Another year is in the books, and for many carriers, January is a time to reset. The freight market changes, rates fluctuate, but one thing remains constant: Cash is king.
If you felt like you were chasing payments or running too lean last year, now is the time to tighten up your operations. You don’t need to haul more miles to make more money—you often just need to stop the leaks in your current cash flow.
Here are 5 practical ways to build a stronger financial foundation for your trucking business in the new year.
1. Calculate Your True Cost-Per-Mile
Most carriers guess their operating costs. They know fuel is expensive, but they forget to factor in tires, insurance, tolls, and their own salary.
If you don’t know your exact Break-Even Point, you might be accepting loads that actually lose you money.
- The Fix: Add up all your fixed monthly expenses (truck note, insurance, software) and variable expenses (fuel, maintenance). Divide that total by your average monthly miles.
- The Rule: If a broker offers you a rate below that number, the answer is “No.” Park the truck rather than pay to work.
2. Stop Burning Money on “Deadhead” Miles
Empty miles are the silent killer of profit. Every mile you drive without freight is a double cost: you burn fuel and you lose the opportunity to earn.
- The Goal: Keep your deadhead miles under 15% of your total mileage.
- The Strategy: Don’t just book the highest paying load; book the load that gets you to a strong freight market. A $3.00/mile load to a “dead zone” (like Florida or Colorado) might be less profitable than a $2.50/mile load to a hot market (like the Midwest).
3. Audit Your Factoring Fees (The Hidden Leaks)
Take a close look at your settlement statements from last year. Are you paying more than you think?
Many factoring companies charge a low “rate” (like 1.5%) but hit you with “nickel and dime” fees that add up fast:
- ACH/Wire Fees: $15–$30 per transfer.
- Invoice Upload Fees: $2–$5 per invoice.
- Minimum Volume Penalties: Fines for taking a week off.
The CarrierNet Way: We believe you should keep what you earn. That’s why we have zero hidden fees. No ACH fees, no upload fees, no minimums. If your current factor is charging you to access your own money, it might be time to look for a new partner.
4. Use a Fuel Card with Actual Discounts
Fuel is your biggest expense, often eating up 30-40% of your revenue. Paying the “cash price” at the pump is a rookie mistake.
- The Trap: Some fuel cards offer “rewards points” instead of cash savings, or they charge transaction fees every time you swipe.
- The Fix: Get a fuel card that offers Cents-Per-Gallon discounts directly at the pump. Look for cards with zero transaction fees. (Shameless plug: The CarrierNet Fuel Card offers deep discounts at major stops nationwide and you keep the card even if you stop factoring with us).
5. Check Broker Credit Before You Turn the Key
Nothing destroys cash flow faster than a broker who doesn’t pay. With fraud on the rise, you cannot afford to haul a “ghost load.”
- The Habit: Before you sign a rate confirmation, check the broker’s credit score and “Days to Pay” history.
- The Tool: If you are a CarrierNet client, use our portal to run unlimited free credit checks instantly. If you aren’t a client yet, call us with an MC#, and we’ll help you verify one free so you don’t get burned.
Call: 605-306-4111
Ready for a Profitable Year?
You handle the driving; let us handle the cash flow. If you want to see how much you could save by switching to a “No-Fee” factoring partner, call us today at (605) 306-4111.
Here’s to a prosperous new year!
