Haulin Assets

A breakdown, a tow, a rental truck, another breakdown, getting ignored by a broker and rushing to make appointments, all in a week's work for one of our drivers and the team that supports him. I have said this before, nothing is easy in trucking and the best company owners are people who can solve problems. We had a lot of problems we had to solve throughout that trip. I start off this episode talking about a truck we had breakdown and the excitement that ensued. It all ended as well as can be expected, the load got delivered, only a day late, and our driver made it home in time for Thanksgiving. 

Your CPM (cost per mile) is one of the most important things you should know and understand well about your trucking company. This is the second time we have dedicated an entire episode to this subject. The first time was over 4 years ago and a lot has changed so we're overdue to dive into it again. We cover a lot in this episode and it is definitely a must listen. The excel spreadsheet with our CPM data is below. It is best to look at it while you are listening to or watching the episode. 

Here are some of the things I feel like you need to consider when it comes to your cost per mile, we discuss each in detail.

• How often you should figure out your cost per mile

I dive into the mechanics of how I do it. Here is an overview:

1. I pull a Profit and Loss Statement for the most recent month and one for the previous 6 months and export them into Excel.

In the podcast I cover a bunch of different ways I use the CPM to help me make better business decisions. With that being said, just because I know my CPM doesn't mean I won't take a load that I essentially lose money on. I use some examples of recent loads to explain this better. 

If you haven't actually started your company yet and you want to estimate your cost per mile, Motor Carrier HQ has a great online CPM tool. You can use it to get an idea of what you think it will cost you to operate and that will help you know if you can be profitable based on the rate per mile you think you can get from loads you will be hauling. You can access the calculator by clicking on here. 

To close out, Craig and I talk about how using my CPM as a comparison to yours could be a great tool to give you better insight into your operations.

We finally broke the losing streak, but not by as much as I would have liked. October saw the establishment of several new records, predominantly positive ones. However, the bottom line was not where I would have liked to see it. There is definitely more work to be done, but I feel like we are moving in the right direction.

What To Expect From Episode 141

There have not been many months where I felt like all the trucks and drivers were running on all cylinders, but they certainly were in October. On average, the trucks ran almost 12,000 miles, all of them over 10,000. I don’t think that has happened since we have had more than two trucks. Check out the numbers for the month:

• Total miles ran– 128,771 (Almost 20k more miles than we have ever run)

Haulin Assets realized a small profit of $8,781.56. I was hoping for better, I would have like to have seen closer to $30k. Many mickle make a muckle, we have more mickles to make. One of the positives of a hard market/economy is it forces you to be better as a company. We have made a lot of changes that I think are good changes. It’s clear that there are additional adjustments we need to make. Those adjustments will help us get through these tough times and will make us that much more profitable when the market takes a positive turns.

HERE ARE THE P&L ITEMS WE DIVE A LITTLE DEEPER INTO:

• Payroll was higher because of the extra miles

o    Oregon $2,000

o    NM $500

o    KY $200

o    UT $500

• Repairs

o    $8,000 Truck 02 – It’s these kind of repair bills that add proof that older trucks can be a money pit.

o    $4,000 Truck 07 – Worn wiring harness from rubbing, not under warranty, but hoping to get some back. $3,500 of it was towing. Barely over 1 year, a wiring harness shouldn’t rub. I hope freightliner will do the right thing.

Over the past 6 months, our outbound loads have shown significant improvement, particularly the last 3 months. The rates we are getting are respectable. We are getting sent to the same areas more regularly. This consistency will enhance our understanding of those lanes and enables us to build relationships that contribute to more profitable outcomes when operating in those regions.

Here are a some things we are going to be working on next:

• Better understand what routes will get us home more profitably and quickly

October brought a mixed bag of achievements and challenges for Haulin Assets. While we managed to break the losing streak and witnessed positive records in various aspects, there’s an undeniable sense of room for improvement, particularly in the financial realm. The month’s financials didn’t quite reach the desired mark, but the positive strides in operational efficiency and increased average mileage per truck indicate that we’re on the right track.

I have some good news and some bad news.... October is going to break some records, in a good way. Before we can get to October, we have to get through September, which broke a record in a bad way.

What To Expect From Episode 140

September is our 4th month in a row with a loss, but I am pretty confident that streak is going to end with October. The freight market continues to struggle and so does our bottom line. Here are the numbers for September.

• Total miles ran– 103,808 (We essentially had one truck sitting in September)

Haulin Assets realized a loss of $49,554.61. We did finally sell Truck 01 and $23,001 of that hit the P&L as other income, so the true loss was slightly more palatable at $26,558.11.

There is a lot to digest in this P&L. Here are some of the things we discuss in more detail.

• Damages

Normally this episode would be a financials episode, but I have had a crazy couple of weeks and am up against a flight and won't have time to finish the books for September before it's time to record. Last episode I mentioned that we have a bit of a change in the works and that's what we are going to talk about. Haulin Assets is going to bring dispatching in house.

What To Expect From Episode 139

Your 20 Dispatch has been with us since day 1 and has been a huge part of our business. I wouldn't know how to slide tandems if it wasn't for Jake. It just makes business sense for us at this point in our business to bring dispatching in house. We have known for a while this day would come and have been communicating about it for a while.

To make the transition easier on both of our businesses, we are going to do it over a long time. The plan is to transition 2 trucks per month for the next 5-6 months. That will allow us time to build good processes and it will prevent a big shock in Jake's business as well. If you are interested in using Your 20 Dispatch, give Jake a call or shoot him an email, his contact info is (208) 717-1681 or [email protected].

Here are a few of the topics we touch on:

• Minimizing driver impact

This is a bitter sweet change. In the long run, I think it will be good for our business and great for the podcast. 

"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.

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

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)

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.

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.

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)

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

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.

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 10th, 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.

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!

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.

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.

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. 

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.

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)

Haulin Assets realized a loss of $11,890.75.   

Items we cover about the P&L:

• Maintenance and many more tires

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.

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

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

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.