Haulin Assets

#86. August 2021 Financials

Ahhhh, the ups and downs of trucking. I started the last financial episode show notes with the same phrase. The roller coaster continues, we went from a record profit  in June to a loss in July to another record profit in August. last month to a loss this month. Hold on tight as Craig and I explain it all.

What To Expect From Episode 86

This episode is a fun one to talk about. It was low on drama and high on results. It's not often we have a month where repairs and maintenance were just over $2,000, and that is with 4 trucks running. That is a very good sign.

Here are the numbers for the month.

• Total miles ran – 46,210 
• Deadhead miles – 3,260 (7.1%)
• Total revenue - $116,991 (All 4 trucks running for the first time.)
• All-in rate-per-mile - $2.53 (Great Rate Per Mile)

Haulin Assets realized a profit of $43,017.42. 

Impact Tip

Seize the day. The freight market is very good right now. Take advantage of it. We elaborate on this tip during the episode so be sure to give it a listen or a watch.

 

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Website: http://bit.ly/haulinassets

Facebook: https://www.facebook.com/haulinassetspodcast/

iTunes: http://bit.ly/ha-itunes

Google Podcasts: http://bit.ly/ha-google-podcasts

Stitcher: http://bit.ly/ha-stitcher

Motor Carrier HQ: http://bit.ly/motor-carrier 

#85. How to Manage Your Cashflow

Your company's cashflow can either make or break you. It is very important to understand the difference between cashflow and your net income or profit and loss. Some people treat them as the same thing, and that can get you into a lot of trouble. In this episode we'll try to bring some clarity to the subject to help you avoid some of the more common missteps people take when it comes to managing cashflow.

What To Expect From Episode 85

Managing your cashflow is one of the more important topics trucking company owners need to understand well. It's an important subject for any business owner, but incredibly important for trucking companies because it's a very cash intensive business and margins are thinner than they are in many other businesses. We start off the episode by explaining the difference between cashflow and net income. We spend most of the rest of the episode talking about the following times in a trucking company's life cycle when cashflow tends to be a challenge:

At startup

When you are growing

When you stop factoring

When freight rates decrease

When fuel prices increase, but rates don't

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Website: http://bit.ly/haulinassets

Facebook: https://www.facebook.com/haulinassetspodcast/

iTunes: http://bit.ly/ha-itunes

Google Podcasts: http://bit.ly/ha-google-podcasts

Stitcher: http://bit.ly/ha-stitcher

Motor Carrier HQ: http://bit.ly/motor-carrier 

#84. July 2021 Financials

Ahhhh, the ups and downs of trucking. We went from a record profit last month to a loss this month. The situation is not as dire as it might sound. There were some one-time expenses that created the loss. Craig and I will explain it all.

What To Expect From Episode 84

Craig and I start off this episode by talking about a YouTube video I recently watched of a commencement address Admiral McRaven, a Navy Seal, gave. It's a 16 minute speech where he talks about 10 lessons for changing the world. While you may not have ambitions to change the world, these lessons will help you in your life and in your business. If you follow even a couple of them, you might just do more good than you think. We discuss a couple of Admiral McRaven's lessons:

1. Respect everyone
2. Life is not fair, keep moving forward

I highly recommend you watch his address. You can find it here https://www.youtube.com/watch?v=TBuIGBCF9jc&t=13s 

Here are the numbers for the month.

• Total miles ran – 33,293
• Deadhead miles – 1,960 (5.9%)
• Total revenue - $82,041 (Three trucks running, forth one hit the road the last couple days of the month.)
• All-in rate-per-mile - $2.46 (Great Rate Per Mile)

Haulin Assets realized a loss of $3,933.94.

In the episode, we cover the reasons we had a loss. The biggest two are: first, we added a new truck and there were costs getting it on the road and second, we replaced the turbo on truck #1.

