What in the world just happened?
It seems like just last week I was filling up my tank at .10, to .20, and sometimes even .30 cents less than than the usual.
But now, The Wall Street Journal is reporting that futures have climbed a solid 19% since June!
Because of this, businesses and consumers alike are experiencing an average 7.2% increase in gasoline prices at the pump, according to AAA’s Fuel Gauge Report.
BUT, despite these these stroke-inducing fuel prices – there’s good news for your business’ wallet!
Read more to learn exactly what your business needs to fight your balance sheet’s worst enemy…
So how bad are the rising gasoline prices, really?
Well, you should be the judge to start this off. The AAA Fuel Gauge Report says the country’s average price per gallon is currently at $3.72 – is this high or low compared to what you’re used to?
If that’s not maddening enough, higher consumer demand and disruptions to the U.S.’ exporting channels have gasoline prices slated for a consistent increase.
James Hamilton, a professor at the University of California San Diego, is quoted in the Journal, defending consumers’ recent attitudes towards these maddening gasoline prices.
“It’s taking money away from what [consumers] would have spent on something else.”
Ain’t that the truth! So what can we do about this burning issue?
First fuel price combat strategy – be stingy!
First thing’s first – take advantage of price discounts whenever possible.
Penny-pinching is never anyone’s favorite hobby, but as we are all morbidly finding out, it’s effective and helps us save more than we think.
Imagine this scenario…what would happen to your fuel expenses if you knew exactly where the cheap places to go were? I’m talking from a few cents all the way up to $0.40!
On top of that, what if you could have thousands of fueling stations across the country that offered you an additional discount, in addition to their lower gasoline prices?
Well, one of our thousands of loved 360 fuel card members put it pretty straight-forward:
“You are saving us thousands of dollars every month, why didn’t we sign up for this sooner?”
The next plan of action may seem not so obvious, but you can’t ignore it
You know the one of the most important things to your employees – their money. But the disappointing truth is that your employees don’t always think your money is important.
Just like your time-sheets make sure the right things are getting done at the right time, an effective expense management system makes sure the rights things are being bought by the right people.
You trust your drivers. You care about and know who they are. But despite this honest relationship – small, random, and seemingly unintentional purchases are often made that can quickly rack up your expense report.
From a driver filling up at the pump and tacking on coffee or hotdog to the bill, to an extra set of tools “needed” for the job, and even all the way to employees filling up their personal vehicles – what is now flying under the radar could be costing you a small fortune on the backend.
Your third strategic move saves time and money inside the office
This is where it really gets good, because you get to forget all about the exorbitant gasoline prices for a second.
Let’s take a peek inside the office real quick, and take note of the effect that just the general usage of gasoline and other fuels is doing to you and your administrative assistants.
Receipt sorting and data entry – Now isn’t this what everyone enjoys doing during their workday. These are some of those arduously annoying tasks that can get you to whip out that trusty bottle of Tylenol faster than the morning after a fun night on the town.
Save yourself and your administrative personnel precious time and pain relievers by using an online system. These systems will monitor, record, and visually report all transactions that occur on your business’ account.
In fact, businesses all over have proven that you can save up to 15% when you manage this the right way.
What do YOU think is the most effective way to save money during these rising gasoline prices?
Please share in the comments below 🙂