For every owner-operator and small trucking company owner maximizing profit from every load you haul is vital to your success because it means more money in your pocket. Fortunately, there are several things all owner-operators can do to help maximize profits.
Make sure you are getting the best fuel economy from your truck. This includes monitoring your tire pressure on a regular basis, watching your speed and more. Check out our blog post on 8 Ways Trucking Companies Can Save on Fuel for more tips on how to get the best fuel economy from your truck.
Take advantage of fuel discount programs. Fuel cards provide a discount on fuel every time you fill up. Additionally, they help you track what you are spending on fuel and where you are traveling. Get more information on how fuel cards can save you money with our blog post The The Skinny on Fuel Cards for Trucking Companies.
Set-up regular maintenance checks with your local shop. This will help ensure your truck is in good running condition every time you get on the road. A well-maintained truck will break down less, helping to keep you on the road and off the side of the road waiting for an expensive tow truck.
Work with a partner who will offer back office support, so you can focus on hauling loads. Some freight bill factoring companies will not only get you the immediate funds you need, but they can handle invoicing, processing, postage, collecting and more so you don’t have to take time off the road to manage paperwork. With Tetra Capital these back office services are included for FREE when you utilize their freight bill factoring services.
Plan routes so they are as efficient as possible including distance and rush-hour considerations. Keep in mind that a route might look short on a map or GPS. However, often this might not be the quickest or best route due to congestion, accidents, weather, rush hour traffic, road construction or expensive tolls.
Learn how to complete minor maintenance yourself. From changing a headlight to changing your filters, there are some easy things you can do yourself. Every small thing you do yourself will you save time and money. Often this means thousands of dollars each year.
Know your costs and the lowest rate per mile fee you can haul for. No one wants to spend more delivering the load than you will be making, so understand what it costs you per mile to haul a load to maximize your profits.
Work with a professional dispatch and load planning company. Anyone can claim they can dispatch for you, even if it is out of their basement. But when you work with a professional dispatch and load planning company you can be sure you will get high paying loads from credible shippers and minimize your downtime.
