Transport and Haulage businesses are key to the UK economy, connecting other sectors and delivering valuable goods and services throughout the country and beyond. With rising operational costs and increasing legislation, it’s important to have a sustainable source of funding in place to fulfil orders and grow your business.
Transport businesses face cash flow issues, like many other businesses. The cost of purchasing or hiring vehicles will be the most significant outlay, and typically company owners will either need to be cash rich, or have alternative sources of funding to buy them.
Operating costs, including fuel, tolls, taxes and staff, fluctuate considerably and are difficult to predict, and business is seasonal and significantly influenced by the health of the economy.
The number of variables that effect financial performance in the transport sector, against a backdrop of rising taxes, and higher fuel and agency costs makes it hard to manage cash flow whilst remaining competitive.
Helping transport businesses to keep on the road is available via a range of products including invoice Finance, Invoice Discounting, Asset Finance and fuel cards. However, there are a myriad of options offered by lenders, so it is really important the business seeks advice from specialists who have deep experience of transport, who can guide them through one of the most critical business funding decisions they will ever make.