PIB Tip

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: 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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