10 Ways to Increase Profitability of Your Trucking Business

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increase profitability of trucking businessRunning a profitable trucking business isn’t easy these days. There’s lots of competition, fuel prices are rising and customers can be inconsistent with their orders and payment schedules. Nevertheless, there are certain strategies that can help you boost your profits and grow your company. Here are 10 of the best ways to make your trucking company more profitable.

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Purchase Order Financing During COVID-19

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Purchase order financing during covid-19COVID-19 has been stressful and challenging on many levels. In addition to health concerns, the economy has suffered greatly with many jobs lost and businesses shutting down or filing bankruptcy. With the slowdown in many industries and traditional lenders’ underwriting process becoming more stringent, many business owners have discovered the benefits of alternative financing such as invoice financing and purchase order financing.

Traditionally, importers and distributors of consumer goods & supplies selling to retailers were most often using purchase order financing to grow their businesses.  In the new landscape, many retailers are requiring longer payment terms which only increases the need for companies selling to them to obtain short-term funding such as purchase order financing and accounts receivable factoring.

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Value of Non-Recourse Factoring During an Economic Downturn

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Value of Non-Recourse Factoring During an Economic DownturnBusinesses in all different industries are being affected by the ongoing shut-downs.  Not only has business slowed for many, but customers are taking longer to pay.  Whether you are a factoring veteran or you are new to invoice factoring, you’ve discovered how it can solve your cash flow issues.

However, an advance on your receivables will only benefit your cash flow and overall business if you get to keep that cash.  Unless you are using non-recourse factoring, you are at risk of having to pay the advance back to the factoring company should your customer have financial issues and not pay.  Increasingly late payments are one sign of a possible impending bankruptcy.

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