It might seem like comparing apples to oranges—but Load Factoring Services and Preventive Maintenance Management Software share a common approach to helping your fleet grow.
At FleetPal, we spend a lot of time thinking about preventive maintenance plans and how to explain their value. What kinds of proof do we need to show people to back up our claim that a PM plan is worth the effort and that it will help small- and mid-sized fleets grow?
I know from experience—it can be hard to keep track of all the moving pieces in a PM plan. I know how frustrating it can be to try to keep your fleet on track when you don’t have the right tools for the job.
I also know the benefits that setting-up and sticking to a preventive maintenance plan will deliver for a fleet. They come in the form of cost-effective maintenance that leads to reliability, managed risk, and efficiency.
Everybody in the trucking industry knows that no matter what folks on the outside might think, getting it right isn’t easy. We need to take advantage of every resource that’s available to make our fleets run safely, efficiently, and profitably if we want to see them grow.
A Fresh Perspective on a Familiar Problem
When we meet with a new member to give them a tour of FleetPal’s software solutions or do a demonstration of how the tools work, we focus on the problems that we can solve for them:
- Run-to-failure maintenance leads to roadside breakdowns and emergency repairs that cost more to fix and cause disruptions in a fleet’s operations . . .
- Roadside repairs are expensive
- Towing is expensive
- Emergency service is expensive
- You’re losing revenue the whole time
- Disruptions have ripple effects that can turn into even bigger problems over time and cost your fleet more . . .
- Late pick-ups and deliveries frustrate your customers
- Missed jobs are missed opportunities for revenue
- Unreliable service earns a fleet a bad reputation
- Inefficient spending on maintenance and unreliable service is a double-whammy that holds a fleet back from realizing the goals you have for growth . . .
Something I realized is that we spend a lot of time telling our customers what FleetPal eliminates or prevents. We don’t talk enough about preventive maintenance benefits that FleetPal membership adds to your fleet. It’s important to know which problems we can solve and how we solve them—but we can’t lose sight of a pretty important “why”. We do what we do so that we can help fleets achieve goals.
Sometimes the only way to get a fresh perspective on something you see every day is to take a few steps back and look at things from a different angle. That’s exactly what I ended up doing last week while I was reading an article that I found in Overdrive Magazine.
Load Factoring Linked to Growth in Small- and Mid-Sized Fleets
Last month, Overdrive Magazine published a series of articles that took a closer look at the results of a four-year study by their sister company RigDig Business Intelligence. In that study, RigDig found that small fleets (10 power units or less) who used load factoring services grew by 90% while comparably sized fleets that did not use load factoring grew by only 30%.
Some folks might look at a number like that and think it’s a no-brainer to get signed up for load factoring right away. But no two trucking fleets are the same. So, I decided to peel a few more layers of that onion to find out how using load factoring helped those fleets achieve such impressive results. To me, the “how” was just as important as the “what”.
Fortunately, Todd Dills did a lot of the heavy lifting for me in his reporting. He pointed to reliability in a fleet’s cash flow as one of the most important benefits of using a load factoring service. He went on to discuss risk management and time-saving measures as additional features that contribute to a small fleet’s ability to grow. All I had to do was connect the dots between the benefits of load factoring and what fleets need to know about preventive maintenance management software.
In the final paragraph of the article, Dills quotes an executive at one of the load factoring services that he spoke with for his article. The executive stated that “people don’t get into the trucking business because they love pushing paper around” and that his company doesn’t want to see fleets “stay at two trucks and fail”. There it was—the “why”!
Reliability, Risk Management, and Efficiency: Are These the Keys to Growth?
If there are things that load factoring can teach us about preventive maintenance, it’s on the level of the benefits they each deliver. Fleets who use either or both of these resources as part of their day-to-day pursuit of long-term goals want results. Load factoring services and preventive maintenance software differ on the “what” but they have a lot in common on the “how”.
Small fleets that are looking to grow have to keep a watchful eye on cash flows to make sure they stay ready to deliver the goods for shippers today, tomorrow, and into the future—even as they reinvest the returns in the growth of the business.
Cash flow is part of the equation and so are important elements like equipment and employees. In an ideal situation the revenue side and the operations side work hand-in-glove to fuel smooth daily operations and generate profits that fuel growth.
A preventive maintenance plan is the best way to get your fleet’s operations into a routine that achieves the same reliability, risk management, and efficiency. Preventive maintenance is a proactive approach to making sure your assets and team members build momentum over time. But getting everything onto a plan and keeping it there can be a huge challenge without the right tools.
How Does Preventive Maintenance Management Software Help Small Fleets Grow?
So . . . If we agree that reliable cash flow is a good thing for small fleets that want to grow AND that reliable operation is a good thing for small fleets that want to grow . . . We can probably agree that getting those things without sacrificing too much is a great thing for fleet managers and owners that want to grow. FleetPal is all about preventive maintenance plan management that delivers all the benefits without asking too much in return!
Preventive maintenance management software takes all of the moving pieces that make up your fleet and gets them onto a central platform. That lets you:
- add and track assets
- schedule inspections
- manage workflow
- monitor expenses.
Reducing time-consuming data entry, clarifying communications, and simplifying data are just some of the ways that FleetPal helps fleets achieve their goals.
Certain fundamentals are crucial to any business’s ability to grow. Predictability and efficiency are certainly near the top of that list. In the trucking industry, we can see how those fundamentals come into play on both the cash flow and the operations side.
Just as having predictability and efficiency on the cash flow side has helped small fleets grow—those same basic elements can provide a path for growth from the operations side of things. Preventive maintenance management software is a proven tool for securing big-time benefits for your business.
Find Out What FleetPal Can Do For Your Fleet
Maybe you’ve never taken the time to learn about preventive maintenance management software and the benefits it can have for your fleet.
Maybe you have and you weren’t convinced.
Maybe you’re currently using fleet management or fleet maintenance software and it just isn’t delivering the results your fleet needs.
If your fleet could be doing better with your preventive maintenance plan and getting more back from the work you put into it—we would love to hear from you. Let us know where you see room for improvement and we’ll show you what FleetPal can do.