Believe it or not, there are only a few weeks left in 2017! Time does fly when you’re running a trucking fleet business, doesn’t it? Now is a great time to dig into or review your fleet budgeting plan for next year. Wiers Fleet Partners has the tips you need to stay on top of your fleet budgeting to help your business run smoothly (and profitably)!
- Gather your information. As a starting point, gather up key data that you’ll need for your fleet budgeting, which may include:
- License & Taxes
- Disposal Adjustment
- Leasing & Fleet Management
- Insurance & Accidents
- Vehicle Depreciation
- Interest Expenses
- Forecast the year-over-year. Once you’ve gathered all last year’s expenses and data, you’ll need to do some predictive analysis. Will your costs flat-line or increase next year? What variables are in your control and which variables aren’t?
- Determine new initiatives. Now that you know what 2017 vs. 2018 looks like, you can determine what will be added to the mix. Will you invest in new technologies to help improve your business operations, such as Telematics? Will you add a new truck to your fleet? Does your preventive maintenance plan need an overhaul? Now’s your chance to bake this into your budget and estimate the ROI that it may bring next year.
- Review frequently. A budget should be fluid. After all, things change over the course of the year. For example, a planned expenditure may not be needed, or an unplanned cost will, unfortunately, likely arise. Keep an eye on how your budget is trending monthly and quarterly will make your fleet budgeting initiative much easier toward the end of 2018!
Although many of us dread the mention of the word budgeting, it doesn’t have to be a negative activity. By following a few simple tips, your fleet budgeting efforts can be efficient, productive and, most importantly, help your trucking business run better.
Wiers Fleet Partners is here for you every step of the way. In fact, we believe our success hinges on your success, creating a true partnership. We have decades of experience in this industry and can help you manage your sales, leasing, service and GPS technology needs. Explore the ways Wiers can help you succeed in 2018 and today!