Key Performance Indicators For Trucking Companies To build a strong trucking enterprise, it’s important to put both your finances and your customers first. But what happens when your customers are making it difficult to stay fiscally afloat? Not everyone who runs a trucking business can tell whether or not a customer will be reliable. In many cases, customers who use your services will unfortunately take as long as one to three months to pay their invoices. Nevertheless, these customers are crucial for maintaining steady growth, and if you’re to shape a strong reputation for yourself within the industry, you should not turn business away. There are ways to maneuver around outstanding payments in the interest of improving cash flow without putting pressure on important working relationships. Renowned transportation startups will agree that being service-driven and catering to the needs of their customers is ultimately what landed them their success. They also press that a business cannot look after its customers without first looking after its own affairs and employees. Ensuring there are enough reserves in the bank to pay both the bills at the end of the month as well as your drivers indicates your company is steady. In an industry where trucking and …show more content…
Their most popular factoring plan offers clients a 97% advance on their invoice for a small one-time fee of 1.59%. The remainder of the funds are returned once the invoice is paid in full by the customer, which the factoring company takes the reigns on securing. This takes an additional burden off the client who may now put the 97% advance back into their business initiatives without worrying about tracking down customers. They will also be free from the accumulating interest rates that paying back a loan from the bank would