Haulin Assets Motor Carrier HQ

Although we saw a slight improvement, the March 2024 financials turned out to be more like February than I would have liked. Considering the extra payroll, it really could have been worse. Hopefully we continue to see improvement as the year goes on.
What To Expect From Episode 152
Our trucks ran harder in March than they ever have, setting a new record for the most miles ran in a month. The high miles, however, weren't enough to give us a meaningful profit. Here is how things looked:
Total miles ran– 130,151 (New Record)
Deadhead miles– 7,615 (5.9%, about the same as last month)
Total revenue- $261,567.02 (Better than last month, but not as good as January)
All-in rate-per-mile- $2.01 (I would have liked to have seen a little better number, hopefully we do in April)
Haulin Assets realized another baby profit of $4,199.19. That is double what we did in February, if we can double our net income every month for the rest of the year, I’ll be happy, okay, that's not realistic, even we can do it for the next 4 months would be fantastic. 
There wasn't much in the P&L that really sticks out. The only thing outside of normal is an increase in fees for legal and professional services. That was mostly a payment to do the Haulin Assets taxes for 2023.

Who didn't like marshmallows when they were a kid and how do they relate to trucking? We'll try to answer that. Before we do, I want to rant a bit. I can't wait until I'm like Walmart and companies just have to do what I say, whether they like it or not. We talk about a new decision Walmart has made that affects us. To be honest, I can't argue with their logic, but I don't have to be happy about it.
What To Expect From Episode 151
In 1972 psychologist Walter Michel of Stanford conducted a study on delayed gratification with some kids. It was called the Stanford Marshmallow Experiment. We talk about the experiment and how it relates to trucking, especially business ownership. The study largely focuses on self-control and willpower and how those two skills or traits have an impact on a person's ability to be successful. Listen to the episode as Craig and I talk about the study and how important those two skills or traits are. We also attempt to answer the questions whether those traits are something you are born with or can learn or develop as you age. 
Here are some interesting additional readings about the Stanford Marshmallow Experiment.
UCLA Anderson Review
University of Colorado Boulder

Sign up for information about Haulin Assets Academy here: https://haulinassetsllc.com/2024/01/23/finding-loads-the-process-episode-146/
Check out Fuelstream here: https://www.fuelstreamservices.com/
 
Traditionally, February is the low point of the year for the trucking industry. If that is the case this year, we have reason to celebrate. Although we didn't rake in huge profits, we did a lot better than we did during the really tough period we had during the middle of last year.
Before we jumped into the heart of this episode, Craig and I talked about two different situations we ran into recently. The first is about a frustrating receiver we regularly deliver to in the Miami area of Florida. The second is about a ruptured reefer fuel tank, that's a new one for me.
What To Expect From Episode 150
The numbers this month are pretty bland, nothing to write home about, but what more do you expect in February? I am actually fairly pleased with how things turned out and I expect things to get better and better as the year goes on. Here are the numbers:
Total miles ran– 114,044 (Lowest miles we have had in 5 months)
Deadhead miles– 6,474 (5.7%, about the same as last month)
Total revenue- $234,532.17 ($56,426 less than last month)
All-in rate-per-mile- $2.06 (If this is the low point of the year, which I think it should be, I’ll be happy)
Haulin Assets realized a baby profit of $2,046.87. 
Here are the P&L items we talk about:
Revenue
A new expense category
Fuel

Sign up for information about Haulin Assets Academy here: https://haulinassetsllc.com/2024/01/23/finding-loads-the-process-episode-146/
 
