5 Ways to Improve Your Business with CoreFund Capital
Invoice factoring allows trucking companies to turn their unpaid invoices into working capital. For many, factoring is a way to plug up any short-term cash flow gaps due to anything from unexpected equipment repairs to regular expenses of running a trucking company like paying drivers and insurance and fuel costs. But did you know that factoring can also be a long-term helping hand for trucking businesses looking to grow? Here’s how:
1. Stabilize Your Cash Flow
Cash flow is one of the biggest problems many small and medium-sized businesses face, especially ones that are just starting up. Waiting 30, 60, or 90 days for a broker or shipper to pay their invoice can cause dips in cash flow, leaving trucking company owners strapped for the working capital they need to run their business.
Invoice factoring offers a way to manage those cash flow gaps. It provides immediate cash for daily expenses like fuel and driver pay. A balanced cash flow will put you in a good position to grow.
2. Take on More Opportunities
Taking on larger contracts and lanes that would boost your business big-time sounds great… until you realize how much it would cost. On top of the initial cost of being able to service these big customers, you might still have to wait 30-60 days to receive payment after you haul the loads. If you do not have the cash to cover these loads AND your daily expenses while waiting for payment, you risk losing that customer or putting yourself into a worse financial spot than you were to begin with. That is where invoice factoring comes in. You will have not only the cash to successfully handle larger contracts and lanes but also your existing customers and daily expenses all at the same time.
3. Invest in Yourself
When you take control of short-term financial challenges you have more room to focus on investing in yourself. Whether that means upgrading or purchasing new equipment, adding more drivers, or simply taking some time off to recharge or spend time with your family, you will have the freedom to make those kinds of decisions.
4. Save Money on Fuel
Did you know that fuel can account for up to 40% of a trucking company’s expenses? A fuel card program, like CoreFund Capital’s Platinum Fuel Card, can really come in handy. Discounts on fuel will add up and allow for you to budget that excess money elsewhere in your business (or set it aside for any emergency expenses).
5. The Best Funding Option
Funding your business can make or break your ability to succeed and grow. Freight Factoring is a great funding option for trucking companies looking to expand and grow their business. Choosing a funding option with no minimums or long-term contracts, a quick and easy qualifying process, and the freedom to choose which customers’ invoices to factor is setting yourself up for success. When you factor with CoreFund Capital you are choosing transparency, experience, and superior customer service. Get in touch with CoreFund today for more information on how they can help you invest in yourself!
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