Haulin Assets
#105. May 2022 Financials

#105. May 2022 Financials

June 22, 2022

April and May are almost mirror copies of each other. We'll break down the numbers and talk about what went well for the month and what didn't. Trucking is a good business, but like every industry there are ups and downs and this month is a good example of that.

What To Expect From Episode 105

I don't think we have ever had two back to back months that look so similar. I don't think we could have replicated a month so perfectly if we had tried. The fact that things are so similar leaves me optimistic that we are near the bottom of the drop in freight rates. The main numbers are below. Listen to the episode and check out the P&L below for the details.

  • Total miles ran – 58,859 (About 400 more than last month)
  • Deadhead miles – 3,489 (5.9%, same percentage, 19 more miles than last month)
  • Total revenue - $141,998.48 (491.02 less than last month)
  • All-in rate-per-mile - $2.41 (.03 drop)

Haulin Assets realized a profit of $12,052.12. About $1,700 less than April.

We talk some more about fuel prices and the percentage of revenue that fuel is an expense. It has been interesting to track that way for the last several months.

Impact Tip

Be kind, it's good business. I have had an experience over the last several weeks that has really made me reflect on life. Listen to the episode to learn more. In honor of Grace G, who was an example of love and kindness towards all she met.

#104. Listener Questions

#104. Listener Questions

June 8, 2022

This is a fun episode, we let listeners ask questions that we answer for them. You probably have some of the same questions, so give the episode a listen. Everyone who had a question that was answered on the air got a free Haulin Assets T-Shirt. If you want one, you can order one here.

What To Expect From Episode 104

Here are the questions we answered.

Doug M.

"What is your opinion on using a dispatch service for a 1 truck owner operator?"

Vanita J.

"During your 1st year as an owner operator, did you update your data or did you have someone do that for you? If you did it yourself, what was your schedule for this task?"

Greg J.

"It would be very helpful to breakdown the various owner/manager/administrative tasks and estimated weekly hours spent on each."

Trevor F.

"With the price of fuel hovering around $5 in my area, what steps are you doing to try and reduce this expense as much as possible?"

#103. April 2022 Financials

#103. April 2022 Financials

May 25, 2022

What a difference a month can make. April of 2022 was nothing like March. Craig and I will dive into what happened and a little about what I expect to see in the next couple of months.

What To Expect From Episode 103

The peaks and valleys of trucking are not for the faint of heart. We went from our most profitable month ever in March to one of the least profitable, since we have been running multiple trucks, in April. We will talk about what happened. Fuel is on everyone's minds, as it should be, but I think that was the second most impactful thing on our P&L. Listen to the episode to learn more. Here are the numbers:

  • Total miles ran – 58,404 (Record, but the records are going to end there)
  • Deadhead miles – 3,470 (5.9%, Pretty Normal)
  • Total revenue - $142,489.50 (Over a $30K drop, ouch)
  • All-in rate-per-mile - $2.44 (Another big drop)

Haulin Assets realized a profit of $13,750.09. A pretty big drop as well, over $50K.

#102. Economic Update, For Small Fleets

#102. Economic Update, For Small Fleets

May 11, 2022

There is a lot going on in the economy right now so I thought it would be a good idea to provide an economic update that focuses on what small fleets and owner operators might expect and how to be prepared.

What To Expect From Episode 102

I'll give a summary of what we talk about in this episode here in the show notes, but you'll need to listen to hear all the nitty gritty details. The economy is experiencing a lot of uncertainty right now, which makes people nervous. You have probably experienced it yourself. However, I don't think the sky is falling. We talk about what is driving some of the freight rates and what I think is going to happen to them. We also talk about being prepared, speaking of that.....

Impact Tip

Be Prepared. It’s the Scout moto and should be yours too. How do you prepare, save money, control your expenses and don’t grow too fast.

#101. March 2022 Financials

#101. March 2022 Financials

April 27, 2022

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We break all kinds of financial records this month. We have some fun with this episode and try to trick Craig with some trucking acronyms.

