Everybody makes mistakes. Some mistakes just happen to cost thousands of dollars.
Many truckers scrounge to avoid fast food, count pennies at the pump, and do everything in their power to trim their bottom line. Though it’s good to be mindful of the little things, few truckers realize that most of their potential savings could be found in avoiding a handful of costly mistakes.
Here are three exceptionally costly mistakes for truckers that will make your wallet cringe.
Not Having a Load Scheduled for the Return Trip
This is the big one.
It can be tempting to think that simply running routes will turn you a profit. Here’s the thing.
If you’re returning from a route with no additional loads booked, you are paying $1943 just to get home.
The profit you just made? Slashed.
Often called deadhead miles, wasted distance traveled by your truck is what can cost you the most. It’s a seasoned trucker’s best practice always to be wary of deadhead miles.
For example, if a burger joint is even 5 miles out of the way of your route, is it worth paying the additional $14.50 to get there?
Purchasing Expensive Tires
Nowadays, a single tire can run you up to $750. Yeesh.
If you outfit your rig at that price, you could be paying up to $13,500 just to keep rubber on the road.
That could mean a potential savings of $10,800 on tires.
If you’re interested to saving your fleet right now with retreads, our Oliver retreads are a great place to start.
Not Using a Factoring Service
For independent owner-operators, factoring is a must.
If you find yourself waiting to get paid to take on more loads, then you’ve found your business’s profit ceiling. Getting paid for your loads is not only convenient, but it can also be essential to maintain the high costs that come with maintaining a truck.
Factoring allows truckers to be paid for their loads within hours of completing a route to ensure they can take on more business.
For truckers wanting to expand their fleet, factoring is a primary step in pursuing growth. To learn more about factoring, check out our page here.
Not all mistakes are created equal. By mitigating deadhead miles, being strategic about your tire purchasing decisions, and employing a factoring service, you can potentially save thousands of dollars for your trucking business.
The England Carrier Services (ECS) division offers various services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.