If you’re the owner of a small trucking business, then you’ve definitely felt the growing pains of competing with larger fleets. More trucks rolling means you have better leverage when it comes to pricing deliveries, garnering more favorable discounts from suppliers with bulk orders, attracting and hiring better drivers, and more.
What are you doing to ensure the steady growth of your fleet? We’ve got 6 tips to help you compete with the big guys:
1. Technology Is Your Friend
Technology can help your fleet grow and operate more efficiently IF said tech is implemented and used properly. Some great examples of useful trucking technology include platooning, GPS and telematics, route optimization, onboard video recording, and more. Truck technologies like these can help you stay organized, operate your fleet at optimal levels, monitor your finances, ensure efficient transport of loads, and maintain the safety of your drivers.
Just make sure you do your due diligence and choose the right technology for your organization. Implementation, onboarding, and ongoing support is key to the successful integration of any new truck tech into an organization.
2. Know The Rules Of The Industry
First there was stricter training for drivers, then ELDs, drug testing, hours of service limitations, and the list goes on. Operating costs continue to creep up across the industry so be sure to stay on top of all the new laws and prepare your fleet -- and, your finances -- for compliance.
3. Seek Out Load Boards
Truck load boards (aka. freight boards) are a fantastic way for trucking companies to not only find loads, but to also develop and nurture relationships with shippers. The great thing about load boards is that fleet owners can be a little choosey: They can get matched up with specific loads they want to move using search criteria within the platform. It’s a win-win for all.
4. Stay Agile
Being profitable means finding loads that require less driving, yet pay the same amount of money. So, how are you going to do this? Perhaps, it’s as simple as creating relationships.
At Thunder Funding, we work with fleet owners every day to help them achieve their financing and business goals. We know all of them by name and we value their business no matter how big or small they are. We know how important it is to show every client they matter. We encourage you to treat your own clients this way too. A happy client is more likely to refer other shippers to you, leave positive reviews online, and stay loyal for the long run.
5. Dollars and Sense
Maintaining a fleet requires a lot of care, attention to detail, and funds to keep everything running smoothly. And, the bigger your fleet becomes, the more you need to juggle. Keeping your finger on the pulse of your finances is one of the most important ways a fleet owner can plan for the long term health and growth of his or her business. Understanding your financial goals means knowing where you currently stand and what position you want to be in when it comes to your expenditures, income, expenses, and ROI.
6. Steady Cash Flow
As we know all too well, delivering goods can be very expensive and freight bills are usually not paid until well after delivery. If you’re a small to mid-size fleet, this can be a big problem as immediate access to cash is often needed to fuel your trucks, repair and maintain your vehicles, and pay your drivers.
This is the exact problem Thunder Funding solves. As a freight invoice factoring company, we take over the collections duties you have with your customer so that you get your cash quickly. By ensuring a steady flow of funds into your business, you can focus on growing your fleet, building relationships with shippers, and meeting your business goals.
Which of these six suggestions are you going to get started on first?
Be sure to check out our blog for more trucking industry news and trends from the team at Thunder Funding!