How to Keep Your Trucking Company Running Part 2

Is it just us, or does it seem like owning a trucking company is getting harder and harder? We just learned that trucking companies went out of business four times more in 2019 than 2018. So this video is intended to give you some tips on how to avoid the pitfalls to keep your trucking company running smoothly.

There are three main reasons why trucking companies fail. Poor expense management, lack of support or unorganized back office, and poor cash flow management. So, let’s talk about how to avoid them.

Welcome to the second part of our two-part video series, if you haven’t watched part one yet be sure to check it out next. In this video, Jaime is going to talk to you about the importance of support and cash flow management to ensure business success.

I’m Jaime with Apex Capital, and one of the biggest mistakes we see trucking company owners make is trying to do everything themselves. You’re going to need a support system for your business to run successfully. So, you might automatically be thinking that you can’t hire a staff right now but hear me out. A support system that doesn’t necessarily mean hiring – it can also be a third- party service that helps you work smarter and faster.

Dispatching and load boards are the most widely used support systems out there to help you find freight fast and easy. Some trucking companies choose to use both a dispatching service and a load board for finding freight. There is no right or wrong way to go about it. We suggest you use whatever fits within your budget and will keep your operating expenses manageable.

If your operating costs are already too high, we’ve got the solution for you.

NextLOAD is our free load board, new loads are posted and updated in near real-time to make finding freight easy. You can create your account today at nextload.com

The other two common support systems are payment collection and bookkeeping. Organizing and keeping up with paperwork can be hard without back office support. Add in trying collect on your invoices, especially in the event of payment issues, then it’s even more challenging.

That’s why at Apex, we help with more than just cash flow. We audit your paperwork to check for potential payment issues and work with you to correct them. We even help you collect on your invoice and store your paperwork all while giving you easy 24/7 access to your information through our mobile app or online portal.

There is one last reason why trucking companies fail and it’s probably the biggest reason of them all. It’s a poor cash flow management.

Cash flow is like a stream that flows in and out of your business. It should be a steady stream where money goes into your business at the same rate it goes out. Unfortunately, that rarely happens in the trucking industry because most pay terms are 30 days out or more and your bills can’t wait to be paid.

Luckily cash flow can be easily managed if you factor your freight bills. Factoring allows you to get paid the same day you deliver a load, helping you improve and maximize your cash flow.

Apex Capital has been factoring freight bills for 25 years and has helped thousands of trucking company owners achieve financial stability to successfully grow their businesses.

To learn more about factoring and fuel card savings visit our website or give us a call at 855-211-0929. We look forward to hearing from you!