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Tired of messy financials? LoadMiles is the ultimate TMS to simplify and optimize your operations.

Book free demo https://www.loadmiles.com/contact/

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Explore LoadMiles: Efficient Truck Management Software

Discover LoadMiles: efficient truck management software for streamlined logistics, simplifying transportation and seamless logistics processes

The trucking industry is facing a high failure rate, with an estimated 60-80% of new companies failing within their first year of operation. This alarming trend continues, with around 90% of trucking companies not surviving past five years.

Why do trucking companies fail? The main reasons for the high failure rate in the transportation industry are complex, multifaceted, and depend on a variety of factors. Operational complexity: For newly established companies, managing operations in the trucking industry poses significant challenges. Trucking operations are demanding and time-consuming. Most significant issue is dispatch management coping with unpredictable weather and traffic that hinders normal operations.

High Costs: Higher operational cost is another big problem truckers have to face. Main costs include acquiring a new truck, maintaining it, buying fuel, and paying drivers. Thus, truckers need to consider the startup costs which are large.

Competition: The intense competition and saturation of workforces are increasing competition among trucking companies on driver pay, hindering profitability for many companies.

Financial Incompetence: The poor financial management practices observed in many trucking companies can be attributed to several reasons. Poor recordkeeping, bad cash flow management, and inadequate budgeting.

Regulations: New trucking companies face significant compliance costs. These regulations, which cover safety, hours of service, and other compliances, are complex to adopt and expensive to implement.

For More info https://www.loadmiles.com/loadmiles-truck-management-software/

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From late deliveries to unexpected expenses — trucking problems never end. But with LoadMiles , every problem has a solution. Stay tuned to see how we solve them all.

Abot LoadMiles https://www.loadmiles.com/loadmiles-truck-management-software/

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From late deliveries to unexpected expenses — trucking problems never end. But with LoadMiles , every problem has a solution. Stay tuned to see how we solve them all.

Abot LoadMiles https://www.loadmiles.com/loadmiles-truck-management-software/

transportation #trucking #tms #trucks #dumptrucks #logistics #freighthaul #truckingproblems #staytuned #LoadMiles

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🚛✨ Tuesday Trucking Tip: Stop Revenue Leaks & Boost Efficiency! ✨🚛 Without LoadMiles: ❌ Tracking is tough, Visibility is Nill ❌ Efficiency drops, Losses grow ❌ Revenue leaks, Settlement is rough With LoadMiles: ✅ Brings Connectivity, Improves Visibility ✅ Optimizes every Load, Maximizes every Mile ✅ Settle Smart, Revenue never leaks 💡 Why Settle for Less? Let’s hashtag#TrackSmarter | hashtag#HaulBetter | hashtag#EarnMore 📲 Tag a carrier who needs this! ⬇️

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Transform your logistics with Loadmiles! —all in one easy attachment!"

Transform your logistics with Loadmiles! Effortlessly upload RateCons, send PDF confirmations, and streamline your workflow with PODs, invoices, and delivery confirmations—all in one easy attachment!" #TruckingIndustry#StartupSupport#Collaboration#Innovation#Efficiency#SmallBusiness#Logistics#ProblemSolving#TimeSavings#Logistics#tms#trucking#dumptrucks#time#truckingindustry#didyouknow#LoadMiles

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"Transform your logistics with Loadmiles! —all in one easy attachment!"

Transform your logistics with Loadmiles! Effortlessly upload RateCons, send PDF confirmations, and streamline your workflow with PODs, invoices, and delivery confirmations—all in one easy attachment!" #TruckingIndustry#StartupSupport#Collaboration#Innovation#Efficiency#SmallBusiness#Logistics#ProblemSolving#TimeSavings#Logistics#tms#trucking#dumptrucks#time#truckingindustry#didyouknow#LoadMiles

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Manage a trucking company | Best trucking software

Manage a trucking company | Best trucking software

The trillion-dollar supply chain management is a prominent avenue of interest for Owner-operators / small carrier investors. Trucking tends to face recession more often – almost two times more than the regular economy – and stringent regulations challenge you to run a profitable business.

