Truckstop Partner Marketplace: Back to the Basics
In 2022, Truckstop reinforced our commitment to empower small businesses with the introduction of the Truckstop Partner Marketplace, where carriers, brokers, and shippers can access more than 90 partner relationships that help them do business better.
As tax season approaches and you look to close your year end books, look to the partner marketplace for services that help alleviate the time-consuming, yet critical processes of bookkeeping. Check out the following, including benefit solutions for you and your employees.
- Financial Services : Bookkeeping and Tax Solutions
- Financial Services : Capital and Payments
- Benefit Offerings : Health, Dental and Wellness
The most comprehensive transportation and logistics marketplace in North America.
Back to the Basics
Mike Hosted, VP of Sales and Marketing, American Truck Business Services (ATBS)
December 12, 2022
May 2020 through April 2022 was the biggest and longest freight boom in the history of trucking, during which an unprecedented number of ICs and trucking companies obtained their own authority and moved to the spot market to cash in on the record freight volumes and rates.
However, “the times they are a changin’”. Since then:
- Fuel costs have spiked to nearly all-time highs.
- High volumes and rates in the spot market have returned to pre-Covid levels.
- Maintenance costs continue to soar and parts remain scarce, causing longer than normal down-time for repairs.
- The cost of a new or used truck has skyrocketed.
- AB5 became codified in California.
- Labor shortages continue to cause headaches and delays for shippers and receivers.
- Contract rates are starting to drop.
What a list of hurdles and changes! Now is the time to dig in and make your business as efficient as possible while taking some extra steps to ensure success.
What can you do right away?
Don’t panic. Rates are down everywhere.
Expand your area of operation and go places others don’t want to. Re-explore, and be open to going into more difficult markets, keeping in mind your cost-per-mile and time.
Make a profit plan and update your numbers.
Put together a revenue forecast that considers fixed costs and variable expenses to identify where you can make financial changes quickly. Understand your break-even point, how much revenue you need to pay your trucking and personal bills. Identify your tax needs to make sure you don’t fall behind with Uncle Sam.
Reduce your biggest cost right away!
What do you need to achieve long-term success?
Monitor your monthly financials (profit and loss).
Compare your profit and loss statement against your profit plan to make sure you’re reaching your revenue and expense goals to help hit your bottom-line needs.
Change your revenue mindset.
Consider running lanes and routes you haven’t previously. Don’t just focus on the highest rate per mile; focus on generating the most revenue per day over a sustained number of days. This may include accepting some substandard rates that get you into a market where rates are higher. Don’t sit and wait, hoping for a better rate the next day. The average O/O has business and personal fixed costs of $240/day. If you sit two days waiting for a load that pays more per mile, you’ve dug yourself a hole of $480.
Save for repairs.
Maintenance is the #1 reason for IC failure. It’s not always the cost of the repair itself that causes a business to fail, but the extended downtime. Have a maintenance plan for your truck. The average IC saves between 12 and 14 cents per mile.
Be more frugal.
Sometimes the best way to have better cash flow in tough times is to watch your spending. Shop around for the best price on fuel. Check your insurances to make sure they are appropriately assessing the value of your truck. Be frugal with personal spending on the road.
The Truckstop Partner Blog occasionally publishes articles contributed by Truckstop Partners as a service to our community. The views and opinions expressed in these articles are solely those of the contributor. Truckstop is not responsible for and does not verify the contents of the information or claims contained in partner supplied blogs.
December Featured Partners
Through co-managed talent, intelligent automation, and training platform, Hubtek helps companies optimize processes, accelerate growth, and boost their positioning in the marketplace.
project44’s advanced visibility platform enables shippers and 3PLs to increase operational efficiencies, reduce costs, improve shipping performance, and deliver exceptional customer experiences. Connected to 175,000 carriers with coverage of all ELD and telematics devices, project44 supports all transportation modes and shipping types including parcel, final-mile, LTL, truckload, rail, intermodal and ocean.
Lean Solutions Group offers nearshore and offshore staffing, technology, marketing, sales, and business process outsourcing services. Our scalable and flexible workforce of 7,000 employees in Colombia, Guatemala, and the Philippines augments clients’ workforces, mirroring their operations.
Trax elevates traditional freight audit and payment with a combination of industry-leading cloud-based technology solutions and expert services to help enterprises with complex supply chains manage and control global transportation costs.
Since 1998, ATBS has helped over 150,000 owner-operators drive a more profitable business with accounting, bookkeeping, and tax services.
By pioneering the world’s first collaborative asset-sharing platform, Repowr is redefining the way carriers, shippers, 3PLs, leasing companies, and OEMs use logistics equipment. Owners with excess equipment can earn extra income, and those in need gain on-demand access to available equipment nearby.
From bookkeeping to tax filing, Bench is the do-it-for-you financial solution your business can count on. Bench powers their intuitive software with real, in-house bookkeeping teams that automate your bookkeeping processes for you.
For 80+ years, Canal Insurance Company has offered auto liability, trucker’s general liability, physical damage, and cargo coverages. Canal provides products and services for a broad range of risks, cargo and freight coverage, and physical damage coverage.
Focused on transportation and trucking insurance, United Commercial’s sole goal is to keep you and your loved ones protected, with the policies you need, our undivided attention, and pro-active anticipation of the challenges you might encounter.
Rose Rocket is a top-rated TMS for trucking and logistics companies. Winner of 2022 “Best Ease of Use” award on Capterra. One-click integrations. Lighting fast implementation.
The insurance brokerage for America’s motor carriers and the modern 3PL, Reliance Partners agents can access 93% of the transportation insurance markets as well as exclusive markets to find the most cost-effective solution for clients.
With inflation on the rise and the cost of running a business getting higher month after month, more small businesses are looking for working capital to help ease cash flow concerns, cover payroll, replenish inventory and more. Apply for a business loan today, and get up to $200k in as fast as one business day.
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