What To Expect From Episode 101

We hade all 5 trucks running strong for the entire month. By the end of the month we basically had completed 3 full years in operation and having our strongest month ever was a great way to celebrate. One thing that has a tendency to surprise people when they hear about how much money we are making is that we haven't taken a dime out of the company, other than a modest salary for Nate and I. We talk a bit about that and some other cool financial topics, including continuing the conversation about comparing expenses, specifically our fuel expense, to total revenue as a percentage. Doing so can be especially helpful at a time like this when fuel is going up super fast, we use this technic to see how much of a problem the surging fuel prices are, or maybe they aren't such a problem.... Tune in to find out.

First full month with all trucks running 100%, hence all the records.

  • Total miles ran – 57,475 (Record)
  • Deadhead miles – 3,124 (5.4%, Back to Normal)
  • Total revenue - $174,594.90 (Record)
  • All-in rate-per-mile - $3.04 (Pretty Good)

Haulin Assets realized a profit of $65,714.92. Another record.

#100. The 10 Keys to Our Success

#100. The 10 Keys to Our Success

April 13, 2022

We’re making an episode with listener's questions and stories about how listening to the podcast has helped them be successful.  Everyone who submits a question and/or story will be entered in a drawing to win a $100 gift card. If your question or story makes it onto the podcast you will get a free Haulin Assets T-Shirt and be entered into a drawing for a $1,000 gift card. Go to Episode 100’s show notes at haulinassetsllc.com to submit a question and/or story.

Holy Cow!! I can't believe we have made it to our 100th episode. It also falls right on the 3 year anniversary of Haulin Assets. Time has flown by and it has been a wild, but extremely fun and satisfying ride. We are going to spend the next several episodes celebrating our success. Speaking of success, that is what this episode is going to cover.

What To Expect From Episode 100

I have been doing a lot of thinking over the last several weeks about all that has happened over the last three years. We have experienced a lot of success and I thought I would share what I think have been the 10 keys to our success. Craig and I will go into some pretty good detail about each of these keys. Hopefully they can help you in your business.

10. Financing Was Critical

9. We Limited Our Risk And Got A Warranty

8. The type Of Trailer We Have Is Critical

7. Managed Our Expenses

6. We Took Compliance Seriously

5. Our Relationships Are Important

4. Longer Runs Have Been More Profitable

3. We Have Treated Our Drivers Well

2. Our Business Is Built On A Sound Financial Foundation

1. We Have Been Persistent and Endured

 

Impact Tip

Think like an owner. Everything we talk about in this episode really boils down to thinking like an owner.

#99. Overhead, It Ain’t Sexy

#99. Overhead, It Ain’t Sexy

March 30, 2022

The war in Ukraine has been fascinating to watch. Seeing how the Ukrainians have stepped up and how badly Putin has messed up is one of the most interesting things I have seen in a long time. The war in Ukraine has made me do a lot of thinking and I notice myself trying to take lessons from what I am watching and applying them to business.

A famous saying in the military is, “Tactics win battles, logistics wins wars.” Logisitics isn’t usually the sexy thing in war, but it really is one of the biggest, if not the biggest, difference maker. Just as in war, in business it’s often the not so sexy things that are the difference between winners and losers.

What To Expect From Episode 99

Just like logistics, managing overhead is not sexy, but doing it poorly will sink you and doing it well will put you ahead of your competition. In this episode Craig and I talk about what overhead is and what to watch out for. Low overhead can be a major competitive advantage for small trucking companies. Large trucking companies have an advantage by purchasing in bulk. They save on expenses like fuel, tires and maintenance. Small trucking companies can more than make up for that advantage by running lean and limiting their overhead.

Haulin Assets biggest overhead expenses:

  • Owner salaries
  • Permanent parking space rent
  • Small miscellaneous expenses

Large trucking company overhead:

  • Office rent
    • Utilities
    • Property taxes
  • Vehicle for owner/manager/employees
  • Salaries
  • Sales/marketing

Listen to the episode to hear about the one mistake that is by far the biggest that I see companies make with overhead, especially small trucking companies from Owner Operators to companies with 20 trucks. Don't make this mistake, I see far too many companies go out of business because of this one thing.

Impact Tip

Get out and network! One of the more common questions I get from people is how we are getting trucks. I think there are two big reasons we are getting trucks. First, we developed a relationship with a salesperson. That did not happen overnight. Networking is important and relationships are critical. Because we had a relationship with him, he told us in in the Spring of 2021 that if we wanted trucks in 2022 we would have to place an order for them by the beginning of July 2021. The second big reason is because of that conversation, we made a plan for what we wanted in 2022 a year ahead of when we wanted the trucks. We should get our first 2022 truck around the end of April/early May, but we placed the official order for that truck in July, along with all the other trucks we want in 2022.

