The conflict in Ukraine has sent the cost of various commodities skyrocketing, with fuel being chief among them. This is pushing many companies with large fleets to review their strategies in the face of fast-rising operational costs. Companies that didn’t make efficient driving a priority will need to from now on if they want to stay competitive. Thankfully, there are various tools and techniques companies can use to mitigate fuel costs. Here are a few of them.

Reduce Idle Time

The simplest way for companies to reduce fuel costs for fleets is to monitor their drivers better through telematics. And one thing they have to pay very special attention to is how long drivers leave their vehicles idle.

A lot of people aren’t aware of this, but did you know that a truck can burn as much as 1 gallon of fuel per hour while staying idle? Or that leaving a vehicle sitting idle for 30 seconds burns more fuel than restarting the engine? If you have a large fleet and employees driving a range of hours, these costs can easily add up and put a dent in your finances, so do not take this part lightly.

Monitor and Correct Aggressive Driving Patterns

Pay close attention to how aggressive your drivers are on the road, and, if you notice bad patterns, you need to bring bad drivers in for an evaluation and consider giving them specialized training. Aggressive driving could add as much as 31% to your fuel costs, so make this a priority and constantly give your drivers feedback so they can improve on their habits.

Look for things like rapid acceleration, tailgating, harsh braking, and excessive lane change. These are all signs of an aggressive, expensive driver. 

Again, only good telematics tools will allow you to monitor your drivers’ behavior efficiently, so get the best tools you can afford and implement them correctly. You can use the information you get to score drivers. Create a score leaderboard to foster healthy competition between your drivers.

You could go a step further by setting real-time alerts. Many telematics tools allow you to do that and give auditory cues to drivers when they’re driving irresponsibly. This alone could greatly improve their driving by making them more conscious of what they’re doing.

Optimize Routes

You should also try to use the most efficient routes for your drivers. You might assume that more efficient means shorter, but that’s not always the case.

You have to think about elevation as well. If you can take advantage of a downwards slope and avoid going upwards when possible, do it. Going uphill puts a lot of pressure on a semi-truck’s engine, especially when it’s hauling a heavy load. Even things like road quality can affect your fuel costs. So, get information on the terrain and set up pre-scheduled customized routes for them.

These are all ways companies can reduce their fuel costs. Every little thing you do will help, so focus on monitoring behavior and trends down to the last detail while constantly encouraging your drivers to do better.

The International Finance Corporation (IFC) has pledged a $15 million investment in Algebra Ventures’ $90 million second fund.

IFC’s $15 million investment in Algebra Fund II will help support the growth of roughly 20 technology startups, primarily in Egypt but also in Africa more broadly. The fund, which has a target size of $90 million, will have a special focus on women-led businesses and those serving rural communities.

Access to financial capital helps drive economic and job growth – and entrepreneurship is a key contributor. Yet, the amount of venture capital available in Egypt is just a quarter of the emerging market average, though it has grown more than 10-fold since 2016.

“We are delighted to see IFC return as a limited partner in our second fund, having invested in our first fund five years ago as well as directly into our portfolio. IFC has been one of our strongest partners since day one and believed in our vision when there was no venture capital to speak of in Egypt. We look forward to continuing to strengthen our partnership going forward,” said Tarek Assaad, Managing Partner at Algebra Ventures.

“With its young, tech-savvy population and large market, Egypt’s entrepreneurs are perfectly poised to drive change in the country’s economy – with the right support,” said Yasmine El-Hini, IFC Egypt Country Officer and Acting Country Manager for Egypt and Libya. “With this investment, we are helping to push the country’s startup scene forward and encourage innovation.”

The investment is part of IFC’s strategy to support Africa’s blossoming start-up and entrepreneurship ecosystem. Today’s announcement also marks IFC’s second investment in Algebra Ventures.

In 2016, IFC invested $10 million to co-anchor Algebra’s inaugural $54 million fund, which also attracted investments from Cisco Investments, the Egyptian American Enterprise Fund, and the European Bank for Reconstruction and Development. Algebra Fund I was the first Egypt-dedicated VC fund and has supported 21 tech startups and created over 3,500 direct and 28,000 indirect jobs.

