new customers. eCapital offers an exclusive broker network to our clients to help them find high-paying loads nationwide.
Invoice Factoring is an affordable, quick, and easy cash flow solution. There are many benefits, including:
Putting the above tips into practice consistently over time can have a dramatic effect on your bottom line. It can be the difference between barely getting by and thriving.
eCapital understands the cash flow demands you face and gets you the immediate funds you need for your transportation business. It’s simple, fast and free to get started. Why not get a free, no-obligation quote?
Contact eCapital to see all the ways we can help accelerate funding and increase your profit margins today!
Call 760.456.3786 or fill out the form.
All California loans made or arranged pursuant to a California Finance Lenders Law License, CA Finance Lenders License – 60DBO46224 Copyright © 2020 eCapital. All Rights Reserved. eCapital is registered Trademark. Registration Number: 5,098,285