#98. February 2022 Financials

#98. February 2022 Financials

March 16, 2022

The good start to the year continues in February. We cover some really great topics in this episode including what is going on with fuel these days and looking at expenses as a percentage of income. If you have never heard of that last topic, you need to listen to this episode. It's a great bit of knowledge and tool to have. 

What To Expect From Episode 98

Had all 5 trucks running starting on about the 10th of the month, so almost a full month with 5 trucks.

  • Total miles ran – 48,682 (Warning, this is a very close estimate. I don’t have the exact number, listen to the episode to learn why)
  • Deadhead miles – 3,453 (7%, higher than it has been in a while)
  • Total revenue - $162,139.10 (Record)
  • All-in rate-per-mile - $3.33 (Better than I thought it was going to be) 

Haulin Assets realized a profit of $48,286.79. Another record, which surprises me because we had a decent number of anomalies to the P&L. We talk about those during the podcast.

The P&L for this episode looks different than the ones you have seen in the past. I added a column that compares expenses as a percentage of income. There are a lot of great reasons to use this comparison. Craig and I go over the what, how and why of percentage based comparisons. Using this tool will be a great help to your business. It can also help relieve stress when you see the dollars in an expense category shoot up. You might be worrying for no reason. I also included an Excel version of the P&L, you can download it here

#97. The 5 W’s of a Mentor

#97. The 5 W’s of a Mentor

March 2, 2022

I can't believe we have been doing this for almost 3 years and we have never dedicated an episode to mentors. Shame on me. This is such an important topic. A good mentor can be the difference between spending several years gaining experience to solve a problem or achieve a goal or spending a couple of hours of discussion with someone who has been there and done that. A good mentor(s) can have an enormous positive impact on your business. Your business needs one or maybe 2 or more.

What To Expect From Episode 97

In this episode we are going to dive deep into the 5 W's of finding a good mentor. Here is an outline of what we will cover:

  • WHO makes a good mentor
  • What do you look for in a mentor
  • When should you look for a one
  • Where do you find a mentor
  • Why do you need a good mentor

Impact Tip

Don’t lose your childhood confidence. If you have ever watched a toddler, you have seen them do things you know they are probably going to fail at, but they have the confidence to do them anyway. That is how they learn. Don’t be afraid to fail. Don’t be afraid to ask a mentor to help you. You may have to ask 10 people before you find the one who is the right fit for you. The price you pay to go through the 9 failures will be worth it to find the 1 who fits.

 

Episode links:

Motor Carrier HQ

Small Business Administration

Goldman Sachs 10,000 Small Businesses

#96. January 2022 Financials

#96. January 2022 Financials

February 16, 2022

January was a good start to the year. I couple of episodes ago I left a teaser about $7,000 in preventable damages we had to payout and Craig and I start the episode off diving into exactly what happened. It's a pretty good story with a lot of nuggets of wisdom you can gain from the experience. The other great news, Truck 05 is finally on the road.

What To Expect From Episode 96

As usual, we cover the ins and outs of what happened financially this month. Here are some of the highlights.

  • Total miles ran – 47,017 (Pretty high, just 4 trucks, but they all ran hard)
  • Deadhead miles – 2,452 (5.2%)
  • Total revenue - $114,170 (This was actually lower than I expected)
  • All-in rate-per-mile - $2.43 (Pretty big drop from where we were at in December, but that is to be excpected. The encouraging thing is that we were still able to run hard in January, wasn’t hard to find loads and our deadhead was pretty low.) February is probably going to be in the same ballpark.

Haulin Assets realized a profit of $29,339.41. Second best net income we have ever had.

Impact Tip

Focus on scalability. How do you make a trucking company scalable? Don't know what scalability is, listen to the episode, we break it down. One of the common problems I see that cause serious problems in our clients companies that sometimes cause them to go out of business have to do with scalability. When a company is small the owner(s) can usually manage the little problems and little inefficiencies. But when the get bigger those little problems became so numerous they are hard to handle and eventually become unmanageable cause an incredible amount of stress. You want things running smoothly before you take the next step.

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