Episodes
Wednesday Jul 12, 2023
#132. June 2023 Financials
Wednesday Jul 12, 2023
Wednesday Jul 12, 2023
Check out today's sponsor, Meramec Solutions: https://meramecsolutions.com/
The roller coaster continues. We were pretty high last month, that means we're pretty low this month. Before we dive into the numbers Craig and I talk a little about some analysis I have been doing on the brokers and shippers we have been hauling the most for. I think it is going to help us focus in on relationships we want to develop and others we might want to let go. I think you'll see an episode on this subject in the next couple of months. We got Truck 12 on the road in June, that's exciting.
What To Expect From Episode 132
I’m glad I didn’t get too comfortable making a profit. We definitely swung the other way this month.
- Total miles ran– 109,092 (Record, 10.25 trucks, 10,643 miles per truck. Not bad.)
- Deadhead miles– 6,837 (6.3%)
- Total revenue- $200,773.11
- All-in rate-per-mile- $1.90 (I removed Truck 12’s numbers from this, because the mileage was out of proportion with the revenue since it started at the end of the month)
Haulin Assets realized a loss of $23,461.08. There are several things that made the loss as bad as it was. Rates still suck, that is probably the biggest issue. Close behind is that we added Truck 12 in June.
Here are some of the P&L items we discuss during the show:
- Why payroll expense was so high
- Fuel was $6k more than May and was 33.4% of revenue
- Maintenance was high
- Tow bill for truck 08
- About $2k in expenses getting 12 on the road
Wednesday Jun 28, 2023
#131. May 2023 Financials
Wednesday Jun 28, 2023
Wednesday Jun 28, 2023
In business you have to expect the unexpected and sometimes you get pleasantly surprised. After months of disappointment, a good surprise was a breath of fresh air and put a smile on my face. By no means are we out of the words yet, but I am starting to get more and more confident we have hit bottom and may even be on our way back up.
What To Expect From Episode 131
For the first time in a while I am excited to show the numbers to everyone. So, without further delay:
- Total miles ran– 102,460
- Deadhead miles– 8,361 (8.1%, higher than it has been)
- Total revenue- $227,809.76
- All-in rate-per-mile- $2.23 (I don’t think June is going to be as good, but it should be better than April was)
Haulin Assets realized a profit of $46,444.56. The best profit number we have seen since early 2022. Again, I think there were a lot of aligning of the stars that made May look better than it realy was, but I’ll take it. Hopefully this is the beginning of the upward climb, it’s going to be a slog, but as long as we are moving in the right direction, I’m okay with it taking a bit to get to where we want things to be.
Here are some of the things we discuss in more detail as we breakdown the P&L Statement:
- A negative number in damages, how does that happen?
- Fuel was 27.2% of revenue, the best we have seen since the beginning of 2022 and in the normal range. Fuel prices seem to be stabilizing a bit.
- Hiring cost of $1,000
- If you remember last month, WC was high because of a Down payment for a new policy, we ended not having a payment this month, for some reason and we also received a refund from our old policy.
- Everything else was pretty vanilla
Wednesday Jun 14, 2023
#130. FuelStream and Fuel Savings
Wednesday Jun 14, 2023
Wednesday Jun 14, 2023
FuelStream can help you save money on fuel! One thing I have always been pretty sensitive about on this podcast is making the podcast feel like it is a promotion for some of my other businesses because that is not the point of the podcast. I feel like we have done a pretty good job of that, up until now. This episode is going to be a bit of a shameless plug for a business under the Motor Carrier HQ family that we have not talked about. And you know what, I feel really good about doing it because I think this is a service that can be super beneficial for just about anyone out there.
What To Expect From Episode 130
The FuelStream system has been in the development for over 2 years and has come about because of my time on the road and the challenges of keeping my fuel costs as low as possible. When I was driving I found that it took too much time and was way harder than it needed to be to save money on fuel. During this episode we bring on two guests, Raff and Christian from FuelStream to discuss how the FuelStream system, an app and card can help you save money on your fuel expense. Here are some of the things we talk about:
- Speed and acceleration
- Idling
- Negotiating fuel pricing
- The monthly and per gallon savings will blow your socks off
- Easy and effective fuel planning using the FuelStream App
- The card teams up with the app to make it easy to find the best fuel prices you have probably ever seen
Don't just take our word for it, we also bring on some clients and listeners who share some of their experiences using the FuelStream system. Special shout out to Jason and Kim, Doug, Corey and Kent for sharing their experiences with us. And a big thank you to all the FuelStream clients who have been with us the last couple of years as we have built FuelStream into what it is today. Sometimes it isn't easy being the guinea pig but you all have helped us build something that we hope will help many more people and we can't thank you enough.
