It Is The End Of The Year, Make Sure You Are Doing The Following To Prepare For 2023!
The end of the year is approaching quickly, and that means it’s time to start preparing for 2023! Below is a list of things you should make sure you are doing in order to have a successful year:
Renew UCR
Renew IFTA
Renew Registration (if applicable)
Run annual MVRs (if applicable)
Run annual Clearinghouse Query (if applicable)
Renew State Permits (if applicable)
ACCOUNTING- Review Financial Reports & Analyze Cash Flow Statements
UPDATE - Business Goals
STRATEGIZE - Strategic Planning to meet goals
If you take care of all the items on this list, you will be well on your way to a prosperous 2023!
The Importance of Planning Ahead for Trucking Businesses:
The trucking industry is highly regulated and must comply with the many laws associated with their line of work. To stay in compliance, trucking businesses must always stay up to date on their filings and taxes, maintain registration information, and ensure truck drivers have clean MVRs and necessary permits. Without proper plans, trucking businesses can end up out of compliance and face hefty penalties from state and federal authorities.
The best way to stay compliant is to plan ahead for the upcoming calendar year. This includes taking the time to review any new regulatory changes and ensuring your business is following all relevant laws. Proper planning also gives trucking businesses time to adjust their processes and procedures to comply. This could include updating hiring and onboarding processes, employee training, and other administrative tasks. By taking the time to prepare and plan, businesses can proactively manage their responsibilities and ensure they comply with all regulations.
Set Your Goals for Your Trucking Business in 2023:
The end of the year marks a perfect time to review your trucking business goals and objectives and begin to plan for the upcoming year. Take this time to review your successes and failures from the previous year, and use that information to set new, realistic goals for the trucking business for 2023. This includes operational, financial, and marketing goals and action items such as instituting new protocols and procedures and creating new marketing campaigns. A comprehensive understanding of the trucking business’ goals and objectives will help ensure the team is on track and compliant with state and federal regulations.
When setting goals, thinking outside the box and seeking new opportunities in the upcoming year can be helpful. This could involve exploring and developing new technologies, introducing new products or services, or recruiting new team members. Trucking companies can take steps toward success and improve their operations for the future by making a detailed plan for the coming year.
Review Your Progress from 2022:
Take the time to review your trucking businesses’ progress from the previous year and identify areas for improvement. Reviewing your progress often can help you identify areas needing improvement and devise a strategy for the coming year.
This includes reviewing all relevant financial statements and reports, such as balance sheets, profit and loss statements, and cash flow statements. Evaluate business performance in areas like sales and customer satisfaction, and assess whether the current processes and procedures contribute to the bottom line. Reviewing and analyzing your progress is key to setting your goals for the next year. This is true whether you're looking to cut operational costs or update hiring practices to attract more qualified candidates.
Make Adjustments for 2023:
Once you have reviewed and assessed the trucking business’ progress over the course of the year, it’s time to start setting new goals and making necessary adjustments for 2023. This could involve finding new opportunities, updating existing processes and procedures, and revising the trucking business objectives and goals. This is also a great time to review any regulatory changes and find ways to ensure the business complies with all applicable state and federal regulations. This is also a good time to look at any processes or technologies that can be used to improve the business for the next year.
Make a Checklist for Your 2023 Trucking Business Goals and How to Begin the Year 2023 Legally:
Once the goals for the upcoming year have been established, it’s important to create a checklist that the team can utilize throughout the year. This list should have things like filing tax returns, renewing licenses, running MVRs, and taking care of payroll.
It is also important to include the filing of UCR and/or IFTA filings and any other documents necessary to ensure trucking business compliance. Your trucking business can stay organized, compliant, and up-to-date with all the rules if you have a thorough checklist.
Start the Year with a Compliant Trucking Business and Truck Drivers!
Now that you have a checklist and goals, your trucking business should be ready to start the year off right! To ensure that your team is compliant, it is important to establish a system to ensure all the necessary steps are taken each and every year. This system should include scheduled MVRs, employee performance reviews, and compliance training.
It is also important to ensure that all truck drivers maintain their medical certificates and remain qualified to drive. Having procedures for qualifying and requalifying drivers can help trucking companies stay in compliance and run smoothly.
Conclusion:
It's that time of year again: the end of the year.
As a trucking business owner, you already know how important it is to get your act together. So why not start the new year off with a bang? By planning ahead and taking steps to ensure compliance with your current and future needs, you can achieve your goals for 2023—and stay on track for years to come.
We at Vallon Consulting are dedicated to helping businesses like yours meet their goals and stay compliant. We want our clients to be successful in their endeavors, so we'll provide them with the best possible solution—whether that means reviewing progress from the previous year or setting new goals for their future success.
With us at your side, this year will be one to remember!
About Vallon Consulting LLC: Vallon Consulting is A Full-Service Trucking Consulting Company that tackles some of the most critical challenges and obstacles in the trucking industry. Our diverse global team is passionate about helping carriers and fleet managers meet their goals and ensure business stability. We do this by providing services, solutions, resources, and education.
At Vallon Consulting, We Take A “No Carrier Left Behind” Approach. Our Mission is to provide services and resources that address our client’s unique needs. You can learn more about us online at www.vallonconsulting.com and stay tuned with industry updates by following us on Instagram, LinkedIn, Facebook, and Twitter.
