Haulin Assets

#138. Many a Mickle Makes a Muckle

"Many a Mickle Makes a Muckle" is an old Scottish phrase. It was popularized in the United States by George Washington, but he actually got the phrase wrong. I'm not going to explain how here, to learn about his mistake, listen to the episode. The phrase basically means many little things make a big thing, or many little changes will have a big impact. If you want to hear the phase being said with a Scottish accent, click here.

What To Expect From Episode 138

I think this is a great episode with some really good wisdom. I hope you like it as much as I do. Many a mickle makes a muckle is probably more true in the trucking industry than any other. Money is made from pennies on the mile. Lots of pennies and lots of miles add up to something big.

If you have been following the financial episodes, you know that the last several months have been a real financial struggle for Haulin Assets. There is no silver bullet to solve this problem. Fixing it is going to take a lot of little tweaks and changes that together will have a big impact on our bottom line.

Over the last couple of months we have been working on making those tweaks. Here are some of the little changes we have been or will be making to realize the big impact we so desperately want to have.

Changes we are already making:

• Regular visits to customers
• Shaving costs off our fuel expense
• Management driving more often
• Revisiting how and where we get tires
• Getting our vendors on 30-day terms to improve cash flow
• Being more deliberate about all our expenses
• Load analysis
• Following up on warranty claims
• Staying on top of our A/R

Changes we are are in the process of implementing:

• Reducing the down days of our trucks (I hope this will be on the larger side of an impact)
• Getting some direct shipper backhauls
• Being more efficient in the office, maybe use a TMS (Transportation Management System)
• Doing minor repairs and maintenance ourselves
• Constantly reevaluate all we do
• Consistently find time to work on the business, instead of just in the business

We have a bigger change that is likely to happen in the not too distant future, but there are some pieces that need to fall into place before we are ready to make an announcement. Stay tuned!

Making lots of little changes is hard. It requires patience, dedication and a willingness to be deliberate in all you do. That is not easy, but people who are willing to do that are usually the people who are successful. Jump on the wagon with us, let’s go down this path together and work diligently on solving this problem.

Impact Tip

Go find many mickles. Lots of little changes can have a big impact on your business. Go find a bunch of little things you can do to improve; that together, will have a big impact.

#137. August 2023 Financials

I start off this episode talking about an overside load crash here in Utah that could have been catastrophic. It was a totally preventable crash and resulted because of what I would call extreme negligence. It's an interesting story and one of those situations where we should all learn from someone else's mistakes. It is easier that way.

What To Expect From Episode 137

It was another tough month, but I am seeing more and more signs that we are turning the corner. I have my fingers crossed that we are almost to greener pastures.

• Total miles ran– 100,053 (Less miles, two trucks sat the entire month)
• Deadhead miles– 7,421 (7.4%, about the same as last month)
• Total revenue- $199,337.87
• All-in rate-per-mile- $1.99 (bad, but $0.13 better than last month)

Haulin Assets realized a loss of $25,755.42.

Here are the things we dive a little deeper into on the P&L:

• Fuel, it's getting bad again
• Work comp, we are playing catchup from an audit
• Maintenance, lots of tires
• Oregon use tax
• Repairs, highest number I remember seeing

#136. A Tribute to Truck Drivers

National Truck Driver's Appreciation Week is almost upon us, so we thought it would be a good time to do an episode that is a tribute to the truck drivers of America. Before we hit the main topic I talk about my most recent trip on the road taking a load to Phoenix. Let's just say it wasn't the most smooth run I have ever done. You'll have to listen to the episode to hear all the juicy details.

What To Expect From Episode 136

Trucking is one of the most demanding and important jobs in the United States. This is one of the best times of the year to show our appreciation for what drivers do because this Sunday, September 10^th, is the beginning of  National Truck Driver’s Appreciation Week. The American Trucking Association’s theme this year is, “Miles of Gratitude”. What do you think that means? We have some ideas that we share during the episode.

The trucking industry is one of the most critical industries in our country. Without us the economy would grind to a halt within a matter of days.  Here are some cool statistics that came from the American Trucking Association:

• $940.8 billion in gross freight revenue from trucking, that is 80.7% of the nations freight bill in 2022.
• 46 billion tons of freight hauled, that is 72.6% of the total domestic tonnage shipped.
• $29.12 billion paid by commercial trucks in federal and state fuel taxes in 2021.
• 48 billion miles traveled by single-unit and combination commercial trucks in 2021. That’s 3,521 trips to the sun.
• 62 billion miles by combination trucks, tractor and trailer.
• 750,000 active motor carriers.
  • 8% operate 10 or fewer trucks.
  • 7% operate 100 or fewer trucks.
• 54 million truck drivers

Craig and I also talk about some of the things I really like about driving and what we appreciate about truck drivers. If you ever have any doubt about how important trucking is, just look at what happened to trucking verses many other industries during the COVID pandemic. We share some pretty cool comparisons that should make any truck driver proud.

