When it comes to cost management and decisions for business performance, the importance of historical analysis and projections can never be understated. Referring to fuel costs for business fleet management, the projections and analysis based on the coming year will help to make vital decisions for business and fleet managers today, for optimal results “tomorrow.”
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By developing a fleet of vehicles, your business is likely to face the challenging decision of who will be there to assist when you have a driver stranded on the side of a busy motorway, with lost time and the ability to stay calm rapidly decreasing. The degree of panic that may or may not occur as a business will depend directly on whether the appropriate breakdown and recovery plan has been put in place.
When starting out a vehicle fleet, or redeveloping an existing fleet, for a business it is critical to be able to develop a daily vehicle checklist that will be conducted before use of the vehicles on the fleet. A business fleet should always have structure developed from process and procedure. By putting together a vehicle hire checklist for a company to utilise daily, the structure is supported within the process to help develop efficiencies and productivities that will lead to decreases in cost as well as increases in customer satisfaction.
Fleet management is a tremendous industry, valued at over €250 billion throughout Europe, with an annual growth rate of 16 percent over the past 5 years. It is a function that allows an organisation, that relies on transportation in business, to be able to remove or help to minimise risk associated with the vehicle investment. Fleet management allows for improvement in efficiency, productivity, and reduction in cost amongst staff and transportation while meeting the goals of consumers in the areas in which the business serves.
Last April, the UK Government announced a new fine system for drivers caught speeding. The new regulations now meant that the value of the fine would be tied directly to the driver's annual income. As such, the amount you can be fined often depends on your job. One year later, we've decided to take a closer look at the implications of this and which vocations were hit hardest by the new speeding fines.
You see it every day on the road, a stranded motorist waiting for technicians to respond while they are waiting, not so patiently, with a mobile phone in hand catching up on the daily business happenings. In fact, a recent study by the UK government illustrated that, on average, over 154,864 vehicles breakdown every year on UK highways; that is over 400 per day. Time spent away from the primary business functions needed throughout any given day may cost a business considerably in time and action, resulting in potential losses or detriment to the bottom line.
When it comes to making important financial decisions in business that will impact the bottom line, the decision to finance a business vehicle over a direct purchase is at the forefront of every business owners’ mind. Additional concerns such as liquidity, long-range forecasting, and countless other thoughts begin bouncing around. Decisions in business should always be grounded on numbers, not on impulses, so it becomes vital to make strategic choices that will enable or contribute to the bottom line rather than detract.
Over the past couple years, businesses throughout the UK began to see annual increases to the National Minimum Wage, transitioning to the National Living Wage, and making changes to how implications were felt from businesses as well as employees. There are multiple concepts to consider in alignment with the National Living Wage, as businesses and recruiters continue to learn the processes in place and stay in alignment with rules set.
No two business owners in the UK will have exactly the same experience when it comes to running their company, but there are some concerns that will be nationwide. Let's take a look at five problems that any and all business owners in the UK may be finding himself or herself up against.
When it comes to counting costs for businesses that specialise in fleets, there are many routes one may take. Cost can be implied for vehicle breakdowns in the way of repairs conducted to get back on the road or can be calculated based on missed opportunities to deliver or engage with clients. Furthermore, costs can also be calculated on brand impact and implications due to breakdowns. When it boils down to the bottom line, breakdowns in the UK cost businesses in the bank as well as in market share.
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