Any trucking company of any scope has quite a few moving parts. You have the vehicles, insurance, clients, business development, drivers, loaders, dispatchers, and much more to consider. What can you do to improve profit margins and keep your business on the right side of the ledger?
The tips below will better explain how to build or sustain a profitable trucking company, including tips that should improve your profit margins over time. You don’t need to deploy all these tips at once. It’s best to review your options, insurance coverage, business model, and try one tactic at a time.
When you strictly comply with a standing maintenance schedule, you are more likely to prevent breakdowns and losses.
Find Fuel Discounts
Diesel fuel is expensive, and you need all the fuel discounts you can get. Use gas cards to collect rewards so that your business gets something back for all the fuel it purchases. Look into discount programs with large fuel station chains, or look into local companies that will fill your on-site tanks for a low price.
You can use multiple fuel-saving tools, just one, or try a creative mix. Whatever you do, make certain that you change tactics as fuel prices change, programs shift, and you learn where to save the most money
Retain Your Truck Drivers
Hiring, signing bonuses, and training new drivers can get expensive. Do everything you can to retain your current drivers. Remember, it’s much cheaper to offer raises, bonuses, and perks than to hire someone new and start all over again.
Plus, experienced drivers have fewer accidents, know the routes well, know your trucks, and want to do well for your business. Unfortunately, every time you need to hire someone new, you’re wondering if it will work out. Cut back on those experiences as much as you can with servant leadership, employee benefits, and other incentives.
Contact DSI for More Information on Mortgage Protection and Life Insurance
Reach out to our expert team at DSI for assistance with mortgage protection insurance and life insurance protection when you want to safeguard your family homestead and legacy. Your partner and your family can rest easy knowing that the house is secured, especially when you’ve layered these coverages properly.