Load boards (also known as freight boards) are a platform where shippers and freight brokers can post loads online. These systems allow shippers and carriers to find each other and make arrangements to move freight. Start-up trucking companies depend on load boards to get their business off the ground. Load boards have a lot of advantages because it makes it easy for truckers to quickly and effectively find loads. However, it also has disadvantages as well. Continue reading to find out how to use load boards to grow your trucking business.
With the advancement in technology, the process of matching trucks and freight has become a lot simpler. It started with load boards evolving to online-based load matching services that opened a door for truckers, shippers, brokers, and 3rd parties, to have more options than ever to find trucks or loads.
Depending solely on load boards may not be in a company’s best interest. If truckers are not picking up profitable loads, it is a waste of time, money, and resources. This is becoming more of an issue since the load board market is oversaturated with competition and there is a multitude of providers. Keep the following in mind when using load boards:
Once a start-up trucking company has gained momentum, load boards are best used as a fallback to alternative methods such as networking and building relationships with other shippers. Most established trucking companies agree that working with shippers provide better job satisfaction, consistent loads, higher profit margins, and a dependable source of business.
In an ideal world, finding shippers that offer quick-pays is who shipping companies want to work with. Yet, this scenario is not always a viable option. Most shippers and brokers will pay anywhere from net 30-days to net 90-days. This makes it very difficult for new trucking companies to make ends meet when they are going through the process of developing and establishing their business. The solution many trucking companies use is invoice factoring. Invoice factoring allows trucking companies to sell their invoices to a factoring company for instant cash. This allows trucking companies to focus on growing their business and not have to worry about how they are going to pay for truck repairs, payroll, fuel, etc.
Scale Funding makes invoice factoring easy. We will buy all of your outstanding invoices for an immediate cash advance so you can focus on running your business.
The benefits of invoice factoring with Scale Funding include but are not limited to:
To apply for a custom factoring program fill out the form below or give us a call at 800-707-4845. In as little as 15 minutes, we’ll get you a free, no-obligation consultation and quote for a custom program to meet your business demands.