5 Tips to Improving the Cash Flow of Your Trucking Company
Phoenix Capital Group cannot stress enough the importance of cash flow, no matter how large or small a trucking company may be. That is why we have come up with 5 important tips that can help you run a leaner trucking business and maximize cash flow.
1. Cut any unnecessary business expenses to improve cash flow.
There is always ways to cut costs and eliminate waste within a business. It is also important to schedule a time each month to review pricing and profit margins. Reviewing every line item expense and looking for those which are no longer needed can give your business the extra push it needs every now and then.
2. Provide your fleet with up to date equipment.
Keeping your trucks and equipment at tip-top shape can be costly in this day and age. PCG provides truckers and fleets with equipment financing to help you stay on top of equipment safety and financing. Not only will your rig or fleet look great but you’ll be doing yourself a favor when it comes to cash flow.
3. Improve professional connections and marketing.
You haven’t landed a new customer in a while, what to do? Social media platforms like LinkedIn and Twitter make it easier to connect with business professionals while on the road. Don’t be afraid to initiate communication and reach out for those new clients you want!
4. Save time and save money with freight factoring.
Manage your client invoices and cash flow with no hassle by taking advantage of PCG’s freight factoring program. Time is money, and dealing with clients for 30-90 days while your invoice remains unpaid can waste a lot time. PCG takes invoices off your to-do list so you can continue growing your client list and continue hauling loads.
5. Encourage employees and truckers to go the extra mile.
Truckers can help by coming up with ways to improve your trucking business, cut costs, become more efficient and eliminate waste is a great investment for the long term. Cash flow doesn’t just apply to invoice factoring; you can always find money guzzling expenses to cut in your day to day activities.