Haulin Assets

There is a lot going on in the economy right now so I thought it would be a good idea to provide an economic update that focuses on what small fleets and owner operators might expect and how to be prepared.

What To Expect From Episode 102

I'll give a summary of what we talk about in this episode here in the show notes, but you'll need to listen to hear all the nitty gritty details. The economy is experiencing a lot of uncertainty right now, which makes people nervous. You have probably experienced it yourself. However, I don't think the sky is falling. We talk about what is driving some of the freight rates and what I think is going to happen to them. We also talk about being prepared, speaking of that.....

Impact Tip

Be Prepared. It’s the Scout moto and should be yours too. How do you prepare, save money, control your expenses and don’t grow too fast.

Click here to tell us your story and enter to win prizes (including possibly $1,000)

We break all kinds of financial records this month. We have some fun with this episode and try to trick Craig with some trucking acronyms.

What To Expect From Episode 101

We hade all 5 trucks running strong for the entire month. By the end of the month we basically had completed 3 full years in operation and having our strongest month ever was a great way to celebrate. One thing that has a tendency to surprise people when they hear about how much money we are making is that we haven't taken a dime out of the company, other than a modest salary for Nate and I. We talk a bit about that and some other cool financial topics, including continuing the conversation about comparing expenses, specifically our fuel expense, to total revenue as a percentage. Doing so can be especially helpful at a time like this when fuel is going up super fast, we use this technic to see how much of a problem the surging fuel prices are, or maybe they aren't such a problem.... Tune in to find out.

First full month with all trucks running 100%, hence all the records.

• Total miles ran – 57,475 (Record)

Haulin Assets realized a profit of $65,714.92. Another record.

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.

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

Large trucking company overhead:

• Office rent
  • Utilities

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.

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 10th 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)

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. 

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

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

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)

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.

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.

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.

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

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

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)

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

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.

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.

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.