4 Ways to Recession-Proof Your Fleet

With rising interest rates, stock markets turning bearish, and inflation at its highest in 40 years with Canada at 7.7% and the US at 8.6%, it is no secret that we are heading into a recession. With the average recession since 1854 spanning 17 months, it is crucial for trucking companies to get ahead of the curve and put in necessary practices in place to ensure they survive and thrive during this economic downturn. Below, we highlight 4 ways to help you recession-proof your fleet.

Track Fuel Costs

Fuel costs can be a significant portion of your fleet’s operating expenses, and the price of fuel doesn’t tell the whole story. For example, if you drive more miles than other fleets with similar sized vehicles and engines, you’ll use more fuel. That means that keeping track of and managing your fuel usage is one of the most important things you can do to minimize these costs.

Tracking your fuel usage using fleet management software allows fleets to monitor their mileage and calculate their annual gas costs based on daily mileage, fuel economy ratings for each vehicle model—including both manual estimates as well as actual MPG data collected by drivers—and other factors such as climate conditions where they’re driving every day. 

With this information available in real-time through an online dashboard or mobile app interface that provides easy access from anywhere at any time (rather than having to pull out an old paper logbook), it’s easy for managers to quickly identify trends in driving habits over time which could indicate areas where employees might need additional training on how best to drive efficiently without sacrificing safety or comfort levels for passengers.

Limit Downtime with Predictive Maintenance

Predictive maintenance is the process of monitoring a fleet’s equipment to determine when maintenance should be performed. This strategy can help you save money in many ways, such as:

  • Preventing breakdowns before they happen. Predictive maintenance solutions will alert you to potential issues with vehicles, allowing you to schedule maintenance before expensive failures occur. For example, if your truck stops suddenly due to transmission trouble, predictive maintenance software will let you know when it’s time for an oil change or other preventative measures that could have prevented this from happening in the first place.

  • Optimizing vehicle usage and performance by ensuring that vehicles are operating at peak efficiency at all times. By using data analytics to analyze historical data on performance metrics such as fuel consumption and idle time, predictive maintenance systems can help optimize fleets’ operations so they’re always running efficiently and reducing costs wherever possible—even if that means shifting gears into reverse sometimes!

Monitor Driver Safety and Behaviour

If you’re looking to cut down on costs and improve fleet efficiency, it’s important to ensure that your drivers are always performing at their best. Monitoring driver safety and behaviour will help you keep track of this aspect of your operation, which will lead to more efficient routes, fewer accidents and a safer workplace.

There are several ways that you can monitor driver safety and behaviour, including GPS tracking systems and video cameras installed on the vehicles themselves. You can also keep track of these factors by analyzing logs provided by your drivers each day or week—or even during particularly high-risk situations such as heavy traffic or inclement weather conditions.

Plan for Unexpected Expenses

When you’re preparing for the unexpected, it’s important to make sure that your fleet vehicles and equipment are protected. This can be done by having the right insurance coverage in place. 

If a driver is at fault in an accident, they may be held responsible for any damage they cause to their own vehicle and other people’s vehicles or property. Another way to protect yourself is by having emergency funds set aside in case of an uninsured collision.

By planning ahead and anticipating potential problems before they arise, fleet managers will also reduce their chances of being blindsided by sudden expenses that would otherwise derail their budgets or put them out of business entirely—especially during periods like these where uncertainty seems to reign supreme!

Finally: keep an eye on your finances throughout this period; don’t let them get out of control!

By proactively managing the maintenance needs of your fleet you can save money, increase efficiency, and eliminate unnecessary delays.

Predictive maintenance is a great way to reduce costs. It uses data about equipment performance, operating conditions and usage history to predict when something will break down. By scheduling routine maintenance before an item fails, you can avoid unscheduled downtime and costly repairs.

Another cost-saving strategy is tracking fuel costs. Using a fuel management system allows you to see where your vehicles are going and how much fuel they use during each trip. This information provides insight into which routes are most efficient or if some drivers might be taking unnecessary shortcuts to save time or gas money (which could also result in accidents). 

A fuel management system also helps identify drivers who aren’t following company guidelines for driving practices like speeding or idling unnecessarily.

Conclusion

We hope that this article has given you some insights into how to make your fleet more recession-proof. Improving your fleet’s ability to survive and thrive during tough economic times is an important factor in remaining competitive and profitable in the years ahead.  

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