There is serious money in the trucking business and most investors in this business will confirm this if they run the business the right way. However, this business is capital intensive, and you have to be careful so that overheads don’t eat into your profits. Again, you need to create a prudent management style to ensure you cut costs and maximize profits. In case you want to expand your fleet, there are truck finance companies out there to lend you the cash at reasonable rates. Below are some things you should do to ensure you manage your trucking business properly and make the most of your capital.
Have a Maintenance Culture
It is always cheaper to maintain than to repair. This is true about all vehicles, and it is particularly true about trucks. It does not matter if you run a small or a large corporation. What matters is that you carry out truck maintenance at the right time. Change your engine oil when it is due for a change. Pay attention to your brake system and don’t ever neglect minor things like your wipers, brake lights and indicators. Keep your trucks in good working order all the time and your vehicles will keep bringing you good money.
Ply the Most Lucrative Routes
Being a trucker is all about working smart and not necessarily about working hard. Some routes are more lucrative than others and some places have a better road network than other places. As a trucker, you can’t afford to keep running around in circles. Ply the busy and lucrative routes and your trucks will bring you money consistently. Again, you should avoid places where the roads are bad because this will create unnecessary repairs for your truck. Choose the best routes and the best roads and you will save plenty of money.
Give Your Trucks A Break
One thing you should not do is overwork your trucks. Every motor vehicle needs rest and this includes your truck. If you want your trucks to continue to serve you faithfully for many years, you should learn to give the automobile a break sometimes. This way, the engine will get enough rest and the vehicle will continue to work without much stress.
Don’t Overload Your Truck
This one sounds like a no-brainer, but you will be surprised to hear that many truck owners overload their trucks because they want to make as much money as they can on every trip. The point is that overloading your truck is a classic case of “penny wise pound foolish“. Every truck has a maximum capacity and this is clearly indicated. If you overload your truck, this will stress the vehicle and might lead to an untimely death for the truck. Again, you might get arrested and charged for violating traffic or loading rules. Clearly, this is something you don’t need so you should avoid overloading your truck.
Invest in New Trucks at the Right time
After your truck has served you faithfully for a certain number of years, you might consider investing in new trucks. A situation where you keep repairing the same old truck every week is not good for your long-term liquidity level. If your old truck can no longer cope with the rigors of constant trips, trade in the old vehicle and buy another one.
Finally, you should always ensure that you have the right insurance policies in case the unexpected happens. Paying small amounts to the insurer every month or every quarter will save you big money one day. Use the tips above to run your trucking business and you will run a profitable and lucrative operation.