Nearly 90% of trucking companies are owned by small and family businesses, mostly Owner-operators, who don’t have enough resources to manage the operations with efficiency.

Nearly 70% of trucking companies fail during their first year, unable to find profitable loads, as well as with a failure to comply with tougher safety regulations and compliance. Several common problems are listed below:

Pay is based on brokers’ discretion, no minimum standard. Rising fuel costs. Declining workforce and rising wages. Deteriorating equipment quality. Tightened safety regulations. Staggering insurance prices. Unpredictable weather and Health and Safety (COVID-19) Economic recession (Freight industry experienced twice as many recessions since 1972 as the overall economy) Below are guidelines on how to operate a successful trucking company.

Business Plan For small businesses, funding adequate capital is essential, at times this can be Owners’ experience, or capital contribution. Capital needs can be broken into Capital budgets and a working capital budget.

Capital budget means the funds needed to buy an existing business or Equipment (Trucks and Trailers). The capital budget can be debt leveraged and the borrower’s reputation is key as it will determine the interest rates.

Working capital budget is a stream of revenue and expense forecast, focused on daily needs such as Driver wages, fuel charges, insurance, repairs, maintenance, warranties, rent, utilities, and other general expenses. Trucking is seasonal and it is wise to plan ahead for cyclical seasons.

Form an Entity and obtain Tax ID Being on the roads is risky; big trucks bring bigger risk, potentially results in millions of dollars spent in legal disputes. Forming a legal entity and having compliance in place protects you from personal liability. Operate the Company as a separate entity and do not commingle business funds with personal, run business like business.

Register company as a Corporation or limited liability Company and elect the below tax status by filing form 8832 or 2553.

C Corp: You are a shareholder in the Company, the company assumes all business risks, pays taxes on profits and declares dividends when adequate income is available for distribution. Electing to be a C Corp is a good strategy when you need to accumulate wealth under a legal entity.

S Corp: This is only a tax classification which the Internal Revenue Service (IRS) allows you to elect for tax treatment on certain eligible conditions. The Company passes Income to the shareholder who pays taxes on income.

For More info https://www.loadmiles.com/featured/how-to-start-and-manage-a-trucking-company/

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Best Trucking Software | Job and Load Management | LoadMiles

Best-in-Class Dump Truck Logistics Software - LoadMiles

LoadMiles offers a comprehensive dump truck logistics software solution to manage job operations and finance management, all in one centralized place

JOBS MANAGEMENT Job Estimates and Approvals Job Scheduling and Monitoring Track Time and Materials Job Performance Reports Track Maintanance and Compliance

FINANCE MANAGEMENT Invoicing and Collections Management Delivery Statements Pay Carriers Expense Management Financial Reporting

Job Estimate, Proposal, and Approval :- Avoid delays in job estimates and never miss an opportunity to submit electronic approval, as the delay can cause a loss of opportunity.

With LoadMiles, you can effortlessly create accurate job estimates by inputting relevant information such as material quantity, pricing, distance, and resource time. Our intuitive interface makes it easy to generate estimates and share them digitally with e-signature features, ensuring that you complete the job correctly the first time.

Loads Schedule and Resource Planning :- Today’s manual scheduling of loads can result in missed timelines, over or under delivery, and stress on resources due to inadequate planning.

With LoadMiles, Efficiently deliver materials by optimizing routes and truck capacity, saving time and resources. Schedule delivery, plan resources, and source the right trucks based on capabilities and availability. Seamlessly execute each delivery with our software, ensuring customer-approved job estimates are efficiently completed.

Create Invoices and Collect Payments :- Tracking time and material quantities and charging prices as agreed in the estimate is a critical step; failure can result in a loss of revenue.

With LoadMiles, Effortlessly track deliveries, monitor job time, and gain real-time insights with our automated software. Effectively manage resources, create accurate invoices, and seamlessly collect online payments from customers. Prevent revenue and cash leaks with our complete and seamless invoice creation and collection process.