Impact Tip

Don’t spend it all in one place. I think I am going to try to figure out how many different ways I can say the same thing so saving money will probably be a reoccurring theme in the impact tip section of the podcast. If you had a great month, don't waste the profits on something you'll regret.

#84. July 2021 Financials

Ahhhh, the ups and downs of trucking. We went from a record profit last month to a loss this month. The situation is not as dire as it might sound. There were some one-time expenses that created the loss. Craig and I will explain it all.

What To Expect From Episode 84

Craig and I start off this episode by talking about a YouTube video I recently watched of a commencement address Admiral McRaven, a Navy Seal, gave. It's a 16 minute speech where he talks about 10 lessons for changing the world. While you may not have ambitions to change the world, these lessons will help you in your life and in your business. If you follow even a couple of them, you might just do more good than you think. We discuss a couple of Admiral McRaven's lessons:

1. Respect everyone
2. Life is not fair, keep moving forward

I highly recommend you watch his address. You can find it here https://www.youtube.com/watch?v=TBuIGBCF9jc&t=13s 

Here are the numbers for the month.

• Total miles ran – 33,293
• Deadhead miles – 1,960 (5.9%)
• Total revenue - $82,041 (Three trucks running, forth one hit the road the last couple days of the month.)
• All-in rate-per-mile - $2.46 (Great Rate Per Mile)

Haulin Assets realized a loss of $3,933.94.

In the episode, we cover the reasons we had a loss. The biggest two are: first, we added a new truck and there were costs getting it on the road and second, we replaced the turbo on truck #1.

Impact Tip

Don’t spend it all in one place. I think I am going to try to figure out how many different ways I can say the same thing so saving money will probably be a reoccurring theme in the impact tip section of the podcast. If you had a great month, don't waste the profits on something you'll regret.

#83. How to Hire Great Truck Drivers

Drivers are such an important part of your business. Two of the common descriptions that truck drivers use to describe each other are professional drivers vs steering wheel holders. What we cover in this episodes dives into the difference between the two.

What To Expect From Episode 83

Hiring drivers is hard. We talk a lot about the hiring process and what to look for in a driver. Here are our main discussion points:

• What type of driver do you look for
• How do you find them
• How do you keep them

A question I get asked about all the time that is related to the driver topic is, "Can I start a trucking company without a CDL?". The short answer is you can, but the first several drivers you hire are going to be the difference between being successful or not. Craig and I dive a bit deeper into this topic too.

#82. June 2021 Financials

It was another great month for Haulin Assets, I'm super excited to share our numbers with you this month. We need to keep this momentum going for as long as we can. There are some great financial nuggets in this episode so make sure you listen all the way to the end.

What To Expect From Episode 82

Craig and I start off by answering a super important question. What do you think has a greater impact on your net income, your take home money, a $1 increase in revenue or a $1 decrease in expenses? Or are they the same? Understanding this principle is important for any business.

Here are the numbers for the month.

• Total miles ran – 34,523 (New record)
• Deadhead miles – 2,534 (7.3%, also a record by total miles, not percentage. It is what it is. One driver has a pretty good deadhead every time he goes home)
• Total revenue - $94,021.13 (Blew the previous record out of the water. It is nice having 3 trucks running in this market.)
• All-in rate-per-mile - $2.72 (Great Rate Per Mile)

Haulin Assets realized a profit of $29,876.82, we blew the previous record out of the water.

Impact Tip

Keep your overhead low. I saw an interesting take on a "Distribution Center" while I was in Morocco a couple of weeks ago. It made me think about keeping your overhead expenses low. Listen to the episode for the full details.

#81. Don't Be Indecisive

I'm out of the country on a military assignment so this episode is short and sweet, it's just an impact tip.

What To Expect From Episode 81

Don't be indecisive. I witnessed a train crash into a car last week and the experience was a good reminder about the importance of being decisive. Listen to the episode to hear about all the details of the crash and how I relate it to being decisive in your life and especially in business.

