With the recent headlines about natural disasters that our country and the world have been through, and are currently facing, I can’t help but think about what it means for the trucking industry. When thinking about this, what it all brings to the forefront for me is the need to be prepared. For trucking companies this could mean several things:
- First and foremost, financially, meaning your trucking company has savings and access to working capital to help your trucking company before, during and after an emergency.
- Ensuring your equipment is running properly so if you need to act quickly you can.
- Having good support, including staff and partners who you can count on in an emergency. This could include a reliable assistant, employees, logistics partner or financial partner such as a factoring company.
- Staying current on your workflow and payables is important, so you have the funds you need in the event there is an emergency or natural disaster.
Nearly all of our clients have been impacted by the recent string of natural disasters, including one of our larger clients. During a recent hurricane, they recalled their entire fleet back to their holding yard to sit out the storm. This situation was somewhat unique because much of their business is local or regional. However, they were able to outlast the storm and still pay their bills and employees because they were prepared. Tetra Capital was one of the partners that permitted them to be prepared due to their utilization of our freight factoring services, which allowed them to receive fuel advances and immediate payment for their invoices.
On an owner-operator level, being prepared might mean having cash on hand, heading warnings, keeping fuel in your tanks in case there is a shortage, staying aware of your surroundings, and keeping food and supplies on your truck in case of an emergency. It might also mean helping your neighbors or friends or hauling supplies or equipment for free since you are trying to help others.
My hope would be that no one must live through another natural disaster. Unfortunately, this is not something we can control. However, we can control, to some extent, how prepared we are. I hope I have given you some ideas on how your trucking company can prepare for the next natural disaster.