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Things to Consider Before Buying a Fleet Vehicle for Your Business

Buying a fleet vehicle for a company is necessary for almost every business owner. However, it is a bit different than buying a regular car. Registering it is different, and so are taxes, insurance, etc.

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Buying a Fleet Vehicle for Your Business

Buying a fleet vehicle for a company is necessary for almost every business owner. However, it is a bit different than buying a regular car. Registering it is different, and so are taxes, insurance, etc. You have to inform yourself well to know how much time and money you need. Here are seven essential things to consider before choosing a fleet vehicle for your business.

1. Open a bank account and establish your credit file

Depending on the needs of your business, you might need a few different bank accounts. Use one of those for purchasing your fleet vehicle. Also, try to get a basic business credit card and try to strengthen your credit score by making all payments on time and in full. However, keep in mind that it might take two or three years to build your business credit to the point where you can get super favorable terms.

2. Find the right local car dealer or go to the manufacturer

If you need only one vehicle for your business, the best way is to find a local car or truck dealer and search for the best new or used trucks for sale. On the other hand, if you need several vehicles for multiple business needs, you should go directly to the manufacturer. However, each of these manufacturers has its own rules. Before making the final decision, check them all out and see which option suits your current needs the best.

3. Use a lease if necessary

The best option is to buy your fleet vehicle with cash. However, when it is not possible, a lease may get you to lower down payment as well as smaller monthly fees than you would get if you were the one who financed the purchase. Before you opt for a lease, there are a few things to consider.

The most important one is to carefully consider how many miles a year you plan to drive. Don’t choose a lease if you need the vehicle only for deliveries. If you plan to use it for more than that, then the lease will be a super useful option.

4. Get insurance and secure documents

If you want to use the vehicle only for the needs of your business, you’ll have to purchase insurance. You will have to show proof of insurance even before you complete all final paperwork for the purchase. Depending on the country you operate in, you may need higher liability insurance coverage.

Besides that, when you sign all relevant documents, include your business name and make sure that all documents indicate that name and not your personal.

Get insurance and secure documents

5. You’ll need to provide proof of identity and legal existence

When it comes to registering the vehicle, you’ll have to prove that your business owns it. Documents such as a bill of sale, title, or finance agreement are all essential. Depending on your country/state, a driver’s license might be required for all business owners.

Also, you’ll have to provide proof of insurance before the registration of your fleet vehicle. Afterward, you will have to secure a photo ID for all individuals and all vital proofs of the legal existence of your business – a copy of your business license, a partnership agreement, etc.

6. Complete the inspections

Safety inspections are necessary for all newly registered vehicles. Don’t hesitate with finishing all your obligations with inspections immediately. Even call in advance to know how much money you need to spend on that. Use your business bank account and keep all your receipts.

7. Pay all vehicle expenses with your business bank account

You should use your business bank account and credit card to pay all vehicle expenses. By doing that, you will keep your business and personal costs separate. Also, explain to your employees that they should also use those funds for buying fuel and other business-related expenses. Again, keep all receipts, including fuel, maintenance costs, taxes, etc. The biggest reason behind this is that these expenses are tax-deductible.

Keep in mind that all the things you have to consider before the purchase require a lot of effort and planning. You have to know your budget, limits, and needs, of course. A vehicle for your business is vital, but don’t purchase one without careful analysis of each of these factors.

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Business

Upgrades That Will Help Your Business Thrive

Once you’ve identified your goals and how to attain them, you can then grow your business in specific areas according to what you want to achieve.  The following 13 upgrades cover common areas of business that typically need developing:

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Upgrades That Will Help Your Business Thrive

Continuous improvement should be the primary goal of any business.  While it takes time and effort and some financial outlay, it’s crucial to continue growing and striving toward becoming the leader in your field.

This guide offers 13 ideas to help your business grow, increase your customer base, improve your productivity and boost your bottom line.

Start With A Solid Foundation

Before you commit to growth you should ensure your business is built on solid ground.  Here are some tips to help you begin:

Know your business – the use of tools such as benchmarking, market research and trend analysis will help you get a better picture of the factors affecting your business.

Take charge of your finances Make a commitment to understanding your daily, weekly, and monthly figures. Unless you have a dedicated accountant, you need to have a thorough understanding of your financial situation.

Prioritize your goals – identify those business goals which can be achieved relatively quickly and those which will require more time and financial investment. Make sure the goals you set are relevant and can be achieved in a realistic timeframe.

Develop a plan – once you’ve identified your goals, you will need to develop strategies to realize them and the best means of implementing those strategies.

Make your results measurable – work out how you are going to measure your results.  You may want to introduce devices such as a point system or desired percentage increase.

13 Ways To Upgrade Your Business

Once you’ve identified your goals and how to attain them, you can then grow your business in specific areas according to what you want to achieve.  The following 13 upgrades cover common areas of business that typically need developing:

Include reviews – today’s consumers place great value on the opinions of their peers when it comes to buying products. Upgrading your website to include customer reviews will help to increase sales and boost customer confidence. Be sure to include both good and bad reviews if you want to be taken seriously.

Upgrade your internet an upgrade to FTTP (fiber to the premises) now will pay big dividends for your business down the line and it doesn’t have to cost you anything.  Qualifying businesses connecting to high-speed NBN plans can enjoy a $0 upfront cost.

Computer Monitor and Other Remote Work Must-Haves

Introduce automation – there is a multitude of software and applications designed to reduce labor costs and increase productivity. Many are inexpensive and can free up small business owners, allowing them to focus more on growing their core business.

Increase your social media presence – rather than just a Facebook page and a presence on Instagram and Twitter, you should look at other forms of customer interaction such as articles, sponsorship, blogs, and webinars.

Start networking – as well as an online presence, you need to get out there more and attend industry-related events such as expos and seminars.  This is, not only to network with others in your field but also to forge new contacts with like-minded businesses, with cross-promotion in mind.

Create a rewards program – think of ways to reward your existing customers to maintain their loyalty and incentivize them to buy from you again.  These could include early access to specials and exclusive offers not available to the general public.

Create an email list – email addresses of existing customers are a valuable resource you should be taking full advantage of.  Send those on your mailing list regular reminders of what you have to offer, but make sure it’s valuable content rather than what could be perceived as spam.

Ask for feedback – another valuable resource is your customers’ opinions.  Ask them what they think of your products and then use this feedback to improve your product line and customer service.

Streamline your business – identify which products aren’t selling, which employees aren’t performing and any other areas that may be holding you back.  Make changes and be ruthless on behalf of your business.

Reduce overheads – look at ways to cut costs within your business such as transitioning to a remote workforce or outsourcing business processes such as payroll, HR, and bookkeeping.

Invest in your people – good staff morale translates into good customer service. Provide your employees additional training, advancement opportunities, and a fair wage to ensure a healthy company culture.

Improve your credentials – reduce your carbon footprint, introduce sustainable processes and practice corporate responsibility in order to retain and grow your customer base.

Increase cybersecurity upgrade your cybersecurity systems to make sure you are protected from the latest threats from hackers, malware, etc.  This is particularly important if you have a remote workforce.

Roughly half of all small businesses don’t make it past their fifth year of operation, so continuous improvement needs to be a priority from day one. Adopting just a few of the measures suggested here should help keep your business on trend, competitive, and above all, profitable.

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