Earlier this year, IFC directly invested $5 million in Brimore, an Algebra Ventures portfolio company and social commerce company, and $20 million in the Ezdehar Fund to help smaller businesses access finance.

As of June 2021, IFC’s global Venture Capital investments reached $1.6 billion in over 100 companies and venture capital funds, supporting nearly 1,700 companies and helping to drive innovation and growth.

Egypt has set a tech growth trajectory that is rapidly rising to rival leading nations like Nigeria and South Africa in the African tech ecosystem.

Minister of Information and Communications technology Amr Talaat said in February that Egypt’s information and communications technology (ICT) sector is the fastest growing sector in the Egyptian economy over the past two years, as its contribution to the country’s GDP rose from 3.2 percent in FY 2019/2020 to five percent in the current FY 2021/22.

Since January 2015, more than 791 million dollars has been raised by more than 320 tech startups across over 4450 individual rounds. The North African country has seen yearly increase in its start space, adding 114 tech startups to its ecosystem from a paltry 10 in 2015.  Annual funding secured by the companies rose significantly from 8.6 million dollars to 156 million dollars in 2020.

There are many reasons why opening a business abroad might be a good idea. Many entrepreneurs are starting to see the benefits of doing business in other countries. Perhaps you’re looking for new opportunities to grow your business. Maybe you’re feeling stifled by the current economic conditions in your country. Or maybe you just want to experience a new culture and lifestyle. Whatever your reason, there are many benefits to it. In this blog post, we will discuss six of the most important ones!

Opening a business abroad will require a lot of attention

This is not a process to be taken lightly. Many opening businesses are opening in other countries because they want new opportunities. You will have to work hard, though! On the other hand, you can also hire a growth marketing agency and make the process slightly easier and more understandable. Before opening, you should do your research on the market and make sure that there are no legal barriers to entry. You will also need to be familiar with the local customs and culture so that you can avoid any misunderstandings. Of course, you should not go into the entire process unprepared. Do research online and gather as much information as you can before starting the project.

#1 A lot of room for growth

One of the biggest benefits of expanding abroad is the potential for growth. In many countries, the economy is growing at a much faster rate than in developed nations. This provides plenty of opportunities for businesses to expand and thrive. There are also often fewer restrictions on businesses in developing countries, so you’ll have more freedom to operate your business as you see fit.

#2 Being introduced to a new market

Another big benefit is that you’ll have access to new markets. By opening a business in another country, you’ll be able to tap into a new customer base that you wouldn’t have otherwise had access to. This can help your business grow exponentially. You’ll also be able to learn about new cultures and lifestyles, which can be beneficial for both personal and professional growth.

#3 Many countries offer financial benefits for foreign businesses

There are also tax benefits to this. In many countries, the corporate tax rate is much lower than it is in developed nations. Additionally, there are often other financial incentives offered by governments to encourage businesses to set up shop in their country. This is a great tool to use to ensure a good and stable start.

#4 Finding a new approach

One of the best things about opening a business in another country is that you’ll be able to learn new ways of doing things. In many cases, the way businesses are run in other countries is much different than how they’re run in developed nations. This can be a great opportunity to learn new methods and strategies that you can apply to your own business.

#5 Access to a new, unexplored pool of talent

Another big benefit is that you’ll have access to a whole new pool of talent. In many countries, there is a large population of highly skilled workers who are looking for opportunities to work in foreign businesses. This can be a great way to find talented employees for your business.

#6 New business opportunities

Lastly, opening a business in another country can also lead to new business opportunities. By being in another country, you’ll be able to network with other businesses and learn about new markets and industries. This can help you identify new areas for your business to expand into. Furthermore, if you are planning an expansion abroad, these new contacts can help you improve your entire business plan back home.

Should you expect any challenges?

Of course, there are also some challenges that come with opening a business abroad. One of the biggest ones is language barriers. If you’re not fluent in the local language, it can be difficult to communicate with customers and suppliers. Additionally, cultural differences can make doing business in another country challenging at times. But if you’re prepared for these challenges, they shouldn’t deter you from taking advantage of all the benefits that opening a business abroad has to offer.

So if you’re thinking about opening a business in another country, don’t let the challenges scare you away. There are plenty of reasons why it can be a great decision for your business. With the right preparation and mindset, you can overcome any obstacle and reap all the rewards that come with doing business in another country.