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Common Mistakes Owner Operators make

Common Mistakes Owner Operators make

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  • GLI Dispatch Services
  • March 10, 2023

Common Mistakes Owner Operators make

10 Common Mistakes Owner Operators make

1. Insufficient funds

Many owner-operators fail because they lack the funds to cover their costs, which makes starting and operating a firm expensive. It’s crucial to have a strong financial strategy in place with enough funds to pay both your launch fees and continuing expenses.

2. Lack of confidence in the dispatcher

Dispatchers and truck drivers are competitors, which is a popular misconception in the trucking industry. Additionally, a dispatcher’s role is to complicate a truck driver’s life. The opposite could not be truer. The dispatcher‘s role is to facilitate the truck driver’s success while on the road. Trust and ongoing communication make that possible.

3. Always wait for a better load to come out

In the hopes of finding a load tomorrow that will pay $200 more, owner-operators frequently turn down cargoes today. Even while it makes reasonable to pay $200 more for the same lane, waiting an extra day is not sufficient justification. The driver has continued to drive, and truck and trailer payments as well as insurance premiums are not on hold. Starting to move even is much better. It’s preferable to receive an additional $200 in the following load from a superior supplier.

4. Negligent Fuel Management

Many drivers believe that because they operate their own vehicle, they are entitled to run it at speeds of up to 75 or 80 mph when the posted limit allows it. If you do this, it would be like driving with a hole in the petrol tank. Most contemporary trucks are calibrated to operate most efficiently and with the greatest torque at speeds up to 68 mph, and some vehicles even go slower. In rare cases, a 10 mph increase in road speed can result in a 1 mile per gallon reduction in fuel use. So, for the same distance, the vehicle will use more fuel. Is it really worth spending over $1,000 to drive less safely while feeling “faster and superior”?

5. Poor preparation

Many owner-operators don’t make adequate preparations, which can result in a variety of issues in the future. It is crucial to have a detailed plan in place that explains your objectives, tactics, and financial constraints. The following is a list of KPIs that Owner Operators can use to enhance planning. It is best to schedule your time away from home in advance. The predictions should take the loss of revenue during the outage into account.

6. Negligent cash flow management

One of the main reasons for company failure is poor cash flow management. As loads fluctuate, be sure to make every load cost-effective. Although getting cash advances can be beneficial in the short run, watch out it doesn’t become a habit. It’s a mistake to spend the last of the money in the bank account on dazzling, chrome toys from the truckstop. Although chrome wheels make the vehicle appear excellent, they should only be installed when the truck’s brakes and tyres are in good condition and everything under the hood has been properly maintained.

7. Untrustworthy equipment

Your vehicles are your most valuable assets as an owner-operator. The best thing you can do for your equipment is preventive maintenance, despite the fact that it may seem like you are spending money you don’t have to (if the truck isn’t broken, why fix it?). The truck and trailer can be simply greased to increase their lifespan and avoid road failures.

8. Ignorance of their breakeven point

A breakeven point exists for every firm. To ensure that the business can cover all of its costs, that is the minimum quantity of units that must be sold at a particular price. In the field of trucking, this means that once the owner-operator has travelled a particular distance at a certain rate per mile, then it becomes profitable. Driving further distances begins to pay off financially. Owner Operators make the error of not knowing the minimum miles at the specified rate. Our calculator allows you to verify your break-even points.

9. Declining assistance from other sources

The temptation to try to handle everything oneself might be great for owner operator. But this could result in burnout and other problems. Make sure you get outside assistance as required, whether it comes from operations, accounting, legal, or the legal department. You can decrease the likelihood of failure by working with a team of experts and avoid typical errors.

10. Remaining closed-minded

Owner-Operators frequently seek guidance from their co-workers who perform largely the same tasks. Even while that can be useful in some circumstances, it’s crucial to be open to other options. Perhaps using a dry van is not the greatest option; instead, you should use a reefer; alternatively, reefer might need to be substituted by a flatbed, vehicle hauler, or drayage. The best concepts occasionally originate outside of our sector.

GLI Truck Dispatch Services offers one of the best truck dispatch services to owner operators and carriers across USA. We offer other back-office solutions such as compliance and accounting to carriers in addition to our truck dispatch services to help our carriers succeed in this competitive yet rewarding trucking industry. At GLI, our truck dispatchers don’t just dispatch, they go the extra mile to help build relationships to help carriers grow their business. Its where professionalism meets quality. Visit www.glitruckdispatchservices.com to learn more about our processes and how our method of truck dispatching can help you succeed and grow your business. 

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Trucking Tips & Articles

  • Major Cost Breakdown for Owner Operators
  • Truck Driving Safey Tips during the Winter Season
  • How to be a Successful Owner Operator
  • How to Grow Your Trucking Business
  • Common Mistakes Owner Operators make
  • How to maintain Truck’s DEF system
  • Major Cost Breakdown for Owner Operators
  • Truck Driving Safey Tips during the Winter Season
  • How to be a Successful Owner Operator
  • How to Grow Your Trucking Business
  • Common Mistakes Owner Operators make
  • How to maintain Truck’s DEF system

Trucking Guides

  • FMCSA New Entrant Safety Audit – What Owner Operators Must Know
  • Trucking Insurance Comprehensive Guide for Owner Operators
  • Motor Vehicle Report (MVR) Everything Truck Drivers Must Know
  • Data Qs – Essential Guide
  • Lumper Fees Comprehensive Guide
  • IFTA – International Fuel Tax Agreement – What Owner Operators Must Know
  • FMCSA New Entrant Safety Audit – What Owner Operators Must Know
  • Trucking Insurance Comprehensive Guide for Owner Operators
  • Motor Vehicle Report (MVR) Everything Truck Drivers Must Know
  • Data Qs – Essential Guide
  • Lumper Fees Comprehensive Guide
  • IFTA – International Fuel Tax Agreement – What Owner Operators Must Know
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