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 truckers, 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 regulations
We will continue to see rising operating costs this year, including regulations such as increased training for truck drivers, environmental regulations, hours of service and electronic logging devices. There’s a lot to do, so start taking steps now to make sure you’re ready.
The ELD mandate
One of the most prominent mandates of 2017 was the e-log mandate that requires drivers to use electronic logs to track their hours of service.
Drivers must now be in compliance with the ELD mandate.
The Federal Motor Carrier Association (FMCSA) estimates the mandate will impact over 3 million trucks and 3.5 million drivers. This mandate has the potential to force smaller trucking companies out of business if they aren’t prepared to handle the changes. That’s why it’s important to stay on top of these laws on websites like the FMCSA to stay ahead of the game.
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 – Trucker logbook is the #1 electronic logbook and elog for truckers! Track your daily HOS driver logs on your smartphone or tablet for free. KeepTruckin is a fully editable logbook and is FMCSA compliant. Get violation alerts, recap hours worked, send logs via email and many more features.
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.
Gasbuddy– Using information provided by over 60 million users, find gas stations by distance or price. You report gas prices and help other drivers like yourself.
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!
Consider a Working Capital Advance to cover expenses or to grow your business. It’s not a loan and less than perfect credit is ok!
Partnering with the right financial partner (like eCapital), you can ensure that you always have the capital you need to keep your business running smoothly.
eCapital provides fast funding for trucking businesses.
Whether you have 1 truck or 100, eCapital has a financial solution that will work for your business.
Use funds to:
- Pay for fuel and equipment
- Cover insurance and operating expenses
- Expand your fleet
- Anything your business needs!
Why not get a free, no-obligation quote? It takes just a few minutes and there is no obligation.
Call us today at 760.456.3786 or complete the form.