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, is your business prepared for the boom?
Get ready for your most profitable year yet with these simple steps.
#1 Know your worth
With freight rates going up, get control of your own rates and know what you can command. This gives you more leverage in negotiating rates and terms. Additionally, take advantage of the opportunity to choose the most profitable loads and the best routes so you can avoid deadheading.
#2 Cut costs on your biggest expense
Are your drivers 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 with eCapital’s fuel card. For a fleet of 10 trucks, you could be saving $35,000 annually. Take advantage and save daily on your single biggest expense.
#3 Control your cash flow
The trucking business is very dynamic so your cash flow might be uneven and unpredictable at times. One way to avoid cash flow gaps is by partnering with a reputable factoring company. A good factoring company will typically customize a program specifically for your unique business needs, giving you peace of mind when your invoices are paid in 24 hours. This can be very valuable when you have drivers that are waiting to get paid. With the current driver shortage, you can’t afford to lose the good ones because you don’t have cash for payroll. Secure a financial partner like eCapital that knows the trucking business and understands your cash flow demands. A good partner is invaluable when you’re looking to grow your business.
#4 Prepare for growth
Anticipating business growth this year will mean taking a new look at your staffing needs. Do you have the man power to keep up with the added demands? There’s a cost in hiring assistance, but you may want to consider the opportunity cost if you lack the staff to keep your trucks rolling. Consider hiring administrative assistance, especially during your peak seasons.
#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 success. 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.