What Every Freight Broker Should Know About Factoring
Invoice factoring has been around for thousands of years and can be traced to the 18th century B.C. Babylonian king, Hammurabi. Over the past 10 years, transportation intermediaries are directing more and more of their carrier payments to factoring companies ‐ anecdotally, we hear as much as 80%. At Triumph Business Capital, we’ve processed carrier […]
Making Sense Out of Carrier Payments
Freight brokers pay carriers – that’s what you do. You do it for fuel advances and again when the load’s settled and billed. You pay when it’s due and sometimes you pay quick. You pay by fuel card, by express check, by bank draft, by paper check. And mostly you pay factoring companies – after […]
The Parking Problem
In 2009, a trucker named Jason Rivenburg was shot and killed by a man who stole $7 in cash from him. Forced to park in an abandoned gas station when he became tired, Jason became the victim of a brutal crime. Sadly there are other stories similar to this one; it’s not the first time […]
Look for the Green Check Mark and Kiss the Lost Loads Goodbye
Since 1978, DAT Solutions has been a trusted source of information for transportation professionals, providing valuable data on important topics like supply and demand trends, forecasting, benchmarking and capacity planning, which is vital for achieving operational efficiency. As part of our commitment to serve the trucking industry and our valued clients, Triumph Business Capital has […]
Choosing Your Big Rig: Buying vs. Leasing Your Truck
Purchasing a truck can be a significant expense, even for the most established trucking companies. As with most vehicles, acquiring a truck typically requires either a lease or a purchase. Which is the wisest investment? Let’s take a look at some of the pros and cons associated with each option to help you make a […]
Freight Factoring Can Keep You Rolling
Cash flow problems can cause you to put the brakes on your trucking business. Before you find yourself running on empty, take a look at freight factoring; it’s cash flow without debt. You may have heard of this type of financing before around the truck stop or at trade shows under different names like truck […]
We Ranked the Top Critical Truck Driver Safety Tips
Driving a truck may seem pretty simple and straightforward, but given the size and power of these vehicles, safety is critical. That’s why a significant portion of all truck driver training programs is devoted to teaching future drivers how to keep themselves and other operators safe on the road, while also protecting their precious cargo. […]
Electronic Logging Devices: What this Mandate Means for You
The clock has started ticking. On December 16, 2015, the Federal Motor Carrier Safety Administration (FMCSA) published the official Electronic Logging Device (ELD) mandate, enforcing the adoption of ELDs by all truck drivers before December 18, 2017. Not only did the FMSCA publish this rule by Congressional mandate, but they also believe that this rule […]
Paying Back Uncle Sam: Tax Tips for Truckers
It’s almost that time of year again – tax season. For truck drivers, there are many unique deductions available that can help reduce monies owed and maximize returns. Before sitting down with your accountant or tax advisor, here are some of the things to take into consideration that will help you get the most out […]
How to be a Successful Trucking Owner-Operator in 2016
The start of a new year is a great time to take stock of what you want to achieve and what it will take to reach your goals. We wish you great success as an owner-operator in 2016, and offer some practical do’s and don’ts as you rev up for the road ahead. DON’T: Blame […]
Winter Trucking Tips: Don’t Let Jack Frost Ruin Your Run!
The weather outside is frightful, but these winter trucking tips should make your drive a little more delightful. First, preparing for your drive starts before you even get on the road with a pre-trip inspection. You should already be completing a pre-trip inspection, but with winter road conditions, it’s recommended that you check your vehicle […]
Is Your MC Number Going Away?