We start this episode off with a funny story about Cruella de Vil the truck, it makes for a good listen. Finding the right loads is one of the most important things to do well with your trucking company. It is also one of the most challenging. That is why I decided to do a series on the subject. This episode is going to wrap the series up and tie it all together with a neat little bow. If you have not listened to the previous three episodes, go back and listen to them first. As a reminder, they were: Episode 144, Finding Loads, They Systems I Use, Episode 146, Finding Loads, The Process, and Episode 148, Finding Loads, Relationships.
What To Expect From Episode 149
The spot market, that mostly lives on load boards, has its purpose in the trucking industry. However.... if that is all you are using, you probably won't last long as a company and you definitely won't be as profitable as you could be. There is both a science and an art to find the best loads available. The the science is the systems, processes, and number crunching and art is the relationships and negotiation. We break down the science and art and talk about the following keys to success:
The Science
Having good systemsLoad board
TMS
File Storage
Tracking weather

Having a good processEarly to bed, early to rise, makes a dispatcher successful and wise
Don't wait
Be efficient

Know your numbersVariable and total cost per mile
Target rate per mile
Revenue per day is as important as rate per mile

The Art
80-20 Rule
It's about relationships
Where to find the best loads
How to negotiate

If you want to hear about the worst experiences I have had with a repair shop, listen to this episode. All I can say is never take your truck to the Freightliner Northwest in the Seattle area. As time goes on, I get more and more comfortable dispatching. One of the best parts of dispatching is the relationships I have been able to build. Relationships is one of the biggest keys to being successful finding loads.
What To Expect From Episode 148
Anyone can find loads, it is a lot more difficult to find loads that are profitable and keep drivers happy. The biggest difference between finding just any load and finding consistent, good paying loads is building good relationships. When I first started dispatching, I was getting all of my loads, that weren't direct shipper loads, off load boards. Last month I booked 41 loads through brokers, I only got 20 of them came from a load board. The other 21 were all via a few broker relationships where I was able to reach out directly to the broker and get a load before they had posted it.
The meat and potatoes of this episode covers some of the things I have been doing to find and build those relationships. This may seem like a simple thing, but it's not easy. It takes time, commitment, compromise, and a good attitude. Doing it right can have one of the biggest positive impacts on your trucking company. Like many hard things, it's worth the time and commitment it takes. Being willing and able to do hard things is one of the biggest factors that separate the successful from the unsuccessful.
THE CHECKLIST Whenever I book a load with a new broker I...
Make sure I communicate well throughout the entire load
Do everything they ask
Follow through with what I commit to them
Send a follow up email thanking them for the load.
If I think they are someone I would want to do more business with, I follow up with a phone call:
5a. Try to guage if we are a good fit for each other. Common lane, are their rates good enough
5b. Make regular contact
5c. You might have to take a load that fills a need for them, but might not be the best for you

January was a good month, it seems like it has been a while since I have said that. It's also been a while since I have told a good "Chris is stupid story" from my adventures on the road. This episode starts with a good one. The silver lining is that it was a good learning lesson that shouldn't cause any serious harm.
What To Expect From Episode 147
The last 4 months have been some of the hardest months of my career. They have been tiring and stressful, but it is so nice to see positive results and it is making all the sacrifices feel worth it. With that being said, we still have work to do. Like I said in the story I told at the beginning of this episode, we can't get complacent and we can't settle into a routine. If we continue to push, good things will happen.
I feel like we need a drum roll. I'm really excited to share this month's numbers, so without further delay......
Total miles ran– 120,930
Deadhead miles– 6,347 (5.2%)
Total revenue- $290,958.59 (New Record)
All-in rate-per-mile- $2.40 (Best number we have seen since August of 2022)
Haulin Assets realized a good profit of $59,546.22. Last month I said I was not going to feel good until I see our net profit number in the $50-60k range. I feel pretty good. We haven’t seen a number like that since the height of the market at the beginning of 2022, right before the crash started. I think we have made a muckle, at least for this month.
Most of the expenses on the P&L were pretty in line with normal so we don't talk much about those. The only exception was fuel, which was only 24.3% of revenue. That is the best we have seen since the beginning of 2022. Hopefully, fuel stays relatively low and revenue stays high.
We finish off the episode by talking about some of the changes happening that have produced good results.