Haulin Assets

#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.

#128. The Freight Market: Past, Present, Future

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/

#127. March 2023 Financials

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

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

#126. Hiring Truck Drivers Using Facebook

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:

1. What is currently generating interest in your positions and how do you leverage that?
2. What needs to be in place before launching ads, i.e. Facebook Business Manager, Facebook Ads Manager, etc?
3. Who is your target audience?
4. What content do you need to create and the basics of how to do it.
5. How many applicants do you need?
6. 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

#125. Increase Your Financial IQ

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:

1. 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)
2. Increase your income
3. Manage your expenses
4. Reinvest your earnings
5. Is your home an investment? (My answer to this question might surprise you.)