Raff mentioned a special offer to the Haulin Assets family where you will get a $50 rebate after you use the card for the first time. More details are available by clicking here and filling out the contact form and entering promo code: PODFREE50. You can also call (385) 264-7610 to learn more.
Wednesday May 31, 2023
#129. April 2023 Financials
Wednesday May 31, 2023
Wednesday May 31, 2023
Craig and I start off this financials episode by talking about one of the things that has the biggest impact on just about any business's financials, sales. We have been doing some work to get more loads directly from shippers. Building new relationships with shippers is all about sales. We talk about the sales funnel and how sales is a numbers game. Every healthy company does some kind of selling and we hope you learn something new from this discussion.
What To Expect From Episode 129
I'm feeling like a broken record. The freight market continues to be tough and our numbers are not fun to look at, but sticking your head in the sand like an ostrich is even worse. Before we jump into the numbers Craig and I discuss a couple of the things that help get through the challenging times. It's a good discussion and worth listening to, especially if you are like me and could use something to help you refocus.
- Total miles ran – 97,331
- Deadhead miles – 5,239 (5.4%, not bad)
- Total revenue - $177,508.38
- All-in rate-per-mile - $1.82 (The worst we have seen in years, probably since I was driving)
Haulin Assets realized a loss of $8,221.70. No sugar coating this month. May is going to be more of the same, but things did get a little better towards the end of the month. Not sure yet if that was temporary because of Memorial Day or if it will turn into a more permanent improvement.
Impact Tip
Build the leads in your funnel. Find at least 10 shippers you call to get your funnel started. Once you have gone through them, reevaluate and improve your process and do it again.
Wednesday May 17, 2023
#128. The Freight Market: Past, Present, Future
Wednesday May 17, 2023
Wednesday May 17, 2023
Before we dive into the past, present, and future of the freight market, we talk about a big change we made . We hired an operations manager. It is a huge step for a company like ours, especially as small as we are and considering the freight market we are in. Craig and I discuss why we thought this was a smart decision, even though on the surface, it may seem like a dumb one.
What To Expect From Episode 128
The freight market has been really tough for a year. When is that going to change? In this episode, Craig and I discuss some of the factors that drive the freight market, what usually makes it change, and when we think that it will start to turn. We finish off the episode by talking about the two key things any trucking company needs to focus on to get through times like this.
Full show notes (with charts!) at https://haulinassetsllc.com/
Wednesday Apr 26, 2023
#127. March 2023 Financials
Wednesday Apr 26, 2023
Wednesday Apr 26, 2023
We had one truck sitting for the entire month of March, that definitely had an impact on things. The infamous egg load occurred around the end of the month. It will have more of an impact on April's numbers than it did in March. Needless to say, March was an eventful month. We talk all about it during this episode. Make sure to give it a listen.
What To Expect From Episode 127
The tough months keep racking up. With that being said, it could have been worse, we were positive and at least moving in the right direction. The weather was a bit better in March and so far April has been much better. I'm done with winter. Here are the numbers.
- Total miles ran – 99,992
- Deadhead miles – 6,736 (6.7%, creeping up, indicator of a tough freight market)
- Total revenue - $201,659.00
- All-in rate-per-mile - $2.02 (The worst we have seen in years, since the start of COVID)
Haulin Assets realized a profit of $9,848.55. I am actually surprised we made a profit based off the average rate per mile. Our direct shipper relationships are making a difference. An owner operator could probably survive in a market like this working only off the spot market, but anyone with employee drivers I don’t think would be able to. We're keeping our hook in the water so we'll be able to take advantage of a stronger market when the fish are ready to bite.
Website: http://bit.ly/haulinassets
Facebook: https://www.facebook.com/haulinassetspodcast/
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Google Podcasts: http://bit.ly/ha-google-podcasts
Stitcher: http://bit.ly/ha-stitcher
Motor Carrier HQ: http://bit.ly/motor-carrier
Wednesday Apr 12, 2023
#126. Hiring Truck Drivers Using Facebook
Wednesday Apr 12, 2023
Wednesday Apr 12, 2023
If you are trying to grow a fleet of trucks, I can just about guarantee your biggest challenge is hiring good drivers. With a nationwide shortage of about 80,000 drivers and a driver turnover rate close to 100%, hiring and keeping good truck drivers is extremely difficult. How does a growing carrier not have their lunch eaten by the big guys when it comes to recruiting? That's what we'll cover in this episode.... After we talk about a recent load of eggs we hauled that had some challenges and ended up with a big mess to clean up.
