The trucking business these days is suffering from a few well-publicized woes. It is still a booming industry to be involved in, however. Goods need to get to market and trucks are the primary way to make it happen. This is not set to change anytime soon.
Because of the issues with the industry currently, it is a good idea to look into ways to save as much money as possible to increase profit margins and stay competitive. There is almost always some waste to cut and creativity can be used to find other ways to reduce expenses. In this article, we will go over a few cost-saving measures a trucking company can do to keep its profits up.
Table of Contents
Save on fuel
One of the biggest costs affecting the trucking industry is fuel. With the events happening in the world right now, fuel costs are rising like crazy. Luckily, there are a few ways to save on fuel expenses. The first is buying in bulk. Organisations will often buy white diesel in bulk to cut down on fuel costs.
In addition to that, there are measures that can be used to consume less fuel. Tire pressure is one of the most important factors when it comes to fuel consumption. Maintaining the correct pressure will make sure that excess fuel is not being used.
Idling time should be kept at a minimum. It is the law anyway to not idle trucks to protect air quality in the cities. This is often ignored so ask your drivers to be mindful about letting the trucks idle for too long.
Plan routes better
Knowing what the road has in store for you ahead of time will help avoid too many stops or even traffic that will slow down the delivery. A route with a lot of traffic will also increase fuel consumption which raises costs.
Take some time to plan the route to avoid any construction, traffic, or a lot of stops required. This can be done by asking any truckers out on the route what they are experiencing or looking online to see if there are any alerts.
Shop for a better insurance rate
It may seem that your insurance premiums are set in stone and that all companies offer the same price. The reality is that there is a lot of competition and rates vary greatly between companies.
This means that shopping around is very important. Many companies are keen to poach customers from their competition so there are always deals to be had for switching. Take some time to call around for quotes and you’ll be surprised at how much money you can save.
Practice routine maintenance
A well-maintained truck will cost money in the short term to be doing preventative repairs but will save loads in the long term. An emergency repair is not only more costly but time not driving is money lost.
Make sure to keep the trucks in good working order to avoid those costly repairs.