Do you have a plan for growing your trucking company? If so, you need to put that plan on paper.
A business plan is the most effective way to explain the stability and goals of your company. Banks, investors and other potential partners may ask to see your business plan. Having a well-crafted document to share makes a strong statement about your company.
Customer invoices are the life blood of your company’s cash flow. How you process invoices and how soon customers pay them determines how smoothly you convert services into cash, and how fast your business will grow.
The following is a fictional example of what happens to one invoice when a company does everything right. It illustrates how tactics like managing a cash flow budget, negotiating payment terms and handling collections can effectively turn a receivable into a customer payment. In short, this illustrates how a cash conversion cycle should work:
A few years ago, trucking companies would regularly deadhead their trucks 100 or more miles to get to their next load. Today experts say that average has been reduced to around 60 miles. Fuel costs and other expenses make deadheading a losing proposition for trucking companies.
Profitable loads are the lifeblood of your trucking company. To consistently book loads with the best margins, it helps to have connections. You must build a network of trusted industry sources instead of relying on one client or broker for most of your business.
Here are seven tips that will give your company an edge in securing quality loads:
Today’s mobile technology means you no longer have to be at your desk or laptop to conduct business.
Cloud-based software allows you to store important data that you can access anywhere at any time. Instead of lugging around a 5-pound laptop, you can do business from your smartphone or tablet.
Until recently, crowdfunding was seen as an effective way to request donations on the Internet. A filmmaker might launch a campaign on Kickstarter.com to raise money for a documentary. A volunteer could use Facebook to solicit donations for a nonprofit. People who gave to a crowdfunding campaign might be compensated with free products, souvenir T-shirts or movie tickets.
The oil drilling business is booming nationwide. Whether your company operates in Texas or the Bakken Basin, you may be scrambling to add new equipment that meets rising customer demand.
Fracturing equipment, acid pumps, kill trucks, batch mixers and other assets can cost hundreds of thousands of dollars. That is why many oilfield services companies choose to lease their equipment. Avoiding the big down payments and interest that come with traditional lending can free up more cash flow for your company to operate and expand.
In a capital-intensive industry like manufacturing, you cannot always afford to wait 30, 60 and sometimes 90 days for customer payments. RTS Financial provides factoring solutions that advance cash on your receivables within one day. This generates more working capital to pay vendors, meet customer demands and grow your business.
Because there are many different kinds of manufacturing companies, RTS Financial customizes a funding solution that meets each client’s unique cash flow needs. Regardless of what industry you serve, we can provide funding that grows with your business.
A good master service agreement (MSA) will save time and headaches on a complex project. In the oil and gas industry, the MSA sets contractual terms among the companies involved in exploration, drilling, production and service. The agreement outlines the risks and responsibilities among contractors and employees through the life of a project. This eliminates renegotiation and disputes as project work changes.