What To Expect From Episode 126
Finding the type of drivers we look for at Haulin Assets has always been a challenge. That challenge got a little easier when we started working with Jake, our guest on this episode, and he helped us start recruiting on Facebook. Here are some reasons to use Facebook as a recruiting tool:
- 96% of truck drivers have a Facebook account
- On average, Facebook users spend 33 minutes a day on the platform
- It's the #1 platform for user engagement
- 73% of seekers found their last job through social media
Here are the general topics we cover:
- What is currently generating interest in your positions and how do you leverage that?
- What needs to be in place before launching ads, i.e. Facebook Business Manager, Facebook Ads Manager, etc?
- Who is your target audience?
- What content do you need to create and the basics of how to do it.
- How many applicants do you need?
- What is your plan after launch?
Best Practices
- Make ads mobile friendly
- Use images and video
- Have patience
- Driver testimonials are gold
- Use web automations to increase the speed to contact
- Facebook is a piece of the pie
Common Mistakes
- Failure to declare your ad as a “special ad category”
- Poor image sizing
- Using stock images
- Not running ads through the Ads Manager
- Not staying up to date on policy changes implemented by Facebook
Check out Meramec Solutions here
Wednesday Mar 29, 2023
#125. Increase Your Financial IQ
Wednesday Mar 29, 2023
Wednesday Mar 29, 2023
Being financially smart is less about intelligence and more about having a plan and being disciplined. I think being a rocket scientist verse running a marathon is a good comparison. Having a high financial IQ is more akin to preparing for a marathon than being a super intelligent person. Not everyone is going to have the intelligence necessary to be a rocket scientist, but I think just about anyone can get to the point where they can finish a marathon. It might take years to get there, but if you have the desire and discipline, almost anyone can run a marathon. Anyone with the desire and discipline can be financially smart and gain financial freedom can do it, but in almost every case it will take a good portion of your lifetime to get there. In this episode Craig and I are going to cover steps anyone can take to be financially smart and eventually gain financial freedom.
What To Expect From Episode 125
One of the first books I ever read that had a big impact on my financial IQ is an older book called, "The Richest Man in Babylon" by George S. Clason. It's a great book, that teaches simple financial principles that are easy to understand and he does it in an entertaining way. You can learn more about it by clicking here. Most of what we are going to talk about is not trucking specific, but we will try to relate some of it to owning a trucking company. Here are some of the principles we'll cover during this episode:
- Believe YOU control your own destiny (This is one of my own principles and I think it is the most important, listen to learn why)
- Increase your income
- Manage your expenses
- Reinvest your earnings
- Is your home an investment? (My answer to this question might surprise you.)
Wednesday Mar 15, 2023
#124. February 2023 Financials
Wednesday Mar 15, 2023
Wednesday Mar 15, 2023
Things have been a little hectic for me the last couple of weeks. That means this episode is not as robust as I would have liked. There is some great info in it, so I think it is definitely worth a listen.
What To Expect From Episode 124
February ended up being better than I thought it was going to be, but definitely not a good month. At least we didn't lose money. Craig and I dive into how things went this month. I also talk a little about insurance because our insurance renewal is coming up in April. Less than a month away by the time this episode posts.
- Total miles ran – 83,391
- Deadhead miles – 4,142 (5.0%, Decent)
- Total revenue - $184,606.48
- All-in rate-per-mile - $2.21
Haulin Assets realized a profit of $7,279.94. The P&L for the month was fairly bland, but there are a few specific things about it that we go over.
Wednesday Mar 01, 2023
#123. Speccing Our Trucks
Wednesday Mar 01, 2023
Wednesday Mar 01, 2023
I have been asked to do an episode on how we spec our trucks by several listeners, so here you go. It's a complicated topic full of lots of different opinions and there is more than one way to skin a cat. I would love to hear your opinion on things, comment here or on the Facebook post for this episode. We have now purchased 9 brand new trucks from two different dealers and two different makes. We have learned a lot along the way, but as I have prepared for this episode I have learned even more. I challenge you to never have the mindset that what worked for you yesterday is good enough for you today because trucks are constantly changing. This is a topic that a good owner will never stop learning about. Stay on top of the technology. As engines change, the best gear ratios change, etc. I hope you like the episode and learn something new.
What To Expect From Episode 123
As I mentioned, speccing a truck is something everyone has an opinion about and they are all different. It's good to do your research so you can make the best informed decision possible. This is one area of your business it is good to spend a little extra time on to make sure you get it as close to right the first time as possible. There are a few things we did differently on our 2nd and 3rd new trucks than we did on the first new truck, like ordering a TV mount and inverter from the factory. Doing them aftermarket was just a pain.
Here are the main topics we are going to cover:
- The engine
- The transmission
- The rear axle
- Items that affect the weight
- Driver comfort
- APU
- Extended warranty
Below you can see the document from the dealer that has exactly how our most recent trucks are specced. It's just some light reading, great to help put you to sleep.