![]() Investing in higher-quality tires may cost more on the front end but will deliver longer life and better tread grip, giving you significant fuel economy gains. ![]() Making an informed tire purchase reduces fuel consumption. Consider your tires’ rolling resistance.Here are the top four ways to minimize your fuel costs: Finding ways to improve fuel efficiency can quickly put more money in your pocket. Avoiding theft “hot spots” where there have been knowns issuesįuel is one of the highest expenses for owner-operators.Minimize your risk of falling victim and losing money by: And in a vulnerable economy, criminals are getting smarter and sophisticated with their tactics. Protect your cargo.Ĭargo theft is a growing problem in transportation, with an estimated 20% increase in 2022. Knowing where every dollar goes gives you better awareness and will help you prepare for any unexpected expenses. Work with an accountant for a profit-and-loss (P&L) statement at the end of the quarter to find trends and set expectations. Look for unnecessary spending like monthly and annual subscription services you no longer use. Track your budget.īreaking out your expenses helps you see where you can improve or cut expenses. Use this information to get a comprehensive picture of your business expenses and where you can make adjustments. Total monthly expenses (fixed costs + monthly variable costs + salary costs) ÷ your total number of miles = your monthly cost-per-mile Here’s how to calculate your monthly cost-per-mile: Knowing your average cost-per-mile uncovers spending patterns and cost-saving opportunities, especially with fluctuating fuel costs. Determine your average monthly cost-per-mile. A TMS also lets you create invoices and BOLs, as well as provide detailed reporting and statistics on your business. Investing in a TMS helps you stay organized and saves money by identifying performance gaps and areas of improvement, reducing the possibility of human error, and managing your bookkeeping in a centralized location. Use a TMS.Ī good transportation management system ( TMS) will help you manage loads, simplify payroll, and automate IFTA reporting. Here are nine ways to control trucking expenses as an owner-operator. However, with the help of careful planning and technology, there are ways to create operational efficiencies that will help you control expenses in trucking and keep your business moving. The cost of a truck-or multiple trucks-combined with changing fuel prices, load rates, insurance, and truck maintenance quickly cuts into your profitability. Being a successful owner-operator and running a trucking business can be expensive.
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