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Top 4 Things Truckers Can Do for Business Growth

Small trucking companies have to compete with larger fleets making business growth an uphill battle. What’s an independent owner-operator to do? Get your business off to a strong start by applying the top 4 tactics shared here from experienced truckers who have been there, done that.

Good service is good business.

You may be thinking, “no duh.” The reality is, you have the ability to “own-it” when it comes to customer service. Make this your area of expertise and the big boys won’t even come close to competing with you. Being smaller has advantages such as more flexibility, speed, and with fewer clients, you need the business more. So, be sure to give each client personal attention and you can count on your phone buzzing consistently. Every great business is built with relationships… not clients.

Make a financial plan for growth.

Do you know how much capital you need to reach your goals for growth? Do you want to go from 1 truck to 2, or 2 to 3 in 6 months? What about knowing your break-even point? Fully knowing all that’s involved in fleet growth is essential to putting your plan into effect. Whether you love managing the finances or wish you didn’t have to deal with the numbers, it is critically important to understand the flow of monies going in and out of your business.

Get the 411 on load boards.

When starting out, truckers prefer to use truck load boards – or freight boards to find loads and minimize deadhead miles. It helps you make connections and establish relationships for the long haul of your business. Truckers and fleet owners can use the boards to search for criteria to match them to the types of loads they may be looking to move. When selecting a load board partner, look for the following:

  • Free postings to brokers: This will increase the load amounts listed, offering you more opportunity.
  • Added features: Does the load board offer added services? Some offer free corporate websites, hot leads, credit ratings and rate checks at no additional cost.
  • Free trial: Look for a load board that offers a free trial so you can test it out and see if it works for you.
  • User-friendly: Is the site user-friendly? An intuitive interface can save you time and frustration when you’re searching for loads.
  • Alarm notifications: Choose a site that will send alerts to your phone or email so you never miss an opportunity.

It takes money to make money.

Because freight bills are typically paid well after delivery, you need quick access to funds. Let’s face it, there’s a significant cost in getting loads delivered. Large transportation companies may be able to absorb the upfront costs associated with a trucking business, but if you’re a small to midsize fleet, immediate cash is often needed to fuel your trucks and pay your drivers. With freight factoring, a third-party factor like eCapital, purchases your invoices for a small fee. They assume the collections or accounts receivable duties and you get your cash fast. There are a number of other benefits and reasons to use freight factoring including:

  • No debt created with invoice factoring
  • Start-up and younger small business qualify
  • Save money and time on invoice processing
  • Invoice factoring is flexible
  • Factoring companies usually have savings programs and wealth of industry knowledge
  • Quick and easy to set up your account
  • Professional debt collection services
  • It can help improve your credit

There are many ways that you can grow your fleet and trucking company, but the four items above are easy things you can do right now.

A smarter way to get paid.

Trucking companies face serious cash flow demands and eCapital understands. That’s why we eliminate the wait and uncertainty of getting paid by purchasing your invoices and paying you in 24 hours. Smart businesses are using their working capital to:

  • Get immediate cash for operating expenses and upfront business costs
  • Secure higher-paying jobs
  • Expand your business
  • Get free back office support

Why not get a free, no obligation quote? Call us at 760.456.3762 or fill out a quick quote form now.

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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