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