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whatsapp 99622 18888

[email protected]

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 While running a fleet business, the owner has to look after different aspects to get the desired results. Budget is amongst the most critical factors. It is the initial launching pad for a company at the start of the year. Starting with a reasonable budget means a higher probability of running successful operations. It is essential to prioritize important areas like vehicles, fleet management systems, etc., during budget allocation.

Out of many other jobs, managers have to look after the budget allocation. They need to identify the high-priority requirements and designate more resources towards them. This blog will look into some of the most critical aspects to consider during budget planning. 

Steps to Follow:

Some of the integral steps to follow while strategizing about fleet budget are as follows:

1. Devise a Yearly Strategy:

As a manager, you have to analyze the business operations in detail. Identify all the strong and weak areas and the reasons behind them. Seeking help from the statistics is the best way to get valuable insights. By keeping all the data insights in mind, you should develop a strategy for the coming year. It is essential to set the priorities in your budget strategy to give a clear direction about your expenses.

2. Analyze Last Years’ Expenses:

What are the pros and cons of the last year’s budget strategy? These are critical questions to answer while devising a new plan for the future. The previous year's analysis will help you estimate the best areas for investment in the future. For example, vehicles, staff, and fleet management systems are usually considered the most crucial aspects of budget allocation. With careful consideration of the previous strategies, you can identify a method to get the optimum ROI. 

3. Allocate Budget For The Year:

While allocating budget, you can mainly use two techniques; incremental budgeting and zero-based budgeting. The incremental budgeting involves adding a certain percentage of the amount to the previous year’s budget. It is a faster technique; however, it can result in more spending. Zero-based budgeting is more time-consuming as it justifies every item from zero. 

4. Monitor The Budget Spending Regularly:

The job is not done after allocating the budget; in fact, the real work starts after that. As a manager, you have to ensure that the expenses are directed according to the plan. You can make a comparison with the past year’s spending trend to get valuable insights. Moreover, you have to check whether the budget spending is producing the desired outputs. If the budget plan is not working out, you have to improvise and devise a new strategy accordingly. 

Most Essential Aspects to Consider:

Although there are numerous factors related to fleet budget, some of the essential ones are as follows:

·        Fuel Expenses:

The fuel expense makes up a good chunk of the overall budget. Every manager’s goal is to control it by deploying different methods. The most common option to check fuel consumption is through advanced fleet management systems. You can monitor the daily, weekly, and monthly consumption and compare the trends to get helpful insights. 

·        Vehicle Depreciation:

Depreciation involves the calculation of the period taken to write off vehicle acquisition costs. With the difference in the circumstances, the timespan also varies. For the businesses owning their vehicles, the average period is 36 months. A shorter period means fewer taxes and more profitability. However, for the leased vehicles, companies prefer a longer period.

·        Taxes:

The taxes are an integral part of budget planning. There are many variables associated with it, and a smart strategy can help evade unnecessary taxes. It is best to seek the professional help of financial experts for tax planning. 

·        Maintenance:

The maintenance is a high-priority area for the managers. It is directly linked with the operational efficiency. Therefore, it is essential to direct the required resources for service and repair. With the help of an advanced fleet management system, you can get a heads-up about the maintenance needs. It gives you a time cushion to carry out the high-priority tasks. 

·        Disposal Adjustment:

The disposal adjustment is a process to estimate the current resale value of the vehicles. It is calculated by considering the last year’s depreciation and the capitalized value. With the help of financial management systems, you can compare all the depreciation values conveniently. Intelligent managers focus a lot on finding the optimum time for their vehicle resale to get maximum profit. 

·        Leasing:

Usually, startups and smaller companies prefer leasing vehicles rather than buying them because of the many financial benefits. They do not have to pay large upfront money. Moreover, expenses on registration, taxes, and maintenance can also be avoided. During budget allocation, you must go through your leasing plan and analyze the areas with room for improvement. 

·        Fleet Management:

The management mechanism can make or break a business. It determines the efficiency of operations and, subsequently the profitability. So, during the planning process, go through the pros and cons of the previous year’s management insights. You should make data-driven decision based on careful analysis. Also, check the effectiveness of your vehicle tracking software and allocate resources for the necessary improvements. 

·        Personal Use Chargebacks:

Most companies allow their employees to use vehicles for personal use by charging a fixed amount per month. During budget planning, you have to analyze whether this amount is profitable for you or not. As excessive usage results in an increase in maintenance expense, you should consider all such factors before setting the amount.

·        Insurance:

Insurance expense is another notable area to take into account during budget planning. You have to look into your insurance spending and compare it with data related to similar cases. It is best to share the reservations with your insurer to justify all the discrepancies in your insurance cost. 

·        Safety:

Without ensuring safety, you cannot guarantee profitable operations. Therefore it is inevitable for a business to avoid the safety budget. However, you can prioritize different aspects to manage your budget. For example, a fleet management system with a driver’s behavior monitoring and alarm system is necessary to ensure safety. You can look for cost-effective options to save you expenses, but compromising safety is not a smart choice. 

As cars become progressively advanced with ever more intelligent security devices, thieves have found out ways to stay ahead in time.

We have jotted down 7 steps on how to improve your car security and make your life a stress-free –

1. Safe Parking:

Park your car in the allotted parking lot. Consider that the highest percentage of car crimes happen on the street outside the owner’s house.

2. Fit An Immobilizer Device:

Car security is not the ultimate thing. There is no way that you can make your car 100% safe. The car owners need to take some measures irrespective of price challenges to improve their car security. There are a lot of devices available in the market. Listed below are some known devices and systems:

• Transponder Keys And Fobs - Vehicles that have this device will not work if the right key or key fob is not presented.

• Fuse Cut-Offs - A fuse cut off can protect the car from getting to the ignition until it is reversed, which requires a lot of time a thief would rather have.

• Fuel Or Spark Disablers - These are similar to fuse cut-offs, but they are designed to cut power to the fuel pump or ignition coil, and so prevent the engine from starting.

• Kill Switches - A kill switch can be set up in any number of different ways, but it will typically either prevent the vehicle from starting or cause it to stall out if the thief doesn't find and flip the switch.

3. Park Where Light Is:

If you don’t have a parking lot facility and you have the only option of parking your car on the street make sure that you park where lighting is decent. Parking your car under the street light or near the light pole is helpful as there is a good possibility of preventing theft.

4. Don’t Keep Valuably Visible:

A lot of times, it has been observed that people leave their valuables like a laptop, GPS devices, etc. inside the cars. Such things tempt thieves and increase the risk of car theft.

5. Fit An Alarm:

Another way to make your car theft free is by fitting an alarm. Whenever anyone tries to touch your car or makes an attempt to forcefully open your car. While several of the triggered alarms are false, still it will deter the criminals.

6. Be Vigilant:

When you use a remote locking key always be sure that you have definitely locked your car. Once done do check once to make sure that it is done. A lot many times people unintentionally press the unlock button instead of the lock button.  

7. Fit A Tracker:

If you love your car, you may consider fitting a tracking device in your car. There are dash cams with GPS devices to track your car, offers inside and outside view of your car, even provides live streaming as well as recording in your vehicle. The moment you feel the car is stolen, you can see who is driving the car and can have the live location of your vehicle.

There are even other ways of saving your car, which includes:

1. Fit Wheel Nut Locks:

The most targeted thing in the car these days is the Alloy wheels. Wheel nut locks are the ultimate solution to make the theft of your wheels free. It prevents new rims and tires from theft.

2. Steering Locks & Handbrake Locks: