In 2024, 89% of truckers are concerned about trucking operational costs. With insurance premiums, maintenance, truck lease, and ownership rates rising, they have good reason to be.
Despite challenging market conditions for carriers nationwide, drivers can take controllable actions to avoid overpaying for operational costs.
Here are a few ways to drive trucking operational costs down.
Enroll in a Maintenance Support Program
As a driver, anything keeping you from the road is a major detriment to your profitability. For example, scheduling and coordinating maintenance efforts can be tedious, challenging, and time-consuming.
Maintenance support programs schedule and coordinate maintenance for you so that you can stay on the road and take on more business. Some even offer this service for free when coupled with other products.
See here for more information on maintenance programs.
Lower Your Insurance Premium
The cost of your insurance premium is dependent on your driver’s record. By undertaking any of the following guidelines, you can keep your premium as low as possible:
- Hire drivers with a clean record
- Integrate safe driving incentive programs into your fleet
- Maintain a good CSA score
- Operate trucks under ten years old
- Install aftermarket safety features to prevent accidents
- Perform regular maintenance
- Stay in business consistently
- Pay premiums on time
- Avoid high-risk areas along your routes
By exercising good driving habits, you can be confident that your premium will remain as low as possible.
Utilize a Factoring Service
If you aren’t using a factoring service, you are limiting your ability to grow your business.
In exchange for a small fee, factoring companies will immediately pay you your loads. This means you can cover your expenses, like fuel, tires, etc., within hours of shipment completion. You will no longer have to wait to take on new business.
Quality factoring companies will aid your billing processes, giving you even more time on the road.
For more information about factoring services, fill out this form.