Preparing your Freight Budget

by Katie BRT Manager Feb 23, 2023

Find the best ways to create your freight budget for 2023.

Your Freight Budget for 2023 and What You Need to Know.

 

If your job or business requires you to organise freight, you’ve arrived at the right place!

With 2023 well underway, it can be daunting to plan ahead and prepare your freight budget for the upcoming financial year. Shipping and transporting goods are essential elements of many businesses. But that doesn't make budgeting for freight services any easier.

We’re here to provide valuable information and tips on how to create an accurate budget for your freight transport in 2023. This includes cost considerations, improving efficiency, and seeking discounts from suppliers or carriers. Additionally, we will also explore ways to reduce operating costs while maintaining the highest level of service.

Bring on the freight budget!

 

Identifying Freight Costs

Identifying your freight costs is one of the most important aspects of preparing a budget for 2023. It’s essential to understand what each item or shipment will cost. This includes equipment, fuel surcharges, insurance premiums, handling fees or other related expenses. Estimating these costs in advance will allow you to better plan and forecast an accurate budget that stretches beyond simply getting goods from point A to B. By taking the time to break down all costs associated with transportation, you can make more informed decisions regarding how to best allocate your resources.

Fuel is usually the largest expense in your budget when it comes to transportation costs. It's important to keep up with fuel prices throughout the year so you can adjust your transportation budget accordingly. Navigate previous company data and fuel usage to compare this with current fuel costs. You will be able to use these figures to estimate freight fuel costs for the following financial year.

 

Improving Freight Efficiency

Improving your freight efficiency is key to ensuring that you make the most out of your freight budget. Keeping track of shipment times and transit distances can give you a better understanding of the optimal delivery route for each item or shipment. Ultimately this saves time and money on transport costs. Staying up-to-date with the latest industry news can help you identify alternative routes and opportunities to further reduce transportation costs. This can be done while also keeping goods safe during transit; helping to improve both your bottom line and overall efficiency.

Shipping optimisation software can help you identify areas where you may be able to not only reduce fuel consumption, but also save costs. This is done by analysing data from past shipments and identifying what freight has been shipped, where and when it was shipped. This will help you to keep on top of costs, while improving freight efficiency for the  year ahead.

 

Seeking Freight Discounts

Seeking out freight discounts is a great way to reduce overall transportation costs while still ensuring that goods arrive safely and on time. By doing regular research and being proactive, you can find discounts from multiple carriers if you’re shipping multiple items. You can also request tenders for certain shipments. Additionally, reaching out to your existing carriers to negotiate better rates can also be beneficial, as some carriers may be willing to provide special deals depending on the volume of your business. Ultimately, taking the time to search for discounts - both big and small - can help you save on overall freight costs.

Creating a freight budget for the year 2023 is essential for businesses who want to stay on top of their transportation costs. Your freight budget will ensure that you have enough funds to cover necessary shipments, and keep business running. By taking factors such as expected shipment volume, transit times, delivery locations and fuel prices into account when creating a budget, you can make sure that your freight costs are always manageable. Regularly monitoring your expenses will help you further optimise your budget so that you’re always prepared no matter how much you need to ship in the upcoming year.

Start your freight budget HERE by using the Best Rated Transport Comparison tool.

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