Top 5 things you can do to make it your most profitable year yet!
2018 is going to be huge for trucking. The demand for drivers is up, freight rates are on the rise and there’s no sign of slowing down. Industry consensus predicts one very bright year. The question is, are you prepared for the boom?
Set yourself up for a great year with these simple steps.
#1 Know your worth
The demand for drivers exceeds supply therefore you have leverage in negotiating rates and terms. As you determine what is appropriate, be sure to consider all your fixed and variable costs. Additionally, take advantage of the opportunity to choose the most profitable loads and the best routes so you can avoid deadheading. It’ll be worth the effort.
#2 Cut costs on your biggest expense
How much are you overspending on fuel? There is no reason to pay full price at the pump. Our clients save an average of $3,500 per truck annually just by using eCapital’s fuel card. Get one and save daily on your single biggest expense.
#3 Get a finance partner with big pockets
Don’t turn down opportunities because you lack the cash flow to make them happen. Sometimes you need faster access to your money. Partnering with a reputable factoring company like eCapital can make that happen. Have peace of mind that your invoices are paid in 24 hours! A good partner is invaluable when you’re looking to grow your business.
#4 Prepare for all that comes with growth
A booming year will lead to an increase of invoices but it will also lead to an increase in paperwork. You need to stay organized so you can get back on the road faster. Consider using smart phone apps like Mint or QuickBooks to keep your expenses organized. Additionally consider hiring part time assistance. There may be a cost to hiring assistance, but if you do the math you might discover how much more you could make if you didn’t have to slow down to handle your books.
#5 Ensure you are ELD compliant
The ELD mandate for professional drivers is in effect. Check the FMCSA website for details regarding compliance requirements. Or give us a call and we can help you through the process.
2018 will be huge. Let eCapital be your partner for a smoother ride toward a successful year. Start today with a free, no-obligation quote.
Call us today at 760.456.3786 or complete the form.
eCapital has supported over 9,000 trucking businesses in over 20 years. We provide the financial backing you need to scale your trucking business and take advantage of every opportunity. Enjoy the peace of mind that comes with never having to wait to get paid.