business plans

Aug. 26: Learn owner-operator business skills

Don’t miss this free two-hour seminar, with presenter Kevin Rutherford, on how to run a profitable owner-operator business.

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TONIGHT: The latest on driver pay trends

Learn more about owner-operator and company driver compensation in a free webinar produced by Overdrive and Truckers News and sponsored by Freightliner Trucks.

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PIB TIP: GET ONLINE ACCESS. Even if you don’t pack a computer on the road, once you’re signed up at your bank or credit union for online access, you can check your balance and cleared checks anywhere you have online access to guard against your own or your spouse’s failure to record to record a check. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business ...

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PIB TIP: USE OVERDRAFT PROTECTION. Most banks offer this service, which automatically draws from your savings or credit card account to cover a bad check. If savings, you obviously need to keep a good stash to make it work. Linking to a credit card is a less favorable option, but paid off quickly it’s still a lot less costly than bouncing a check. The Partners in Business program is produced by Overdrive and the consultants ...

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PIB TIP: MANAGE CASH FLOW. The best practices for managing cash flow include using a business operating account and never taking cash advances. Avoid overdraft fees by recording every check as soon as it’s written. Don’t forget debit card purchases, and develop a system for logging automatic monthly drafts, such as utilities. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, and is ...

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PIB TIP: HAVE A RESERVE ACCOUNT. The best owner-operators have at least $5,000 in reserve before they ever go into business. That amount should be maintained and increased, especially with a truck that ages. The purpose of the reserve account is to set aside money for large or unforeseen items that could put a large drain on your operating cash – major maintenance items, tires, quarterly estimated taxes and insurance deductibles, for example. The Partners ...

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PIB TIP: MAINTAIN PROPER INFLATION. Maintaining correct inflation is free and is the highest saving maintenance you can perform on your truck. Improper inflation is by far the greatest reason that tires fail or wear out early, also wasting fuel. Daily pre- and post-trip inspections give owner-operators the chance to check pressures and look for leaks, punctures, broken valve stems or nails. Metal valve caps tend to withstand wear and tear better than plastic ones. ...

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PIB TIP: PERFORM ROUTINE MAINTENANCE. Proper maintenance of tires, wheels, axles and the steering column also will help keep your tire costs down. Wheels naturally lose alignment and balance. Bushings, shocks, bearings and valve stems wear out. Checking wheel alignment periodically can pay big dividends. Whenever you start seeing a heavy spot or a flat spot, the tire has ceased to be centered on the hub. When you need to scrap a tire, inspect it ...

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USE RETREADS. Premium tire makers design casings for retread use. Theoretically, undamaged casings can be repeatedly retreaded, although the tire maker’s casing warranty might run out at, for example, 750,000 miles or after three retreadings. On the downside, some carriers restrict retread use on steer axles, and some states limit the number of times a steer tire can be retreaded. If the retread isn’t from a reputable dealer, or if its markings have been scrubbed ...

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PIB TIP: SHOP FOR THE BEST VALUE. Get the most for your money in tires, whether you spend a little or a lot. It’s tempting to shop primarily by sticker price, but cost per mile and retreading potential are more important considerations. Making an informed choice means keeping written and dated records of purchase, fuel mileage and tread depth, then comparing records between models you’ve used. The Partners in Business program is produced by Overdrive ...

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