partners in business

Partners in Business tip: Use overdraft protection

There are options that are much less costly than bouncing a check.

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Partners in Business tip: The benefits of trailer ownership

While leased operators don’t have the pressing need to provide a trailer that most independents do, they often find trailer ownership has significant earning potential.

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Partners in Business tip: Save for retirement

If you don’t have a retirement account, start one. Here's why.

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Partners in Business tip: Obtain a monthly earnings statement

All of your records should be converted into a profit and loss statement at the end of every month to show miles, revenue, costs and how much money you made or lost.

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Partners in Business tip: Develop a business plan

A business plan outlines the details of your operation, including the types of freight you’ll haul, the traffic lanes you’ll run and the rate you’ll be paid. Here's why you need one.

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Partners in Business tip: Get full disclosure in finance contracts

Truth-in-lending laws do not apply to commercial loans, such as truck financing, so dealers do not have to give full disclosure, but most will if they are asked.

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Partners in Business tip: Save every receipt, no matter how small

Why “tip” the taxman? Place an envelope in your truck for collecting your receipts and send them at the end of each month to your business services provider, who can then provide you with a monthly profit and loss statement as well as accurate quarterly tax estimates.

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Partners in Business tip: Properly spec your tires

Smart tire spec’ing can save money in two ways: reducing tire cost per mile and fuel cost per mile.

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Partners in Business tip: Remember the warranty during truck loan negotiations

When you are negotiating for a truck loan, make sure your dealership is able to service your truck and that warranty work and downtime will have the least possible effect on your driving time and miles. Get warranty agreements in writing and make sure you understand them.

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Partners in Business tip: Log maintenance records

Only with complete records can you track the work done on your truck and, when necessary, prove that required maintenance has been done.

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