Haulin Assets

#100. The 10 Keys to Our Success

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

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

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 10^th 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

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

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.

#95. The Tax Man Cometh

Get full show notes at haulinassetsllc.com. Watch this episode on YouTube.

It is the time of year when all smart business owners start getting ready to file their taxes. In this episode Craig and I cover some important to dos in order to be prepared with your taxes and to make sure you file and pay on time.

What To Expect From Episode 95

Filing your taxes can feel like a daunting task, but if you stay on top of things and start early, it isn't too bad.  The most important thing you can do is keep good records all year long. Doing so is so important and for more reasons than just being ready for taxes. Here are some of the topics we cover in this episode:

• When do you have to file your tax return? It depends on the type of entity you are. You can learn more on the IRS website by clicking here.
• Make sure you don't mail out your 1099s and W-2s late.
• What do you need to provide your accountant. (This is not an all inclusive list, it will get you started, but get with your accountant.)
  • Income and expenses (A good Profit and Loss Statement is best)
  • Balance Sheet
  • Purchases of any assets
  • Significant changes to the business
• Extensions and how they work
• Quarterly tax estimates, how do they work and some generalities for who has to pay them. You can learn more about them, including when they are due from the IRS's Website by clicking here.

Impact Tip

Start working on your taxes early. You should shoot for having everything to your tax person a month before they are due.

#94. December 2021 Financials

To start off the episode, Craig and I talk about how knowledge is power. As an example, I talk about a conversation I recently had with someone who had a load dropped on him by a broker, we suspect because the broker found another carrier who would haul it for less. The excuses the broker used was he had to cancel because there was something wrong with the carrier's authority on the FMCSA website, that was not the case, but the carrier didn't know how to check himself. If you are an O/O or fleet owner, you need to know everything about the FMCSA, including SMS (Safety Management System), the FMCSA Portal, etc. Here is where you can look at the public information the FMCSA provides:

• DOT Number Status: Company Snapshot
• Operating Authority (MC Number) Status: L&I (Licensing and Insurance)

What To Expect From Episode 94

December was another great month. We cover the ins and outs of what happened financially to make it great.

• Total miles ran – 42,280 (Lower than the last few months, normal for December)
• Deadhead miles – 2,438 (5.8%)
• Total revenue - $128,720.89 (Record)
• All-in rate-per-mile - $3.04 (Highest we have ever had)

Haulin Assets realized a profit of $39,730.23. Second best net income we have ever had.

Impact Tip

Set aside 10-20 minutes everyday where all you do is focus on increasing your knowledge. Put the 10-20 minutes on your schedule, set a reminder on your phone, do something so it doesn't get missed. This is the sharpen the ax mentality that Stephen Covey talks about. Learn about a topic that will impact you or your business. It might be something like FMCSA Regulations, fuel economy improvements you can make or accounting principles. There are a million different things.

#93. Be Better This Year

Get full show notes at haulinassetsllc.com. Watch this episode on YouTube.

I listen to and watch a lot of content about business. This episode about being better this year was inspired by a podcast and a YouTube video I recently watched. They have made me be introspective and make some positive changes in my viewpoints and in my life. I hope they do the same for you.

What To Expect From Episode 93

I was recently listening to a podcast that is published by the Harvard Business Review called IdeaCast. This particular episode is an interview with Heidi Grant about an article she wrote for the Harvard Business Review. Here is a link to the article, I highly recommend you read it. In it she talks about nine things successful people do differently. In this episode Craig and I talk about a few of the things that stuck out to me the most. Check out the full list, with other links, at haulinassetsllc.com.

#92. November 2021 Financials

Check out full show notes and past episodes here.

Grab merch here.

Good times keep coming, November 2021 was another good month for the financials. It wasn't as good as the last several months, but still a solid month. In this week's intro, Craig and I talk a little about the ownership mentality.

What To Expect From Episode 92

As always, Craig and I dive into the numbers you see below. There are a few things that stick out in this month's P&L so make sure to listen as we talk about them.

• Total miles ran – 44,905 (Consistent with last several months)
• Deadhead miles – 2,061 (4.6%, on the low side, best we have had in 6 months)
• Total revenue - $115,992 (Lowest we have had since adding 4^th truck)
• All-in rate-per-mile - $2.58 (Lowest we have had since July and August, which is unusual, November is usually higher than Sept-Oct, so to see a dip in November is not typical. I will be interested to see what happens with December and then really January and February. It is early to tell, but we might be seeing some of the pressure easing on the freight market.)

Haulin Assets realized a profit of $25,499.06. More than $10k lower than last month.

#91. Annual Planning for 2022

Planning for the coming year is one of the most important things you can do for you company. My brother Chet is going to cringe when he reads this, because he hates over used cliches, but I am going to use it anyway. If you fail to plan, you plan to fail. Or a the very least, you are not going to be as successful as you could have been. Over the years I have become a big fan of planning. It's not my favorite thing to do, but I have seen how much of a positive impact it has had on all of my businesses over the years. I attribute a lot of my success to annual planning. If I break it down by how much time I spend doing it vs the benefit it brings, it is probably the most valuable thing I do. Let me say that again, it is the most valuable thing I do. That's saying a lot.

What To Expect From Episode 91

My philosophy with planning is that you should only have 2-3 big goals for the year. These should be very impactful for your business. If you have too many, you'll get spread too thin and either won't do them all or you won't do any of them very well. Each goal will typically have 3ish tasks associated it. We have done some of the main planning for Haulin Assets for 2022 and I want to share with you our main goals and their tasks.

1. Grow by 5 trucks
   1. Decide Direction
      1. Owner Operators or Hired Drivers
      2. Purchase, new/used
      3. Brand of trucks and trailers
   2. Work on Financing
   3. Make sure we are able to attract and retain quality drivers
2. Improve Scalability
   1. Start using a TMS (Transportation Management System)
      1. Evalute different TMS's
      2. Implement the one we choose
   2. Use a better method to track and issue driver pay
3. Establish direct shipper relationships (Probably 3^rd or 4^th Quarter)
   1. Create an outline with targets and dates to accomplish this goal (1st quarter)
   2. Hire someone to help us build relationships and possibly start a brokerage
4. Improve our financial strength (This one doesn't really take much time, but is incredibly important so I want to make sure we have it as a defined goal)
   1. Savings
      1. $15,000 in operating capital per truck
      2. Build savings to 10% of outstanding debt
      3. Accomplish 1 & 2 before we take any distributions
   2. Pay down debt

In this episode, Craig and I go into more detail about planning and we talk about the Haulin Assets goals for 2022.

Impact Tip

Just Do It. Annual planning is not the most fun or glamorous thing you will do in your business. I would argue that it is one of the most important things you can do and possibly the most important thing you can do. Make it a priority and do it!