It’s true, 2019 brought a lot of blows to players in the freight world.
But the team at Commercial Fleet Financing stepped up by sharing practical strategy and tips to growing and streamlining your business through the thick and thin.
Homes that are built better, built using better materials, and are built on a firmer foundation can withstand more severe weather than those that aren’t.
The same holds true for you and your business! 2020 will be a better year if you level up your game with some of the tips we shared through 2019.
Let’s take a look at some of our best blog content of 2019.
#1: Calculate Your Profits From Your Commercial Equipment Like a CFO
As a trucker, you’re in business for one reason only – to make money. It’s great to love what you do and find purpose in it and all of that. But let’s be real, the reason you hit the road and spend days away from your loved ones is so you can bring in the bucks.
So why not accurately calculate, project, forecast what you can expect to net in profits from your commercial truck or equipment purchases?
It’s common to play around with simple calculations to determine how much money you’ll make for hauling freight at a given price per mile.
Some may deduct estimated gasoline costs and other random expenses that come to mind but still fall short of getting all the real costs factored into their equations. Over simplifying this can lead to serious disappointment when you fully execute on half-baked projections…read full article here
#2: How to Streamline Cash Flow with Freight Factoring
Freight factoring is a fast-growing trend with owner-operators, large trucking companies and everyone in between.
That’s because one of the biggest challenges to growing a trucking company at every level is maintaining positive cash flow. From the time an owner-operator delivers his/her very first shipment, they’re fighting, scratching and clawing to keep money coming in.
In fact, according to Bloomberg, 8 out of 10 of entrepreneurs who launch businesses fail in the first year and a half. That’s a disheartening 80%…in the first 18 months, alone!
But why do so many fail?
Experts and entrepreneurs unanimously agree that it comes down to one thing – lack of CASH FLOW. They simply don’t have enough money coming in fast enough to support the weight of their fixed and variable costs.
Factoring solves that problem…read full article here
#3: 5 Keys To Solving the Trucker Shortage in Your Business
We hear it all the time from fleet owners and managers…“I can’t find enough drivers!”
This hits on the fact that these individual carriers, not the industry, have a driver shortage, which could be nothing more than a broken hiring process. If that’s your issue, keep reading, we’ve got some pro tips shared here!
Whether the trucking industry is in a shortage or not, there are things YOU can do to keep a strong stock of well-qualified, hard-working and clean-nosed drivers in your rolodex.
After all, if you have a good arsenal of workers, along with increased demand, you can grow your trucking company with less chance of incidents and without the hassles of the constant turnover issues some companies experience.
Here are some pro tips..read full article here
#4: Build SPEED Into Your Transportation Company
If culture is the holy grail in business, speed is a pretty close second.
Speed gets you noticed. Speed beats the competition. Speed keeps everyone on their toes. Speed wins you deals. Speed gets you paid.
I’m not talking about the speed of your trucks going up and down the highway, but rather the speed at which you run your business. I am talking about how fast you return phone calls, or your team gets projects completed, or how fast your repair and maintenance facilities get your trucks fixed or how fast your accounting department collects your receivables.
This is the speed that gets you to the next level…read full article here
#5: How CFF Delivers Super-Fast Credit Approvals on Commercial Equipment Loans
As you grow your fleet, you need to ensure you’ve got the best financing company on your side, partnering to purchase the equipment you need. So fast and easy credit approval and financing processes are critical.
If commercial fleet owners could peek through CFF’s looking glass at the credit application process for commercial truck loans, what would you see?
Most of us love things that move fast – fast cars, fast athletes, fast animals. All these things are great but when you’ve got your eye on the next commercial truck or piece of construction equipment you need to grow your business, you appreciate the speed of CFF’s 2-hour credit approval.
CFF takes pride in pioneering the commercial truck loan industry’s fastest and most simplistic funding process for trucking business owners and independent owner-operators.
That’s because we get it, when you’ve got an average of $800 a day to be made for a load per truck, you’ve got a lot riding on a fast process…no pun intended…read full article here
The pro-tips shared in these articles are surefire concepts you need to install into your business for a better year in 2020.
Matt Manero, president of CFF, highlighted a lot of news in the Monday Transportation in Minutes series. Watch this to look back at the hottest topics of the year.
About Commercial Fleet Financing, Inc.: At Commercial Fleet Financing (CFF), our pros have given smart advice to fleet owners and owner-operators in the transportation, moving, towing or construction industries for more than two decades. With CFF, finding the right financing solutions is a phone call away and most borrowers secure commercial vehicle financing with ease. To talk directly with one of our finance pros and get started with a credit approval in as little as two hours, CFF’s phone number is (469) 281-2962.
