If there’s one thing we know about trucking businesses, it’s that owner-operators and fleet owners are focused on growth. When we talk to trucking business owners, the majority of them tell us they hope to grow operations significantly this year. So, here are the top 3.5 ways to help you make it happen.
1. Anticipate New Trucking Industry Regulations
Nothing in the trucking industry stays the same — changes, alterations and new regulations are being proposed and incorporated all the time. 2020 started with five new regulations that affected the industry. What changes will take effect in 2021 is still a big question as a new White House administration will certainly make its mark on transportation. Generally, Democrats tend to be more supportive of regulations, especially environmental and safety rules.
Brush up on the INVEST Act, it passed the House in 2020 but stalled out in the Senate. The bill is loaded with Democratic transportation priorities that will likely end up on a new DOT policy agenda.
2. Keep Up with Technology
As an owner-operator, you’re responsible for a lot on a day-to-day basis. Sometimes, it can be tough running your business from the road. The good news is that technology can help you get organized, manage finances, reduce stress, navigate the road and so much more. For example, use GPS to determine the best routes and find ways to combine loads for cost efficiency. You really need to tap into apps to save time and increase efficiency.
For instant impact, check out these trucking apps you can use right now:
KeepTruckin – Pair the #1 rated electronic logbook with the top-rated ELD built for drivers. Get violation alerts, recap hours worked and send logs via email. Features include HOS alerts of upcoming required breaks, creating electronic DVIRs and automated IFTA reporting. Keep compliant with KeepTruckin.
Trucker Tools – This app gives you real-time traffic info, turn-by-turn directions, weigh-scale status, accurate truck stops along your route, weather conditions, nearest diesel prices, and more. Use Trucker Tools to save money on the road, plus find and book premium loads.
Fuelbook– Search diesel prices at over 7,000 truck stops nationwide. The app boasts that it has helped the trucking community save on fuel over 21 million times. Download Fuelbook for free and combine it with a convenient to use fleet fuel card for greater savings with discount pricing.
3. Master Your Finances
As a trucker, you know where you’ve been, where you are and where you’re going. Yet, as a trucking business owner, you need to know all those things in relation to your money.
Think of it like this:
Where you’ve been – spending
Where you are – current balances
Where you’re going – income, expenses and financial goals
How you’ll get there – your plan
3½. Work Smarter Not Harder
Don’t forget to leverage technology or outsource when you just don’t have the time or experience in managing finances:
Use apps like Mint or QuickBooks to manage your books online and on the go.
Get paid faster and outsource your accounts receivable to a factoring company like eCapital. Factoring gets you paid quickly and you don’t have to worry about billing or chasing down payments!
Partnering with the right financial partner (like eCapital Freight Factoring), you can ensure that you always have the funds you need to keep your business running smoothly.