Invoice Factoring and Transportation Businesses
According to the Business Dictionary, invoice factoring is the selling of invoices to a third party company to improve cash flow. When a business uses invoice factoring, they benefit through an immediate boost to cash flow, while at the same time eliminating the back office support needed to manage the accounts receivable process. How it Works […]
Commercial Vehicle Emissions – Phase 2
With Earth Day right around the corner, we thought this was a good time to update those in the transportation industry on the Environmental Protection Agency’s (EPA) latest initiative, Phase 2 Heavy-Duty National Program. Overview Phase 1 In 2011, the Administration finalized fuel economy standards for Model Year 2014 – 2018 heavy-duty vehicles. It was […]
CVSA Focusing on Tire Safety in 2016
Since its inception in 1988, roadside inspections conducted during the Commercial Vehicle Safety Alliance’s (CVSA) International Roadcheck have numbered more than 1.4 million. The Commercial Vehicle Safety Alliance’s 29th annual roadcheck will take place June 7-9, 2016. During this 72-hour period, approximately 10,000 CVSA-certified local, state, provincial and federal inspectors in jurisdictions across North America […]
“Don’t Be That Driver.” | National Work Zone Awareness Week
In 2014, 669 deaths occurred in roadway work zones. Today is the first day of National Work Zone Awareness Week (April 11-15). This week is held to bring national attention to motorist and worker safety in work zones. The initiative began in 1999, and this year’s theme is “Don’t Be That Driver.” According to the […]
Becoming an Owner Operator: Financial Considerations
You’ve taken into account the personal considerations (family, health, etc.) of becoming an owner operator and have obtained—or are on the way to obtaining—your commercial driver’s license (CDL). That means it’s time to tackle your finances and form a business plan that will ideally prevent you from going bankrupt within your first year on the road. Trucking Equipment […]
5 Factors Impacting Your Trucking Insurance Premium
Background On March 1, 2016, WRAL Investigates reported that North Carolina Insurance Commissioner, Wayne Goodwin, is pressing state lawmakers to tighten regulations over commercial vehicle insurance. His reason being, out-of-state trucking companies claiming in-state residency to obtain North Carolina’s lower insurance rates. In fact, NC boasts some of the lowest vehicle insurance rates in the country— causing problems […]
Food Haulers Directly Affected by Next FSMA Rule
Food Safety Modernization Act (FSMA) Overview Congress passed the FSMA in December 2010, and it was signed into law by President Obama in January 2011. The law increased the U.S. Food and Drug Administration’s (FDA) power by allowing the FDA to focus on preventing food safety problems rather than simply responding to them. Final Rule Timeline To […]
Succession Planning for Transportation Businesses
Proper succession planning, or the lack thereof, results in the success or demise of a company. With employee turnover at an all-time high in the transportation industry, now is the best time to ensure your company’s future success. What is Succession Planning? Think back to the last time a key employee left your company. Did you see it […]
Becoming an Owner Operator: CDL 101
Welcome to Part 2 of our Becoming an Owner Operator series. Assuming you’ve read our previous post on the personal considerations one must take before committing to a life as an owner operator, you’re next steps are obtaining a Commercial Driver’s License (CDL). Step 1: Pass the DOT Physical Before you can even apply for a commercial learner permit (CLP), you […]
Captive Insurance: Take Control of Your Insurance
Often perceived as an option solely for Fortune 500 companies, captive insurance companies are becoming more accessible than ever for small- and mid-size companies. What is an Insurance Captive? For those considering joining a captive program, it is essentially an insurance company. The captive operates like a commercial insurer; however, the insureds are oftentimes key players in […]