Owning a trucking company might have been a job that you've had to learn along the way. As you work with more drivers, trucks, and clients, being overwhelmed could be a constant feeling. To relieve your own stress, and ensure your drivers and clients get what they need, it's smart to complete the following actions when you can:
Purchase Trucking Software
Your personal system for scheduling drivers, tracking shipments, and managing routes could be working today, but as you accumulate even more clients, it could get tougher to go on without trucking software. Trucking software can improve your business in so many ways, from mapping more efficient routes to tracking the need for routine truck maintenance. Trucking software can also allow you to care for your drivers by allowing you to look at logs and quickly calculate whether the drivers have been out too long and need a break, or if they need to pick up more hours.
Personal preference and available features will probably be what matters to you when thinking about software. That's why it's good to use demos and trials available to you online; you can work your way through various programs at your leisure until you find a software you think will work in your own business. Then you can confidently make a purchase.
Re-Evaluate Your Insurance
If you've insured each of your trucks individually as you bought them, and they all have different payment due dates, there could be a problem. Not only that, but you may not have adequate insurance for the fleet. Visit an insurance professional who knows about the trucking industry, so you can figure out what's working and what must be changed.
For example, you may be able to get a lower premium by bundling all the policies for each truck. You might also go through each part of your current policies to make sure that there is coverage for everyone driving and for the items you're carrying; a common mistake is to only insure the driver and the truck.
Consider Factoring Companies
Even if all of your invoices are paid today, you might experience some strain if one or more of your trucking clients delays their payments. As a result, you might find you have difficulties taking care of your own financial obligations. Before such a stressful time occurs, start talking with local factoring companies.
Factoring companies work with trucking companies like yours to handle invoices. Once you sign up for an agreement, the company will pay you the value of all your outstanding invoices, minus the fees you'll pay them. From that point on, your clients aren't a worry, because the factoring company works on collecting those debts. This can enable you to handle your own company bills without getting bogged down by repeated customer calls. Consult a few companies to find which one will offer you the lowest fees and fairest terms.
With all these changes, you'll soon find your trucking company functioning in a way that is even more efficient and successful. Keep discussing the company with your own drivers, software vendors, and industry experts for more ideas.