Loads Payout :- Manual tracking of the time spent on each load, as well as making payout calculations for drivers or carriers and connecting costs to jobs, is often cumbersome and can lead to errors.

Experience streamlined job cost tracking, accurate driver and carrier pay calculations, and easy load accounting with LoadMiles Dump Truck Jobs Management software. Our end-to-end solution efficiently tracks hours, mileage, and other essential variables to determine pay rates, generate invoices, and automate payment disbursements.

Jobs Profitability :- Gathering various cost alignments to determine operational and financial projects is cumbersome, as the skills required are limited and the process itself is cumbersome.

Track job performance and streamline deliveries with our LoadMiles Dump Truck Job Delivery management solution. Monitor Jobs operational efficiency, track costs and sales, and analyze quantities and prices for accurate accounting. Gain a competitive advantage in the market with comprehensive tools for managing materials, labor, equipment costs, and more. Get all the information you need in one convenient place for increased profitability and success.

for more info https://www.loadmiles.com/

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How to navigate LoadMiles App

This instructional guide is designed to help drivers efficiently navigate and use the Load Miles app for managing and completing load deliveries.

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HOW TO PROTECT YOUR FREIGHT: A HOLISTIC APPROACH TO CARRIER ONBOARDING AND TECHNOLOGY-DRIVEN AUDITS

HOW TO PROTECT YOUR FREIGHT: A HOLISTIC APPROACH TO CARRIER ONBOARDING AND TECHNOLOGY-DRIVEN AUDITS HOW TO PROTECT YOUR FREIGHT: A HOLISTIC APPROACH TO CARRIER ONBOARDING AND TECHNOLOGY-DRIVEN AUDITS In today's fast-paced global economy, the logistics and transportation industries play a vital role as the lifeblood of commerce, ensuring that goods move smoothly and efficiently across borders. Essential to this process is the carrier onboarding system, which is critical for establishing partnerships with reliable and legitimate carriers. However, as these sectors evolve and grow in complexity, they have become prime targets for fraudulent activities. Freight fraud, a deceitful scheme involving stolen merchandise, falsified documents, and impersonated identities continues to escalate, posing significant threats to supply chain integrity and financial health. This burgeoning issue often exploits existing gaps in the onboarding process, leading to inefficiencies and vulnerabilities that are ripe for exploitation. The repercussions of freight fraud extend far beyond mere monetary losses, significantly impacting consumer trust and tarnishing business reputations. Understanding and addressing these challenges is crucial for fostering a secure and resilient logistics landscape. Carrier Onboarding The carrier onboarding process is paramount to establishing partnerships with legitimate and reliable Carriers. However, this process often harbors vulnerabilities that can undermine supply chain security and efficiency, exposing companies to risks such as freight fraud. Understanding each step of the onboarding process and its associated pitfalls is crucial for bolstering operational integrity. Carrier Onboarding Process and Potential Pitfalls

Initial Application and Documentation: Process: Carriers submit applications with necessary documents, including insurance certificates, operating authority, and safety ratings. Pitfalls: These documents can be falsified without robust verification mechanisms, making authenticity verification challenging.

Background Checks: Process: Conduct checks on the carrier's safety record, financial stability, references, and compliance history. Pitfalls: Limited access to comprehensive databases may result in incomplete checks, leaving potential risks unchecked.

Verification of Credentials: Process: Ensure licenses and certifications are current and valid. Pitfalls: Often relies on manual verification, making it time-consuming and prone to human error or oversight.

Insurance Verification: Process: Confirm adequate insurance coverage for transporting freight. Pitfalls: Insurance documents could be outdated or falsified, with continuous verification proving burdensome for companies.

