3 budget management strategies you need to employ
Budget control resolutions
You should be continually assessing your fleet expenses: what you’ve spent and how those fees might be better managed. There are likely still a few cost-cutting measures you’re yet to find, so here is our advice on three smart considerations you should be making now if you don’t already.
1. Trace the cause of previous cost increases
First, it’s essential to look back and build a picture of where your financial forecast has been previously challenged. Countless factors could have drained cash unexpectedly. Whether the increases were within your control or not, could the same thing happen again? Is there a pattern? By anticipating such factors, we can set asideadditional funds. Other funds can be diverted to cover the cost. Just make sure that you aren’t leaving another arm of expenditure flailing with too little support.
2. Review every vehicle fee
Cars, vans and trucks don’t look after themselves. Your budget will no doubt have a range of associative costs to do with their upkeep, insurance and road tests. On top of that, it’s necessary to replace most vehicles over four or five years old. Treat this latter point as soon as you can, because a breakdown is going to be more likely – and expensive – the longer you use outdated transport.
For insurance, gauge where rates are going up or down. Renewal periods shouldn’t pass unaware; track them, and pursue any beneficial re-negotiations with the provider. To avoid high vehicle tax, only choose new models with efficient design. Bigger engines rack up more tax too – if they aren’t needed, downsize and trade them for more suitable vehicles.
3. Build a great expense plan
One of the most labour-intensive sides of fleet management is keeping track of the expenses you’ve paid for. HMRC will reimburse tax breaks at the end of the financial year, providing you have clear evidence on what you’re owed.
That’s where Allstar can help: our Allstar One card records transactions and tax paid on fuel all in one place, making it easy to organise your expenses and claim the relief you’re entitled to. Plus, you gain access to discounted fuel at over 1,800 stations across the UK, saving you money at the point of sale. Or you can combine all your finances into one place through Allstar Plus, which offers you the flexibility of a credit card with the control of a fuel card.
We have other services too, such as discounted partnerships with over 9,000 garages, breakdown teams and repair centres. In short, Allstar can play a huge part in your making your fleet budget more manageable.
Saving at every turn will ensure your business is far more robust this year than last. For more advice, contact our advisors, and let us help you control your costs.