MC numbers. MX numbers. FF numbers. Soon, they’ll all be gone. In the near future, all interstate motor carriers will need just one number to complete the Federal Motor Carrier Safety Administration’s (FMCSA) registration process. Read on to find out why the change is happening, who is affected, how to maintain compliance, and when to […]
The Push to Help You “Keep On Trucking”
The average life expectancy in the U.S. is 78.7 years — but for truckers, it’s only around 60. While job risks like traffic accidents are partly to blame, the trucking lifestyle may be the bigger culprit. Here’s what truckers are doing to change the statistics, and create longer, healthier lives. Why is it so hard […]
How to Make it Through Your First Year as an Owner-Operator
So you’ve decided to leap from employed trucker to becoming an owner-operator. There are definite advantages to having your own authority and being your own boss: setting your own schedule; choosing loads and lanes that suit you; leaving company politics, rules and dispatcher favoritism in your rearview mirror. But where much freedom is given, much […]
How to Choose the Right Fuel Card
What could you do with $1,080 extra per year, per truck in your fleet? You could be saving this much or more just by using the right discount fuel card. With so many fuel card options available, it can be hard to know how to choose the right one. In this blog, we’ll explain the […]
15 Fun Facts About the U.S. Trucking Industry
You can probably recite a slew of metrics about your own operations, but you may not be aware of the role trucking plays in the U.S. economy or the extent of its reach. Here are 15 interesting tidbits about the industry you live and breathe: Charles Freuhauf invented the first tractor-trailer over one hundred years […]
Six Questions You Should Ask Your Freight Broker
Even though a freight broker is entrusting your trucks and drivers with their customers’ shipments, you’re on the hook if they’re not trustworthy, financially strong or a performance-focused operator. Here are the top six questions to ask before you take on a job with a new freight brokerage. Is the freight broker financially stable and […]
How to Hire Drivers– and Keep Them During the Truck Driver Shortage
For today’s generation, trucking doesn’t seem to hold much appeal. Long hours on the road, time spent away from family, and mediocre pay is leading to increasingly high turnover rates and driver shortages. In fact, according to the American Trucking Association, the industry needs 30,000 more drivers to meet current demands. If you’re a fleet […]
Why Is My Insurance So Expensive?
When most people go to buy trucking insurance, they expect the obvious questions: How many trucks do you own? Where is your company domiciled? What commodities do you haul? What is your travel radius? Insurance companies use this information to formulate your premium. But, what else goes into rating a commercial trucking policy? What other […]
Trucking is the Fastest Growing Small Business Industry
As the economy grows, one industry is standing out as the fastest growing small business industry—trucking. According to a recent article from Triumph Bancorp, parent company to Triumph Business Capital, the trucking industry has seen a 25 percent uptick in sales over the last year, indicating large growth. The American Trucking Association reported that the […]
Pick a Niche
Even if you already have your small trucking company up and rolling (pun intended), it’s not too late to further refine your business. One refinement you might consider is choosing a niche. You’ll often see that recommended in business articles for any industry, but it seems particularly necessary in trucking.
Who Knows You? By Timothy D. Brady
Recently I saw an idiom that said “Hustle until you no longer need to introduce yourself.” This got me to thinking on a couple of related thoughts. Why would you stop hustling when everyone knows who you are? Under what circumstances would it be no longer necessary to introduce yourself to others? First let’s define […]
Looking for Direct Shipper Freight – What’s the Solution? By Timothy D. Brady
Nearly every small and micro-trucking company owner has asked this question several times. The smaller your operation, the more difficult it is to find the answer. So, many of us relegate ourselves to hauling wholesale (broker and load board) freight and leave the direct shipper freight to the bigger carriers. After all, the fewer trucks […]
Moving to the Next Level- Growing Your Trucking Company Part 1 by Timothy D. Brady
The most common question I’m asked by owners/managers of small motor carriers is: “How do I grow my trucking company?” Moving your business to the next level isn’t based on luck. Growing a trucking company requires dedication and leaps of faith, but most of all it requires a solid business plan. This plan looks at […]
Daylight Saving Time and Trucker Fatigue
Maybe that hour ‘saved’ isn’t worth it There’s a joke going around the internet as a quote attributed to an old Indian chief concerning his opinion of Daylight Saving time. It says, “Only the government would come up with a plan where it is believed that if you cut of the bottom of a blanket […]
A Threat to Mom & Pop Trucking Companies
Call out the troops – again Here we go again; the idea that creating more government regulation is the solution to the woes of the trucking industry. There’s currently a piece of legislation in front of Congress, H. R. 7, American Energy and Infrastructure Jobs Act of 2012. This Act addresses many of the concerns […]
Medical Certificates, CDLs and Self-Certification
At the end of this month, the FMCSA will require all states to include truck drivers’ medical certification status and information on each trucker’s medical examiner’s certificate in each driver’s Commercial Driver’s License Information System record. There’s also the requirement to self-certify whether he or she is an interstate or intrastate hauler. What do truckers […]
Covering the Cost of Fuel
I was recently tapped in an on-line conversation concerning the relevance of the fuel surcharge as a means of covering fuel costs. One poster stated: “Not to side with Timothy Brady, but the fuel surcharge is largely irrelevant. I could be saying that because I get one. What the FS really does is provide a […]
Steps to Setting up a Profitable Freight Lane
Setting up a profitable freight lane takes more than just being in the right place at the right time. It’s more about understanding the dynamics of what freight is moving in what direction during certain periods of a month. A freight ‘lane’ can be any of a number of shapes and sizes. It can be […]
Why Every Trucker Should Know His Break-even Point (BeP)
A trucking company’s Break-even Points are the basis from which its hauling rate range is calculated. If the company owner or manager doesn’t know what it costs to operate a business, then success is very elusive. Many small trucking businesspeople are unsuccessful because they fail to cover the company’s cost of doing business in the […]
EOBRs: A Curse or a Benefit?
