If you’re running a business that relies on vehicles for your day-to-day operations, the chances are your commercial fleet is one of your company’s most expensive assets. Whether you’re investing in branded vehicles for your executive team, or essential trucks and vans, there are numerous expenses to think about, from the price of buying vehicles, to insurance costs. However, a fleet isn’t just a cost center for businesses, it’s also an extremely valuable asset.
Used correctly, it can help your organization grow, improve productivity, and even open the door to more earning opportunities. The key to success is figuring out how to optimize your fleet so you can boost your return on investment and minimize operating costs. Here are just some great ways to get started.
Give Your Employees the Right Training
Often, optimizing performance and efficiency in any part of your business starts with empowering your employees. Your team members need the right technology, support, and guidance to ensure they can efficiently and effectively complete their day-to-day tasks. If you’re running a commercial fleet, one of the first things you’ll need to think about is whether your employees need a commercial driving license (CDL). While virtually any vehicle used for business purposes can be classed as a commercial vehicle, some require a specific kind of license that demands additional employee training.
You can learn more about CDL requirements here. After ensuring your employees have the right licenses, investing in additional training, to make them safer, and more efficient on the roads can drive additional benefits for your company. Safer drivers can help to reduce insurance costs and repair fees, while more productive team members can accomplish more in a shorter space of time, boosting your company’s performance.
Invest in the Right Technology
Technology is transforming businesses on a significant level, particularly in recent years as digital transformation continues to accelerate. There are numerous tools that you can use to boost the efficiency, productivity, and even profitability of your commercial fleet. Cloud-based fleet management software doesn’t just help you to track your assets and keep them safe, it also provides insight into vehicle health, allowing companies to take a proactive approach to maintenance, and reduce unnecessary downtime. Intelligent tools can also help optimize transportation routes, reducing the amount of time your employees spend on the field, and your fuel costs. The right tools can even help to pinpoint issues that could be leading to extra expenses for your business.
Explore New Ways to Use Your Fleet
Finally, one excellent way to increase the ROI of your commercial fleet is to look for new ways to use your vehicles in effective ways. If seasonal demands in your business mean your team is less reliant on your trucks during certain times of the year, you could look for ways to turn your vehicles into new earning opportunities. You could consider leasing your vans and trucks to other partner businesses in your landscape, or even offer your vehicles to your logistics team, so they deliver products to your warehouses and customers faster, with less upfront investment. If you only need access to fleet vehicles during certain periods, you could also consider hiring assets, rather than purchasing them outright, to keep your costs low. Just remember, buying vehicles outright can be more cost-effective than hiring or leasing as your business grows.
Optimizing the ROI of Your Commercial Fleet
A commercial fleet might be one of the most expensive assets in any business environment, but it can also be crucial to the operation and growth of your organization. The key to making the most of your fleet is learning how to optimize your team, software, and the use of your vehicles, to ensure you’re taking full advantage of the benefits your fleet has to offer. Since ROI is a key display of proper efficiency and effectiveness for the business, if you get a high return on investment, the plan for long-term success is working in your favor.
