If you don’t know your cost of operations, your chances of failing go up considerably.
That’s the message being stressed in OOIDA’s new webinar on cost of operations.
In the latest episode, webinar host Tom Gann will talk to members of the OOIDA Foundation on tips and tricks to help participants gain the financial knowledge they need to understand and enhance their bottom lines.
“Being a driver is not the same as being a business owner,” Gann said. “A business owner, he’s the guy that has to take care of the books and the money. He has to be able to forecast what kind of income he’s going to have. In general, he just needs to know how to run a business.”
The webinar airs live on Thursday, July 18.
Topics for discussion include operating ratios, and what those ratios should be in order to be successful. Gann said there will also be discussion about the importance of debt to income ratios, and working capital.
“A lot of people don’t understand that you can be profitable and still go broke if you run out of working capital,” he said. “If you’ve hauled a lot of jobs and you’re going to make a lot of money but nobody’s paid the bills, you’re going to run out of cash. You can’t buy fuel. You can’t eat, you can’t drive, you can’t do anything.”
Gann said the webinar will also cover fixed versus variable costs, and strategies you can implement to control both of those. Other topics include net income versus cost per mile and how understanding these factors helps you make good decisions about your business.
The OOIDA Foundation offers a “Cost of Operations” calculator – a spreadsheet program that’s a free benefit to truckers who want help tracking costs. The calculator is available on the Foundation’s website.
Catch the live broadcast at 7 p.m., CDT, Thursday, July 18. Or you can view it in the archive afterward at your convenience. There will be time after the live broadcast for questions and answers.
Few business-training seminars offer OOIDA’s experience and knowledge of trucking-related topics, especially those relevant to owner-operators. The 2013 series is no exception.
This series of webinars gives truckers a one-two punch with some programs designed to help drivers understand rules, regulations and industry requirements, while other courses teach participants about the business side of trucking.
Webinars cover topics such as transitioning from company driver to owner-operator, understanding the authority process, using load boards and more.
OOIDA designed the program with convenience and truckers’ schedules in mind.
“Webinars are presented by industry professionals in a user-friendly format delivered directly to the participant’s computer,” Gann said.
Programs can be viewed during the original airing, and participants can revisit the material later at their convenience. Or they can sign up to view any program in the easy-to-access archive files, which are available 24 hours a day, seven days a week.
There are two programs a month, each lasting about an hour. All programs are designed to help drivers at all levels in their career. Truckers may purchase the entire course, or choose individual programs, or pick several webinars with smaller, affordable package deals.
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