The trucking industry is going through hard times, and even the most well-established enterprises are finding themselves having to tighten their belts to keep their bank accounts healthy. As challenging as it can be to cut costs and find ways to make more money, it’s not impossible. Here are some of the many things you might like to do to improve your enterprise trucking company’s bottom line.
Divest Your Assets
Divesting assets is one of the first things many trucking companies do when they need to cut costs and get back in the black. While it can be hard to say goodbye to trucks that have served you well for many years, selling them can be one of the best decisions to make.
You might have trucks sitting in your lot that haven’t got drivers, which means they currently serve no purpose in your company. Selling them can free up your cash and ensure you have plenty of operating funds to work with. You might even decide to sell your semi-trailers, especially if they aren’t trailers you use often or likely won’t need in the future.
You’ll also be pleased to know that divesting your assets can be a straightforward process. You might decide to sell your trucks and trailers at auction, but it’s worth being aware that you can be charged exorbitant fees for the service. You might even consider selling them to the general public from noticeboards and online sales sites. However, this can be time-consuming with tire-kickers aplenty.
Alternatively, you can sell to a professional truck buyer. Truck purchasers like TrucKVin have dedicated buy teams who can research the market value of your truck and provide you with a fast and fair cash offer for a straightforward and stress-free sale.
Lower Your Per-Mile Costs
There can be many costs associated with running a trucking enterprise, such as fuel, insurance, wages, maintenance, tolls, permits, and licenses. Some of these costs are fixed, which means you can’t change how much you pay, but some are also variable, like fuel and maintenance.
Look at how much you’re spending on both variable and fixed costs and see if there’s room to reduce them. For example, you might save fuel by adjusting your driving habits and money on insurance if you shop around to find a more affordable provider.
Seek Out High-Paying Loads
If you have highly skilled, experienced, and qualified drivers, there’s likely no reason why you can’t seek out high-paying loads. Typically, such loads require more time or skill and sometimes relate to loads that need to be shipped urgently.
If you’re in a position to help in those situations, consider aligning yourself with trucking boards to snap up those high-paying opportunities. The more high-paying loads your drivers take on, the healthier your bottom line might be.
Factor Detention Pay Into Jobs
Detention time refers to how long drivers can wait to load and unload trucks. Most truck companies incorporate at least two hours of ‘free’ time into each delivery, but there can be high costs associated with detention periods that last much longer.
According to studies, there can be a significant negative impact associated with detention, and drivers have reported a 27.4% increase in delays spanning six or more hours. If you’re currently losing money due to such delays, start factoring them into your freight quotes with a driver detention pay agreement clause.
This means that companies whose freight you’re carrying may be required to pay an hourly rate for the time your drivers have to wait. Such a clause can mean you receive compensation for wait times above two hours, and it might even deter companies from making your drivers wait for extended periods.
Free Up Enterprise Company Cash Now
Many enterprise trucking companies are facing challenging times, but you might be able to free up cash sooner than you think and enjoy a much healthier bottom line. Sell your semi trucks and trailers to TruckVin, review your detention options, seek out high-paying loads, and lower your per-mile costs. You might then be surprised by how much money you can save. Request your free quote from TruckVin today.
