Quick Tips to Boost your Profits
You’re good at your job as a truck driver. Yet, you’re so busy working IN your business, it is hard to find time to work ON your business. So, what can you do today to boost your profits?
Know your Funding Options
You wait to get paid on an invoice and at the same time, buy fuel for your next load. What can you do in a tight pinch? Here are a few possibilities:
Consider invoice factoring for short-term cash flow needs. Get 80-95% of your invoice paid in 24 hours or less.
Take advantage of a working capital advance for fast funding to deal with equipment repairs, purchases, make payroll, and other needs.
Look into a long-term loan if you have good credit. Remember, you’ll need to pledge assets or personal collateral and there may be restrictions on how you use the money.
Budgeting Made Easy
The first step to saving money is maintaining a budget. With a budget in mind, focus on areas where you spend too much now.
Keep a list of what you spend. It doesn’t matter whether you jot it down on scratch paper or log expenses with an app. Just track it!
Use a portable refrigerator. Stock it with cold cuts, sandwich items, condiments, and drinks for easy savings.
Tune-ups up-to-date? Check for clean air filters, fresh oil, and well-maintained belts. Regular maintenance can reduce your insurance premiums too!
Empty miles can literally drive an owner-operator out of business quickly. These are a few tips to help you minimize deadheading.
Connect with load boards, brokers, and dispatchers who can keep you moving with paying freight.
When you take a job, be sure to line up your next load or find a backhaul.
Make sure you select loads that cover your costs on the return trip. You don’t want destinations where loads are hard to come by.
Save on Fuel Costs
On average, a commercial truck will use 20,500 gallons of fuel annually. The ballpark costs usually total $70,000. Follow these tips to put more money in your pocket and not your tank.
Get a fuel card and receive discounts on diesel at the pump. This adds up to big savings. eCapital offers a free fuel card to clients.
Reduce your speed. Every mph above 55 results in a 0.1 mpg reduction in fuel economy. Cutting your use of air conditioning will help too. Nothing burns cash like in-cabin A/C.
Maintain optimal PSI. Prevent blowouts and increase fuel economy by checking tire pressure before you go.
Get Fast Funds for Your Business
eCapital understands the cash flow demands you face and gets you the immediate funds you need. No matter if you have 1 truck or 100, we can get you quick cash you need to:
- Expand your fleet
- Hire more drivers
- Pay for fuel and operating expenses
It’s simple, fast, and free to get started. Why not get a no-obligation quote?