The trucking industry produces nearly $800 billion in revenue every year and that number is expected to continue rising. While that may be all the reason you need to start your own trucking company, many people will find it difficult to get their piece of the cake.
Whether you’re a new company or one that’s fallen off the wagon in recent years, it’s never too late to turn it all around. You’ll have new competition every single day, but you can overcome them with a quality plan and some dedication to what you’ve built thus far.
Since we provide freight factoring services, we work with trucking companies every day and we see this struggle happening right in front of our eyes. We’ve put together the three most important things that every trucking company can start doing today to better their future. After all, your main goal is to grow your business and reach new heights, isn’t it?
Take Advantage of Load Boards
If you’re in the trucking industry and you don’t take advantage of freight load boards, then you’re missing out on a lot of work. These can be beneficial to any-sized company because they’ll display companies that have loads they need delivered quickly.
If you’re a one-man crew or have a limited number of people, load boards will help give you a steady flow of work to keep you busy. For the bigger companies, load boards can become useful when business is slow with the shippers you typically do business with.
Freight factoring services can help you manage the influx of incoming payments so your business can continue to run smoothly.
Keep a Detailed List of Expenses
This is an issue that every company will face, no matter the industry they’re in. For a trucking company, not having a detailed and up-to-date list of your expenses will only cause massive disruption to your business when your bills become too much to handle.
You should have a list of all the monthly expenses you have and put them on a calendar for when they’re due. You’ll also need a list of expenses for each load you deliver like gas, food, payroll, etc.
This will only get worse if your business starts to grow, and it’s a large reason why many trucking companies can’t handle the uptick in clients. When you have these numbers in front of you at all times, you can easily manage your finances no matter how many clients you have.
And we all know a financially healthy business is a happy business!
Organize All Your Paperwork
Trucking companies deal with a lot of paperwork, yet many of them fail to properly manage and organize this paperwork daily. We get it, trucking companies live on the road and not in the office. Still, your office or headquarters is the backbone of your business and it should be treated as such.
If you haven’t gone paperless yet, now’s a great time to start. It’s a great way to keep the office free of clutter while also giving you access to all paperwork at the touch of your fingers. Going paperless also opens the door for more automation tools to make your job easier.
When you start getting more clients, you’ll need this streamlined process of handling everything and will never look back! And if you ever find your company struggling to get paid on time, our freight factoring services will give you the confidence to move forward.