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A trucking business is an ambitious project and it’s difficult to run without mistakes. If you’ve been in this business, and it’s not looking up, you must identify and avert those mistakes in your next course of action.
We’ve come up with eight key mistakes that might’ve been corroding the potential of your trucking business. Hence, you’ll be in a better position to handle and run your business, including resources, compliance, revenue, expansion, and more.
So, buckle up as we’re diving into those eight crucial mistakes which you must avoid to level up your trucking business with utmost efficiency.
Overlooking Compliance
Do you know what the best business entity for trucking is? Because that can impact the compliance requirements, which, if we’re being very honest, are things new business owners can easily overlook. But this is where they make a vital mistake.
Your company may not be certified by any international regulatory standard, but you must keep up with the minimum compliance requirements.
Some common requirements include drug & alcohol testing, carbon emission evaluation, hours of service (HOS), commercial driver’s license qualification, vehicle maintenance, etc.
Overlooking these requirements is not only against the law, but it’ll also cost you far more than what you wanted to save by ditching those maintenance and testing services.
Mishandling Cash Flow
Many startup trucking businesses make a grave mistake without actually realizing it— not balancing the cash outflow and inflow.
Generally, as the owner, you’ll have to make sure your operational and other relevant costs are paid off within 5-7 days to run the business smoothly. These expenses include vehicles (tractors, trailers, etc.), servicing, maintenance, insurance, wages, and many more.
On the flip side, it’s very unlikely that you’ll receive your cash inflow or the payments from your customers less t… Read More
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