Living in a wireless world
We live in a pretty amazing world.
Just a few years back, if you had a cell phone in the truck, you were wired to the rest of the planet, that is, if you didn't mind putting up with dead zones and dropped calls.
Most of us still experience those technical failures occasionally, but we put up with it because of the convenience the mobile phone allows. Plus, the service is now so inexpensive that you can't afford to be without it.
Know Your Business: record-keeping software
The reasons that each expediter uses a computer are much the same. The computer is a wonderful way of staying connected with family and friends as well as being a great source of entertainment.
It's also a fantastic in-truck business tool for routing, monitoring freight boards, keeping logs, filing paperwork, taxes and watching the bottom line.
Managing Your Cash Flow
To put it another way, there's more to it than just a fancy term for the movement of money into, and out of, your business checking account.
Or, yet another "take" on cash flow management is keeping more of your money in your pocket as long as possible.
In addition, a cash flow awareness is a good way to predict your operation's cash flow for the next month, six months, or even the next year.
Commercial Insurance Solutions: Just the right size
Founded by Ms. Shelly Benisch around twelve years ago, Commercial Insurance Solutions is a small, independent insurance agency located in the Akron, Ohio area.
Her core clientele now includes truckers and particularly, expediters. She has high praise for the emergency freight haulers and says, "They are intelligent, they have business experience and are a high caliber of people. From an insurance standpoint, this makes them a better risk."
Operating your business as a business
One of the keys to operating your business is your knowledge of Cost-Per-Mile (CPM). You've got to understand what it costs to run your truck.
Knowing the cost-per-mile is essential to running your business profitably. So many owner-operators don't have a clue about what it costs to operate their truck.
In normal operation a quality RigMaster stand-alone generator unit has payback cycle of right at a year.
But equally important is the RigMaster’s incredible ability to change the very nature of the Expedite job itself by keeping the owner operator in a well rested and less stressful environment between the loads.
Operating Entities - Part I
Now that you have made the decision to operate or are currently operating your own trucking company, you have to decide on the type of entity from which to run your company.
Are you operating by yourself or are you going to have a partner? Do you need to be incorporated or does a sole proprietorship meet your needs? What about a limited liability company? These types of entities are available to you.
The importance of bookkeeping
Keeping accurate, organized, records is vital to the success of your business. A lost receipt is a lost deduction and a lost deduction means more of your money paid out in taxes.
Developing good record keeping habits can save you thousands of dollars.
Important new tax law changes
For some of you it is an extreme hardship to gather tax information. If you are one of these people, you should box all the paperwork you have and send it to your tax preparer so they can compile the proper records to prepare a return.
Instead of procrastinating, this will insure the tax return gets done on time and save you the cost of needless penalties, which are not tax deductible and can exceed the cost of the tax preparation.
The Owner-Operator's Best Friend!
The professional expediting owner-operator can count people from different occupational specialties among his friends/business associates; his mechanic, his lawyer, perhaps a helpful person from his carrier. But, there is probably no one who has as great an impact on his business, both short and long term, than his bookkeeper/accountant.
Of course, the bookkeeper performs the typical number-crunching duties for his client - especially tax preparation - but this professional can offer so much more to the independent business person.