To Larry, Trudy, Tyler, Shelly, Jeanie, Thomas, Paula, Charles and Joel, the current Haulin Assets team of drivers and to the rest of you 3.54 million drivers out there my family and I would like to thank you from the bottom of our hearts for all you do to help this amazing country be what it is. Thank you!

#135. Health and Fitness on the Road

One of the most challenging things for me to do when I was on the road was to maintain good health and fitness. Especially during the winter. My recent trip was a good reminder of that and I want to share some of the things I do while I am on the road.

What To Expect From Episode 135

Health and fitness can mean a lot of different things, during this episode Craig and I are going to focus on 3 different aspects nutrition, mental health and fitness. The biggest keys to be successful in any one of these areas, is to first prioritize your time on the road and second to think ahead and plan.

As we discuss on the podcast, my priorities while on the road are:

1. Delivering my load safely and on time.
2. A) Administrative business tasks 2B) Fitness
3. Sleep
4. Time preparing meals

There are things, like my family and my mental health that are important to me that aren’t on the priority list. That is because they are things I can do while driving, so I don’t feel like they compete as much for my time.

Nutrition

The hardest part of eating on the road...

 

Head here for the full show notes. 

#134. July 2023 Financials

Another tough month. June, July and August are some of the harder months of the year. The months with losses are really getting old. It can be discouraging. The economy and the freight market have always had peaks and valleys, good times and bad times. That is predictable, we know we are currently in a valley, but we also know it will get better and we will see good times again.

Meramec Solutions is the sponsor for this episode. If you have any need to hire drivers, they are a great option that we have used several times at Haulin Assets. We have had great success using them. You can learn more by visiting their website, click here. It never hurts to give them a call to see if they are a good match for your needs.

What To Expect From Episode 134

How do you get through the hard times? If you have listened to this podcast very long, you know I am in the Utah Army National Guard. I had drill over the weekend and as part of it, did a 6 mile ruck march carrying 35 lbs of gear in the mountains of Utah. That weight isn’t really that bad, I have done much worse over much longer distances with a lot more weight, but it reminded me of some of the harder rucks I have done. How do you get through those when your body is screaming at you and you just want to be done, you put one foot in front of the other, and that’s what we are doing now. It’s not fun, but it will end at some point and life will get better. Perseverance brings rewards.

• Total miles ran– 105,356 (More trucks on the road, but less miles. Several drivers to more time off than normal, it’s July)
• Deadhead miles– 7,949 (7.5%, on the high side, have to drive further to find loads)
• Total revenue- $196,152.07
• All-in rate-per-mile- $1.86 (really bad)

Haulin Assets realized a loss of $11,890.75.   

Items we cover about the P&L:

• Maintenance and many more tires
• IFTA and use taxes
• Repairs

Let’s pray this doesn’t last much longer.

On a positive note, we did just finish up a load for a new shipper and it went well.

#133. Load Analysis

Check out today's sponsor, Meramec Solutions: https://meramecsolutions.com/hirenow

 

It’s no secret that trucking is really tough right now. That fact has caused me to do a lot of thinking lately about what can I do to help get Haulin Assets in a healthier place. One of the things I decided to do was look at the loads we have been hauling to see if I could find any positive or negative trends that we could improve on. In this episode, Craig and I are going to take a look at what I have found.

What To Expect From Episode 133

Anytime you hear the word analysis you have to get excited because you know there is going to be a spreadsheet involved. First thing I did was went into our accounting system and pulled a report of all the loads we did in April, May and June of this year and exported the data to a spreadsheet. The spreadsheet included:

• Broker's name
• Date the load was delivered/invoiced
• Invoice amount
• Then I added the following items for each load:
  • Loaded miles
  • Deadhead miles
  • Total miles
  • Direction of travel (Outbound, east to west, or other)
  • Direct Shipper or Broker

Once I did that, I singled out all the shippers and the brokers we hauled at least 4 loads for. They are who I wanted to focus on. Then I did some spreadsheet wizardry with some formulas to calculate the following for each company I had singled out to determine:

• Percentage of loads hauled
• Percentage of revenue
• Percentage of miles
• Loaded rate per mile
• Total rate per mile

I lumped all the remaining loads into one category and calculated the same items for that category. I'm going to call that category "Everything Else" and use it as our average. You can download the spreadsheet I used here. I changed all the brokers and shippers names to something generic.

Taking a look at our loads and our relationships at such a detailed level was very insightful. There were a lot of lessons learned that are going to result in some changes we are making. Craig and I talk a lot about what those lessons and some of the changes we are going to make during the episode, so be sure to listen. I think an exercise like this can benefit any business. Some self-reflection is always a good thing.

#132. June 2023 Financials

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

#131. May 2023 Financials

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

#130. FuelStream and Fuel Savings

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.

#129. April 2023 Financials

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.