It’s understandable how so many business owners are so stressed out this year. A lot of business brands, both renowned or startup, have folded and crumbled under the pressure of the fluctuating global market. Many have folded under the weight of their business debt. It’s such a tasking challenge to keep your business afloat and still be able to manage it to be successful. So, it’s your lucky day to stumble upon this article because this is your quick guide to steering clear of bankruptcy and making sure your truck trailer fleet business makes it well into 2025 and in the years to come.
- Have a lawyer on your corner – It’s always good to have someone who knows the ins and outs of the legal landscape and can solidly advise you on the different options for your business rather than filing for bankruptcy. If you can’t hire a lawyer on a permanent payroll, at least hire a consultant to be your legal support for all things related to your truck fleet business.
- Consult with your creditors – It’s definitely wise to have a sit-down with your creditors. At the end of the day, all they want is their money, and they want to be able to keep making it through you. Find a win-win scenario that lets you have reduced payments or longer payment terms, even if it’s only to give your business breathing room to route the cash flow into more inventory, such as purchasing more truck trailers or installing a fleet management software upgrade for the management side of your business.
- Get rid of non-essential assets – This is sort of like decluttering your closet, except you’re decluttering between the essential and non-essential assets of your business. Go ahead and sell those assets, like your non-serviceable trucks and vehicles, to make the extra thousand dollars. You can then use the money to pay off a chunk of the principal amount from your business loan, or use this money to give you extra legroom in terms of cash flow and capital for the fleet business.
- Manage your assets well – For the assets that you do intend to keep because it’s still giving your business that much-needed profit, you need to have fleet management software and truck trailer tracking solutions to keep you right on top of your business operations. These are great solutions for real-time tracking of your fleet of trucks and allow you to monitor your assets regardless of the size of your fleet.
- Reduce operating expenses of your business – Is your fleet business still renting its main office? Or are you still renting vehicles and trucks? Do you have a workforce who are just floating drivers? It’s the sad reality of running a business when you have to lay off people or trade your rented equipment, but it’s a good strategy to keep your business afloat and keep your fleet going beyond 2025.
- Understand all your solvency options – Even if you’re not planning on filing for bankruptcy anytime soon, it’s still imperative that you understand your company’s insolvency options so that you’ll know what to do with your debt that’s turning out to be unmanageable.
If you seriously consider these things, you’ll have a better chance of putting bankruptcy as the last thing on your mind.
