Summary: One of the most important things you can do before you start your trucking business is to estimate your “all-in” cost per mile. Knowing this cost, along with estimating how much you will make, enables you to estimate your expected profit. Profit is your most important number. Your profit is how much you keep, […]
How Do PO Finance Companies Pay Suppliers?
Purchase order financing helps small companies with the supplier costs associated with a large order. It enables small business owners to fulfill large orders and book the revenue. This article discusses how purchase order finance companies pay your supplier expenses. We cover: Why is your supplier asking for a prepayment? Reliable supplier payment methods High-risk […]
Trucking Company Revenue (Rates) Per Mile
One of the most common questions that new owner-operators ask industry veterans is “how much will I make per mile?” Often, they hope for a simple answer, such as $1.50 or $3.00 per mile. The fact is that there is no standard answer. In this article, we help you determine how much you will make. […]
Calculating the Cheapest Diesel Fuel Price (Calculator)
Summary: This article is written for owner-operators and small fleet owners. It teaches you one thing: how to choose the state where you buy your fuel so that you can buy it at the lowest possible price. This simple strategy can help you increase your profits without changing the miles that you drive. We cover […]
How to Make a Successful Trucking Company: 8 Steps
The trucking business can be very profitable, but it is incredibly competitive. Many truckers try to get into the business every year and end up failing. This outcome usually happens to people who are great truckers but are not good business owners. Knowing how to run and grow your trucking business takes more than knowing […]
What is Work-in-Process Financing? How Does it Work?
Work-in-process (WIP) financing is a type of funding that helps cover the supplier expenses of companies that manufacture or assemble goods. It is also known as production financing. 1. What problem does it solve? Companies that manufacture or assemble goods often have a difficult time getting financing. And when they do get financing, the solution […]
Production Financing for Manufacturing Companies
Managing cash flow is always a challenge for manufacturing company owners. Company managers always walk a fine line trying to balance income and expenses. Paying suppliers, covering overhead, running production, and building inventory all place immediate financial demands on your company. Meanwhile, your clients demand longer payment terms. These conflicting demands affect your cash flow […]
What is Supplier Financing? How Does it Work?
Supplier financing is a component of supply chain financing and plays an important role in improving the cash flow and operations of many companies. It provides companies with credit facilities to buy goods, enabling them to grow the business. This solution is used by manufacturing companies and product distributors. It helps them buy raw materials […]
How to Start and Grow a Staffing Agency
When managed correctly, temporary staffing agencies can grow quickly and be very profitable. They represent a great opportunity for the right individual (or group). However, agencies have a lot of moving parts. They need owners/managers who have expertise in many areas. 1. The basics: How does a staffing agency make money? Temporary staffing agencies lease […]
How to Run a Successful Staffing Agency
Temporary staffing businesses can be very profitable if managed correctly. However, managing a successful agency is not easy. There is a lot of competition – at least in some markets. You must know how to differentiate your agency, recruit talent, and attract clients – all while dealing with competitors that are vying for the same […]