The Business of Trucking: What You Need To Know To Run Your Trucking Business Successfully

Whether you’ve just started your trucking company or you have been rolling for a few years, have one truck or 100 a top concern for trucking company owners is keeping your enterprise in business.

Do you know what it takes to run a successful trucking company? The team at Apex Capital is here to help. With two decades of experience, we have helped thousands of trucking companies just like yours keep their businesses running successfully.

The trucking industry is mostly made up a small to medium-sized trucking companies just like yours. The trucking industry generates about $97.9 billion generated by generated by for-hire carriers, with $255.5 billion in total revenue. The operating ratio for the trucking industry is 95.2 which means for every dollar in revenue a trucking company makes, it costs 95.2 cents to operate.

According to the National Association of Small Trucking Companies (NASTC), only 15% of newly-formed trucking companies will make it to their second year of operation.

According to Avondale Partners, the five most common reasons trucking companies go out of business are as follows: Poor information management, lack of a support team, increasing regulation cash flow, and their business system. Understanding the reason that some trucking companies fail can help you avoid the pitfalls.

In the next section, we give you tips to help you combat these issues. A profit and loss statement be a great way to help manage the financial aspect of your business. A profit and loss statement shows profit and expenses during a particular period.

It’s equally important have your back-office support organized and in one place. Companies like Apex make it easy. With our online account management portal, and Mobile Factoring app, you can access insurance documents, UCC filings, authority information, and more, giving you immediate access to your company information anytime, from anywhere.

An account executive can be a valuable asset to your company. At Apex, your Account Executive is with you every step of the way to offer quality business support and to help you navigate your business as your company grows.

It’s important to haul for quality brokers and shippers to ensure you have a strong cash flow system. One way to begin looking for customers is to sign up for a load board such as Apex’s exclusive load board, NextLOAD.com. On our load board, you can find loads and run free credit checks on brokers and shippers. This can help you get your first loads booked and assist you in establishing relationships with the right customers.

With the ever-changing landscape of trucking rules and regulations, it can be difficult to stay informed. However, adhering to rules and regulations is crucial to staying compliant, so it’s important to stay up to date. Apex makes it simple to stay current. We post industry updates to our blog weekly.

As an alternative to bank financing, Factoring companies like Apex, can provide you with operating cash flow through the purchase of your freight bills. Freight bill factoring is an easy way for small to medium-sized trucking companies to manage cash flow, and keep their trucks on the road.

Fuel accounts for up to 40% of your business expenses. So a great way to save money and keep your business running successfully, is to get setup on a fuel card. The Apex Fuel Card provides deep discounts on fuel at the truck stops you visit the most. You can even find the best prices on fuel on any route with fuel finder.

For more information about how Apex Capital can help your trucking company save money, work smarter, and grow, call us today at 1-855-211-0927.