Skills Seminar Overview
Transport Financial Services Limited has been teaching Operate Smart: Owner Operator Business Skills Development Course for over 15 years. The course is geared towards making O/O’s better business people.
The objectives are simple:
- Help reduce O/O business failures and turn-over. Too many O/O’s experience business failure for a host of reasons. Many more migrate to and from carriers, hoping to improve their financial picture, which creates additional cost for both the O/O and the carrier. The bottom-line: Customer Service Suffers and it costs both parties.
- Show O/O’s how to be profitable in today’s economy. Give them the tools, information and knowledge to make informed decisions.
- Tear away the jargon and make clear the terminology that all too often confuses the O/O and limits communications. We want the O/O to be comfortable with the many issues their accountant, lawyer and carrier need to discuss with them.
- Finally, to show the O/O’s the benefits of self-employment and entrepreneurship.
Information and knowledge are two key components to business success and it is our mission that each O/O walks away from this course having gained further knowledge to help him or her to succeed in today’s competitive environment.
The course itself covers a range of topics and is tailored to the specific Owner Operator group that attends. Each O/O is given a course manual that he/she can take home to reference at future dates.
Here is a list of some of the topics that are covered in the 1 day course:
- The costing model (business plan) - net income and cash flow projections - developing a fictitious O/O to analyze
- Income and expenses
- Truck purchasing checklist
- Financing options, terms, rates, residuals, terminology, etc.
- Leasing vs. Purchasing
- Capital leases, operating leases
- Conditional sales contracts
- Speed, fuel and horsepower costs
- Meals and meal claim
- IRP
- GST/HST/QST
- Income taxes and audits
- Banks and banking
- Insurance
- Amortization’s
- Depreciation and capital cost allowance
- Financial statements - P & L vs. cash flow, cost-per-mile
- Business and personal budgeting
- Business types: Sole proprietorship and incorporation
- 4 to 5 year economic cycle – unique business cycle for trucking
- Marginal tax rates
- Fuel taxes and where to buy fuel
- Popular myths
- Paperwork, books and records retention - common sense systems, tips
Class size is usually 15 to 20 O/O’s and we also recommend that the spouses attend as there is a great deal of information covered and the business usually involves the spouse.
The course contains examples and interactive displays. It is also flexible as it involves class participation and the topics covered are usually dictated by the questions asked and the types of Owner Operators who attend ie. new, experienced, etc.
This course, the first of its kind in Canada, has met with rave reviews from the hundreds of Owner Operators and their carriers who have participated.
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