Contract and Agreement: Process: Draft and sign contracts outlining terms, conditions, and performance metrics. Pitfalls: Standard contracts may not cover unique situations, leading to misunderstandings or disputes.

for more info https://www.loadmiles.com/featured/how-to-protect-your-freight-a-holistic-approach-to-carrier-onboarding-and-technology-driven-audits/

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Combating Freight Theft: Challenges, Preventive Measures, and Responsive Actions - LoadMiles

Combating Freight Theft: Challenges, Preventive Measures, and Responsive Actions

Freight theft is a pressing issue within the logistics industry, causing significant financial and reputational damage to shippers, brokers, and carriers. Recent data points to a rise in cargo theft, underscoring vulnerabilities in the industry's operational framework. Addressing these challenges is crucial to maintaining the integrity, trust, and efficiency of supply chain operations.

Understanding Freight Theft Freight theft occurs when a carrier, using stolen credentials, deceives a freight broker to secure a load. Once the cargo is picked up, the imposter ceases communication and disappears with the shipment. The consequences include:

Financial losses : High-value shipments are often targeted, resulting in substantial monetary damage.

Reputation damage : Stakeholders involved in the theft incident risk losing credibility.

Supply chain disruptions : Theft can delay operations, impacting business continuity and customer satisfaction.

This issue highlights a critical need for enhanced security measures and greater vigilance across the logistics ecosystem.

Preventive Measures: Strengthening Security in Logistics

The industry must proactively address vulnerabilities to mitigate the risk of freight theft. Implementing the following measures can significantly enhance security and build trust among stakeholders:

Partner with Trusted Carriers

Prioritize working with carriers who have a proven track record of reliability and compliance.

Regularly review and assess carrier performance to ensure ongoing trustworthiness.

Visual and Document Verification

Require visual proof of the truck, showing the company name, license plate, and Vehicle Identification Number (VIN).

Obtain copies of driver/owner licenses to confirm authenticity.

Comprehensive Data Matching

Cross-check phone numbers and company information with the Federal Motor Carrier Safety Administration (FMCSA) database and other reliable directories.

Request photographic evidence of the cab card, plate number, and trailer VIN, ensuring these match the carrier’s credentials.

Leverage Technology for Onboarding

Use platforms like GoHighway to make data-driven decisions when onboarding new carriers.

Employ tracking methods, such as macro points or GPS-enabled devices, to monitor shipments in real time.

*Transparent Communication with Shippers

Share detailed carrier information, including company name and Motor Carrier (MC) number, with shippers and customers. This ensures they can quickly verify authorized carriers if discrepancies arise.

Responsive Actions: What to Do When Cargo Theft Occurs

Despite robust precautions, theft can still occur. Having a responsive action plan in place can help mitigate losses and expedite recovery efforts:

Prompt Police Reporting

The shipper, as the owner of the stolen goods, must file a police report immediately.

Provide law enforcement with detailed documentation about the transaction and carrier involved.

Collaborate with Shippers

Advise shippers to retain video footage and copies of the driver’s Commercial Driver’s License (CDL).

Assist shippers in contacting local law enforcement and other stakeholders.

Investigate Local Cross-Docks

Share descriptions of the stolen cargo with cross-docks within a 50-mile radius. Stolen goods often pass through multiple locations before being transported out of state.

Leverage Electronic Logging Device (ELD) tracking data to trace stolen trailers.

File an Insurance Claim

As a broker, ensure the shipper is compensated by filing an insurance claim promptly.

Collect all relevant documentation, including the bill of lading, contract terms, and evidence of theft, to support the claim.

Maintain open communication with the insurance company and shipper throughout the process.

Conclusion Freight theft represents a serious threat to the logistics industry, but it can be mitigated through a combination of proactive preventive measures and a clear response strategy. By fostering transparency, leveraging technology, and building strong relationships with trusted partners, the industry can reduce theft risks and enhance overall operational security.

Implementing these best practices will not only protect individual shipments but also reinforce trust and confidence across the logistics ecosystem, ensuring smooth and secure operations for all stakeholders.

