Want to grow your small fleet?
Your trucking business is cruising, and you spot opportunity on the road ahead.
Whether you’re running five trucks or 10, be sure you’re aware of the potholes that could sideline your business as you contemplate your next phase of growth. It’s how you’ll route your most efficient path to success.
Hit the gas on your growth
We share the critical financial insights you need with our quick guide, Your Fast Lane to Fleet Growth.
In just six minutes, you’ll uncover common roadblocks so you can chart your course to profitability, including:
Sneak Peek Inside
Obviously, there isn’t one single way to grow a feet, one way to succeed.
Some small fleet owners add a truck here, a driver there, as their industry relationships deepen and business expands. Other carriers move fast to seize opportunities in hot markets or when shippers dangle contracts if they can add capacity…now.
Our advice to fleet owners, whether you’re operating five trucks or 10: It’s wise to think in terms of sustained growth plans and resilient approaches to fast-growth opportunities. If you’re not careful, you could suddenly find yourself overextended—like when the market flips or the shipper doesn’t renew your contract.
Financial insights that set you up for success
1
Secure your future with a sizable safety net
Want to be around for the long haul? Set aside money for that business-saving cushion that will get you through the lean times, because there will absolutely be lean times. We advise keeping one-and-a-half times your fixed charges, principal, and interest in savings. While that figure can come down as you grow, as a small fleet, your liquid cash needs to be substantially higher than your fixed charges.
2
You’ve successfully built a small fleet, so the delay for invoice payments to actually hit your account isn’t a surprise (37 days if you’re lucky—and up to a whopping 90+ days for some). As you consider your next phase of growth, this cash flow plan will remain a critical part of your success. At your size, banks are unlikely to offer the line of credit that allows you to cash flow your business (you’ll need to operate a fleet of at least 50 trucks for that—and more likely 100). This means finding a trusted freight factoring partner to help you stay on top of your bills, meet payroll, and focus on new loads is critical to the survival of your business.
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“70% of new trucking companies go under in their first year, yet you’re the one sitting strong and eyeing your next phase of growth. You’ve proven you have the mettle and will to succeed in this incredibly challenging industry of ours.
You’re exactly who we created this guide for—the hard-working people we help live out the American dream. No one is more passionate about partnering with you and helping you grow.”