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How to Boost Your Trucking Company’s Profit Margin Tips and Strategies

For most of the 2010s, the average trucking company profit margin was stuck between 2.4% and 4%. By 2018, that figure had grown to about 6%, and as the economy began to recover from 2020 pandemic disruptions, the profit margin in transport businesses went even higher. In the first two quarters of 2021, the pre-tax profit margin averaged above 7% for the broader transport and logistics industry. Many owner-operators and small fleets may remain on the low end of the profit margin scale. How can you nudge that figure upwards? The simplest answer is to move the numbers on either side of the profit equation: Reduce costs and grow revenue. Key Strategies to Improve Profit Margins -Manage Driver Performance -Train drivers to maintain optimal speeds for fuel efficiency. -Reduce idling by providing auxiliary power units (APUs). -Use routing tools to avoid traffic and optimize route planning. -Invest in Fuel Cards -Fuel card programs offer significant discounts on diesel. Compare different cards for the best savings and lowest fees. -Enroll in Weigh Station and Toll Bypass Programs -Use systems like PrePass to skip weigh stations and toll booths. -Save time and fuel by maintaining highway speeds. -Shop Around for Lower Vendor Costs -Avoid premium prices at truck stops by purchasing supplies from hardware stores or online. -Bundle Insurance Policies -Save on insurance by bundling commercial liability, workers’ compensation, cargo, and trailer interchange insurance. -Remain Compliant -Avoid hefty fines by adhering to Federal Motor Carrier Safety Regulations. -Tips for Raising Revenue -Know Your Cost Per Mile (CPM) -Calculate your CPM to understand your expenses and control your profit margin. Watch the Full Video for More Tips! Don’t miss out on these essential strategies to boost your trucking company’s profit margins. Watch the full video to learn more about managing driver performance, investing in fuel cards, and other tips to reduce costs and grow revenue. Subscribe to our channel for more industry insights and tips! #TruckingCompany #ProfitMargin #FuelEfficiency #TruckingTips #Logistics #TransportIndustry #SmallFleets #OwnerOperators #FuelCards #WeighStationBypass #TruckingBusiness #CostPerMile #TruckingRevenue #TruckingCompliance #TruckingInsurance