Technology can be used either way By Timothy D. Brady EOBR technology is awesome, as a potential tool. But like any tool, it’s how it benefits everyone who uses it. But I have the same apprehension and fear as when I tested the QUALCOMM system back in its beginnings in the early ’90s. If it’s […]
An Argument Against Deadheading
(Even “cheap freight” pays something) By Timothy D. Brady The pitfalls of driving a trucking route without paying freight should be avoided. Some points I find it interesting: first, that there are still truckers who think if they can make a static rate per mile they’ll earn enough to make it in this industry. Second, […]
Between the Ditches: ‘Sleeper Test’
Trucking’s Shame “Keep it between the ditches” is highway slang for “drive safe.” This series is provided as a public service by Advance Business Capital. From Time Magazine: “Adriesue (“Bitsy”) Gomez, 33, is a “gear-jamming gal with white-line fever.” A woman truck driver from Los Angeles, she is also a pain in the axle to […]
Detention Time and the Law
Publish your Rules Circular and prosper By Timothy Brady Last week Rep. Peter DeFazio, D-Ore, introduced a bill requiring the DOT to study industry detention practices and establish a maximum number of hours that drivers may be detained without being paid. The Government Accountability Office recently surveyed 300 truckers. 68% reported being detained within […]
How to Know If Your Hauling Rate Is Correct
By guess and by golly won’t work By Timothy Brady According to Logistics Management 2011 Rate Outlook (http://www.logisticsmgmt.com/article/2011_logistics_rate_outlook/)“Volatile oil and diesel prices, capacity shortages, another looming driver crisis, debilitating regulatory uncertainties, and an improving economy have led industry analysts across all modes to one conclusion: Shippers will have to shoulder some of the burden […]
What’s In Your Pitch To Shippers?
A deeper discount? Better hold onto your shirt By Timothy Brady Under the current economic atmosphere, large segments of the trucking industry have fallen into the trap of “Volume Discounting.” The greater volume a customer has to ship, the lower his shipping cost. While this works to a point, beyond that point lies the […]
How to Exit a Trucking Business
You do what you gotta do By Timothy Brady Have you ever been rolling down the interstate, suddenly looked at the fuel gauge and realized: “I’m not sure I’ll make it to where I was going to fuel next.” All kinds of thoughts start going through your mind. Where’s the next fuel stop; any […]
Developing a Niche 1
Niche Hauling: a geographic area, commodity, particular service, unique method, or specialized market for which a small trucking company is best suited. For the small or start-up trucking company, the highway to success is to find a specific niche which is not filled by the more traditional, larger trucking companies. Under the current economic conditions, […]
Do You Know Your Break-Even Point?
How important is knowing your Break-Even Point when you are a trucker? I’m constantly saying, “You’ve got to know your Break-Even Point!” But is it that important? According to Renee Cloud, of Clerical Business Solutions, a business management company providing business consulting & administrative support (virtual assistant services): “A number one rule for business is […]
What Determines the Quality of a Load?
In the last blog, we went through the process of determining the value of a load, but that was only the first step in selecting which loads to haul and which ones to leave on the dock. Now for the next step, looking at the quality of a load. Value is what a load pays; […]
The Profitable Trucking Company
How to make a profit in today’s trucking industry. Are you asking yourself if you can really make a profit in trucking today, especially with fuel going up again and the freight still not recovering? That’s the 64,000-dollar question for most trucking companies. I’d still say, yes, you can make a profit in trucking with […]
What Is Lane Density?
What is lane density? This is a term you may or may not have heard in the course of doing business as a trucker. But as you’re about to see, it’s very important in determining whether you are profitable or not. This applies to a single truck operation or multiple unit dispatch. Lane density is […]