There are millions of truck drivers in the United States. Majority of the freight (both consumer and commercial goods) that is moved across the United States is delivered by truck drivers. Out of the many trucking companies in the country, many of them operate twenty or fewer trucks. Commercial trucking companies realize that cash availability is of prime importance. Thousands of trucking companies have found merchant cash advances by Crest Hill Capital Limited to be helpful with customized financing options. Let us understand how a cash advance can benefit your company. Expand your Fleet
Research has indicated that trucking companies with larger fleets typically earn a greater return on their investment. Larger companies can save on equipment, labor, insurance, and other costs, which will, in turn, reduce the cost of operating per mile. If you have only a limited number of trucks, you may not be able to take on additional tasks, often having to reject high paying and high priority jobs. By adding more trucks to your fleet, you can accept more jobs, which will enable you to earn more revenue. This is the key to successfully position yourself in this competitive industry. Most banks and financial institutions are not favorable to trucking companies as they are bound by strict regulations. Cash advances can help you in such times. Update your Technology If you are serious about your business, you will ensure that your company is always equipped with the latest technology. Any delay in updating your technology will make you fall behind your competitors, and you could risk underperforming. Finding ways to implement new technology is one of the surest ways your business can maintain its competitive advantage. Technological trends in the trucking industry include improved camera systems, enhanced routing systems, and electronic logging devices, among others. These technological advances can help your trucks operate more efficiently and become safer. These advances are, however, expensive. To gain this competitive edge without dipping into your savings, opt for a cash advance from a reputed company. Invest in Inventory In order to save costs, it is advisable to purchase equipment and spares in larger quantities. This will bring down the per-unit costs. Over a period of time, this marginal cost saving will improve the company’s financial performance. Using additional working capital, you can purchase additional inventory for your trucking company. You can have your inventory of items you know you would use in the future, such as tires, lights, and other mechanical equipment in bulk. Use the merchant cash advance facility offered by Crest Hill Capital Limited to supplement your financial requirements so that you can now focus on your overall profitability. Research and Implementation Trucking companies can greatly benefit from improved logistics. For example, UPS’s policy of using left turns only when necessary was a logistical move, which resulted in the company saving a tremendous amount of fuel per year. Even if your trucking company may not be as big as that of UPS, there are logistical changes you can implement in order to operate at a higher efficiency. Improving your company’s logistics requires investing in the right automated data systems and process engineers. Crest Hill Capital provides cash advances that will help you in upgrading your logistical systems that meet your needs. If you are a trucking company looking to expand your business but have not received a favorable answer from a bank, a cash advance could be the game changer you were always looking for. Look no further than Crest Hill Capital to fulfill your financial needs as they can be trusted to meet your needs.
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