#80. Leasing a Semi-Truck vs Buying One

Leasing a semi-truck is very misunderstood. In today's episode Craig and I are bringing some guests onto the show to help answer some of the common questions people have when it comes to leasing a truck. Before we jump into the main topic I talk about a crazy load one of our drivers is currently on and how it has the potential to cause frustration. It is important to find a win win situation under an uncommon set of circumstances that this load has.

What To Expect From Episode 80

The word lease in the trucking industry is incredibly confusing, because it means so many different things. Craig and I start off by breaking down some of the most common ways the word lease is used in the industry and which type of lease usually creates the most horror stories. This episode's focus is going to be on the type of lease that is similar to a car lease. Here are some of the questions we answer:

• Who owns the truck?
• What happens to the truck after the lease is done?
• Are you limited to the number of miles you can put on the truck?
• Does leasing vs buying change anything for your insurance?
• Is there a per mile maintenance cost?
• Who is responsible for maintenance and repairs?
• Is one going to typically have a lower payment?
• Is the interest rate on a lease different?
• What are the tax considerations when leasing verses buying?
• Who can qualify for a lease?
• Is it easier to qualify for a lease than traditional financing?
• Is there a down payment?

#79. May 2021 Financials

Back in the saddle again. After a month with two trucks sitting we had all three trucks running for about half the month of May and that was enough to get us back in the black. I am super excited to see what will happen in June. During this episode, I also share what I think is going to be the biggest threat to small trucking companies and could potentially put them out of business.

What To Expect From Episode 79

Here are the numbers for the month.

• Total miles ran – 26,722 (New record)
• Deadhead miles – 944 (3.5%, really good)
• Total revenue - $56,740.16
• All-in rate-per-mile - $2.12

Haulin Assets realized a profit of $7,582.17.

Impact Tip

Make your company scalable. This is actually one of my favorite tips, especially if you want to grow your trucking company. What does it mean to be scalable? It basically means you have a business that can adapt to increased workloads. That can only happen if you have good systems in place. Systems for buying equipment, hiring drivers, billing clients, etc. It's important that you have all the necessary systems in place and aren't missing one. Imagine what happens if you can add trucks and drivers, but you don't have a system for billing clients. You will complete more and more jobs, but you won't get paid for them or your payments will lag behind, neither is a good thing.

When your company is small you can often manage the little inefficiencies and problems in your business. As you grow, if you don't solve those problems or inefficiencies they grow with you and can quickly get out of hand. If that happens, you'll have serious problems that will lead you to a nervous breakdown or even a shuttered business.

#78. Business Credit For Trucking Companies

Most people can't start a trucking company without using credit. There are both similarities and differences between personal credit and business credit, we'll cover some of the nuances. If you want to learn more about how business credit works, some of the pitfalls to avoid, and steps you can take to help establish good business credit, this is the episode for you.

Craig and I try to shed some light on this confusing and often misunderstood subject.

What To Expect From Episode 78

We bring on a couple of business bankers, Jaron and Rob, as guests to explain some of the specifics of business credit. Here are some of the questions we answer:

• What do lenders look at when making a loan decision?
  • Brand new companies
    • Owner's personal credit
    • Owner's experience in the industry
    • How beneficial is a business plan
  • Existing companies
    • Years in business
    • Financial statements (How important is it that they are clean and organized)
• What has the biggest effect on the interest rate you get?
• Do businesses have credit scores?
• Do you need to establish business credit like you do personal credit?
• How do you establish business credit?
• What is a personal guarantee and can you get a business loan without one?
• What is a Dun and Bradstreet Number and is it important?
• What are the most common types of credit that are helpful to trucking companies?
  • Equipment loans
  • Fuel credit
  • Trade credit
  • Lines of credit

Impact Tip

Don’t make late payments, EVER! Not even after the due date, but before the grace period. Just like with personal credit, your payment history has a big impact on whether or not a lender will lend you money. Making your payments by the due date every time builds trust with lenders. It helps them see you take making your payments seriously.