The transportation and the trucking industry is going through a difficult phase amidst the COVID-19 crisis. While supply chain demands have noticed a drastic change by high demands of essential goods, this nationwide emergency has put dispatchers and truck drivers in a jiffy. With having to work for long hours to meet ends, truck drivers have a big question mark upon their health and safety.
As the state department of motor vehicles closed its door for overcoming pandemic, new truck drivers haven’t had a chance to get new permits. All their concerns were addressed by the US department of transportation and were provided with Federal regulatory relief and stop reliefs. The sudden increase in demand to deliver essentials seems like a small lived dream as the consequences are now raining on the industry like knives. With orders flowing in from various regions of the country, trucking companies are doing their best.
How do we go about addressing the growing concerns of businesses that are running the trucking services to meet the emergency demands? Here are a few suggestions from some of the experienced industry experts.
How the COVID-19 pandemic has shown its impact:
Nobody forecasted this pandemic, and so businesses need to start thinking out of the box. For people into landscape businesses, situations are going to get worse in the coming months. They need consultancies for diversification, redeployment, budgeting, and revisiting business plans.
Recession is on its way. Having a trustworthy business advisor can help you top the game. Moreover, work from home is becoming a new trend, the resource allocation work could be quite hefty and confusing. Trucking firms, with a sudden increase in demand, will have to utterly careful. They are the most vulnerable during this time.
The right business solutions can be one of the main reasons for your early exits from the crisis. Not only will it help them forecast what lies ahead, but they can also know what to expect from the freight industry in the coming months.
What Mfhills Services can do for you:
Cash flow forecasts
Rebuilding a financial model for the trucking firms has become the need of the hour. Cash flow forecasts act like a warning for all future endeavors. Our company makes sure that your company prepares well in advance for any atrocities.
Cost cuttings and maintaining finances
Small scale trucking firms are in dire need of this. As they struggle, they should consider cutting down their costs for surviving in the market. Moreover, with merely any money coming in, truck companies should start streamlining their organization. Setting targets for a reduction in cost could also help. Although these measures are quite known, there are other necessary steps like maintenance policies for trucks, prevention of the intangible costs, etc. are often ignored, thus leading to a failed strategy. Our company doesn’t let you go into the never-ending vicious cycle of spending. It can help you recover fast by giving the best of solutions.
Bank Reconciliation and accounting
This task can end up eating a lot of your valuable time, especially in times of crisis where the load on your company is immense. Finally, give us your worries, and we will do everything for you. In fact, from tracking fuel price to marinating monthly profit and loss statements, we do it all.
Talking about payroll activities; we trace payroll activities up to the last six months to catch the trend of finances. It gives us useful insights on saving cash outflows and get more inflows. To assure drivers and motivate them to keep working, you must regularly carry out driver pay reviews and process it as soon as possible.