Inflation has hit nearly every area of the U.S. economy hard, but it’s been especially hard on the trucking industry. And when combined with record-high diesel prices, trucking companies are really struggling right now. So how can your trucking business go about saving money in 2023? Here are some tips on how to control your expenses going forward:
Reduce your fuel bill by driving smarter.
Diesel prices reached insane highs in 2022, which left a lot of trucking companies searching far and wide for ways to save. Luckily, there are a few tried and true ways truckers can save money on their fuel. The first way is to drive in the ideal range for truck mileage. Going 55-60 mph at all times is the best way to maximize your fuel mileage. Using cruise control can both help truckers maintain that speed and improve their mileage. And planning your routes to be more efficient (and setting stops in advance) can help a trucker’s drive be smoother and more efficient. All of these strategies can help you reduce your fuel expenses, which are a big part of any trucking business.
Saving for a trucking business can mean spending.
While this may seem counterintuitive, spending more on things like preventative maintenance can save you money in the long run. Yes, it can be hard to stomach those mechanic bills when they hit your desk, but the bills that you can incur by neglecting maintenance are far worse. Getting a tow is expensive, and paying for extensive repairs is never what you want. On top of that, forgoing necessary maintenance will shorten your truck’s lifespan, forcing you to buy a whole new truck much sooner. That’s another big bill that you can avoid by regularly maintaining your trucks.
Talk to your truck insurance agent!
In times like these, many truckers and trucking businesses may consider skimping on their insurance. After all, truck insurance is a monthly expense that doesn’t always show why it’s useful. However, not having insurance (or even not having enough insurance) can completely ruin a business. Whether you own a whole fleet or just one truck, you need truck insurance. Your agent understands the situation that you’re in, so just give them a call. They’ll help you find a package that covers your business while staying within your budget.