About loadmiles https://www.loadmiles.com/

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The Freight Market: A Slow Road to Recovery Ahead (2025)

The Freight Market: A Slow Road to Recovery Ahead (2025)

The trucking industry continues to navigate through tough terrain, with experts predicting that the long-awaited freight market rebound may not arrive before 2025. Despite brief seasonal uplifts, the overall market remains sluggish, leaving businesses with no choice but to adapt and prepare for the long haul.

In this blog, we’ll explore the current state of the freight market, the challenges shaping the industry, and actionable insights for businesses to stay resilient during these uncertain times.

A Glance at the Current Landscape

Seasonal Trends vs. True Recovery The trucking industry saw a slight demand increase during Thanksgiving and Christmas, a typical holiday-driven uptick. However, as Ryder CEO Robert Sanchez highlights, these are seasonal trends, not signs of a meaningful recovery.

Shrinking Private Fleets Private fleets, which have been a key growth driver in recent years, are now downsizing. Fleet renewals are shrinking, with businesses renewing fewer units than planned. This cautious approach reflects broader economic uncertainty and cost-saving measures.

Postponed Decisions and Deferred Growth Macroeconomic pressures and prolonged freight downturns have forced many companies to delay fleet upgrades and expansion plans. This deferral only adds to the market's stagnation, creating a cautious environment for growth initiatives.

The Road Ahead: No Quick Fix Ryder forecasts year-over-year earnings growth for Q4 2024, but any significant recovery is unlikely before 2025. Tom Havens, Ryder’s President of Fleet Management Solutions, reinforces this view, stating that no substantial signs of recovery are visible outside routine holiday demand.

What This Means for the Trucking Industry

Adaptability is Crucial As fleet sizes shrink and decision-making slows, agility will be the key to navigating these challenges. Companies need to pivot and realign strategies to sustain operations during this downturn.

Data-Driven Decisions With limited resources, businesses must analyze market patterns and optimize fleet utilization to maximize efficiency. Investing in technology to provide actionable insights can significantly improve decision-making.

Strategic Patience and Planning While the industry faces tough times, there is light at the end of the tunnel. Companies that adopt a strategic, forward-looking approach will be better positioned to capitalize on the eventual rebound in 2025.

How Businesses Can Stay Resilient

Here are a few actionable steps to weather this prolonged downturn:

Leverage Technology Invest in automated workflow systems, such as Loadmiles, to streamline operations, reduce inefficiencies, and cut costs.

Focus on Core Operations Identify the most critical aspects of your business and concentrate resources on maintaining their performance. Streamlining non-essential processes can help preserve profitability.

Monitor Market Trends Keep a close eye on key indicators, such as fuel prices, freight volumes, and economic trends, to anticipate market shifts and adjust strategies accordingly.

Collaborate and Innovate Partner with technology providers and logistics consultants to explore innovative solutions that can offer a competitive edge during the downturn.

The Bigger Picture

According to the American Trucking Associations (ATA), trucking moves 72.2% of the nation’s freight by weight. Despite being a cornerstone of the economy, the industry isn’t immune to market cycles. This downturn is a chance for businesses to build resilience, innovate, and position themselves for success when the rebound finally arrives.

Looking Ahead

While the trucking industry’s road to recovery is slow, companies that embrace adaptability, invest in technology, and strategically plan for the future will emerge stronger. As 2025 approaches, the focus should be on surviving the present challenges while preparing for brighter days ahead.

What steps is your company taking to stay resilient during this freight downturn? Share your strategies and insights in the comments below!

for more info https://www.loadmiles.com/

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Unlike passenger cars, the freight industry has many variations of trucks and needs to deal with all those factors. Additionally, driving a truck with and without a heavy load is an entirely different skill game.

The size of the trucking industry is not as big as cars, and there are fewer companies that are financially savvy enough to survive the long gestational period of innovation.

We will be way behind car autonomous driving systems where we were 10 years ago in cars, as behemoths like Tesla, Google, and other self-driving cars have invested billions.

The autonomous driving trucks, such as TuSimple, are filing for bankruptcy, and Locomotion is already out of business, making it hard to predict any groundbreaking developments.

for more info https://www.loadmiles.com/

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