Three Tips for Protecting Your Delivery Business in 2020

Tuesday, July 14, 2020, 6:00 PM | Leave Comment

Whether your firm focuses on local deliveries, cross-country runs, or longer, international shipping, you need to protect your assets in light of the economic drama that has so far defined 2020.

Although you may be certain that the delivery industry is set to boom in light of distanced shopping and increased home deliveries, it’s still important that you protect your investments, and make sound financial decisions to build a more secure future.

If you own a delivery, transportation or logistics business, here are three key tips for protecting your assets this year.

  1. Insurance

    No business can predict when they might fall foul of an accident or disaster. These incidents can be unpredictable, and when you’re running multiple vehicles on unpredictable roads, you’re likely to have accidents and costly errors of judgement in the future. The solution, both for your fleet and for your business as a whole, is insurance.

    Insurance protects you financially from mishaps and bumps in the road ahead. It allows you to continue operating your business without fear of losses and difficulties in your delivery of the services you provide. You can find competitive motor trade insurance over 25 cover for your fleet, and smart business insurance, online, helping you to bolster your protection of your business in 2020.

  2. Workforce

    During these changeable times, it’s important that you protect your key assets. And for delivery, logistics and transportation companies, those assets are not the vehicles themselves but the drivers who help ferry them from place to place. Seeing as illnesses are on the rise, and there are dangers inherent in travel and trade in the age of coronavirus, it’s important that you’re able to protect your staff and foster their well-being while they work for you.

    As such, there are several practices that you can put in place to protect your drivers, while motivating them to stay at work. Give them a small bonus for the weeks they stay in the job, while encouraging those who do fall ill to take time off. Set up backup drivers, and ensure all of your staff are protected with clothing, masks and visors, in order for them to feel safe on the job.

  3. Profits

    Finally, the lifeblood of your business are the profits that you’re able to accumulate over the weeks and months of 2020. While these will have taken a wobble as a result of the new market forces introduced by COVD-19, it’s unlikely that you’ll have seen your profits disappear completely. Now is the time to reinforce them, with tighter contracts and other arrangements to guarantee you work.

    In practice, this means that you should be more rigorous in your approach to securing business for your delivery, logistics or transportation company. Make sure that contracts have no clauses that’ll restrict your ability to make cash, and ensure that you’re able to reduce your overheads quickly to protect your profits should they decrease over time.

There you have it: three key tips to help protect your delivery business this year, maintaining financial stability in a difficult time.

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