In the transportation business, any broker, small fleet, or owner-operator struggles to find the best paying freight loads to haul. This can be one of the most difficult parts of owning a transportation business.
Rather than relying solely on load boards for mediocre paying jobs, take the time to assess your company, its clients, and its overall goals to better attract the best, highest-paying clients.
Attracting the Right Clients Using Invoice Factoring
As you are starting to assess your business, take the time to clearly define the standard of client that you want moving forward. This will help you not only help you to set define standards, but also hold your business accountable to adhere to them. Taking on the same clients over and over again and expecting different results, won’t result in any positive difference in your business. Take a few minutes to find a client that will suit your needs.
Jotting the quality of customer you’d like to serve consistently will allow you to change the way you search. If you’re used to getting small jobs from load boards, but are looking to work with a larger grocery chain, it’s time to move on from load boards and find out where you can network with the clients you’d ideally like to work with.
Do you want to work with large, established shippers? Medium shippers that pay well and on time? Or an average sized shipper that gives you loads regularly? All of these are things to consider when creating your “perfect customer”. It’s important to remember that the “perfect customer” may not exist, but finding a customer that meets almost all of your needs should be one you consider working with.
Why Use Invoice Factoring?
As a transportation business owner, you constantly experience cash flow issues. This is due to late paying commercial clients and shippers that take up to 90 days to complete their invoice with your business. This is not only just a nuisance, but also a cash flow killer.
With poor cash flow, you are unable to take on the caliber of clients that you’d like to. You won’t have the adequate funds to take on larger clients, keeping your business stuck in its old ways of relying on load boards.
With transportation invoice factoring, your business will work with a factoring company to get an up to 96% cash advance on outstanding invoices with low rates. This will allow you to increase your cash flow and be able to not only carry out daily operations with ease, but also take on a higher volume of work.
By utilizing transportation invoice factoring, your business can get financing tailored to its exact needs—without the hassle of incurring additional debt. With transportation invoice factoring, you’re simply getting access to the funds already owed to your business—not borrowing. This will help you build a strong source of capital, increase your cash flow, and build the business that you’ve always wanted. With solid finances, you will be more attractive to partners, larger customers, talented employees, and more.