Latest News

How to Keep your Haulage Business on the Road


In the UK, there are over 50,000 businesses in the haulage industry, so many trucks! The road haulage industry carries more than 80% of all domestic freight so it’s important that your trucks are on time and are where they need to be. However, how do you keep your business going when cashflow is slow? A factoring company will help your haulage business keep you on the road!

 

Due to payment terms in the haulage industry, it means that you might have to wait 60 to 90 days to get paid, so receiving payments on export invoices doesn’t happen as soon as possible. Cashflow is one of the most important things to any business, but especially a haulage company there are a number of essential expenses that have to be covered so your trucks are allowed to go on the road. You need to spend money on:

  • Fuel and fuel duty
  • Tolls for roads and bridges
  • Recruitment
  • Vehicle related costs
  • HGV insurance and costs
  • Truck leasing
  • UK compliance and regulation
  • Paying your drivers on a regular basis

 

How invoice factoring can help

If you are a small logistics company or a multi-national haulage firm, late payments can leave you struggling which makes keeping your trucks on the road tough. If you choose to go with a factoring company, you'll be able to release up to 90% of the funds that are tied up in export invoices, paying this money into your account within 24 hours.

 

 

Added: 09 May 2019 14:13


Back To Blog