October was the best month I have had in a while, even though revenue was down a little bit. Here is a quick overview, and Craig and I talk about all the details during the episode. Scroll to the bottom and you’ll see copies of the Profit and Loss Statement and the Balance Sheet.
There are good brokers and bad brokers; you need to know how to deal with they guys who don’t care about you or you business and just want to get everything out of you that they can. Listen to this episode to learn what to watch out for when dealing with brokers.
This is a pretty short episode, but I think the lessons Craig and I discuss are critical for a successful trucking company owner. I’m experiencing everything a trucker often has to deal with on the road. But the best way to deal with unexpected problems? Take control and be prepared.
It’s a dangerous world out there for truck drivers and not all dangers are on the road. If you want to see me get fired up, start talking to me about ways truck drivers and trucking company owners get taken advantage of. In this episode I cover some of the more common ways I have seen drivers and owners being taken advantage of.
Overall, it was a pretty good month. Here is a quick overview, and we talk about all the details. There are a lot of things that happened this month and we talk about all of them in this episode, so give it a listen.
In this episode Craig and I cover two topics. First we talk about the UCR, Unified Carrier Registration, Fee and how it brings out the dark side of the trucking industry and then we talk about a life principle that is super important for anyone who runs their own business.
I thought it would be fun to see how much of a cost difference it would to eat out for a week versus eating store-bought food for a week. I was shocked at the difference. Listen to the episode for the full details, but some of the highlights are below. Leave a comment to let me know what you do to save money on the road.
What to Expect From Episode 22
In this episode Craig and I talk about my little experiment to determine the cost difference between eating at truck stops and restaurants for a week compared to eating food I bought at Walmart and was prepared at home or on the road. The difference was shocking.
A Week of Eating Out On the Road
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I’m pleasantly surprised I made money in August. If you have been listening to the podcast, you will know I am in the Army National Guard and I did my two-week training period during August. I was only on the road for 10 full days and two partial days in August. My total mileage for the month was only 6,645. Even with half the month off I was able to make all the important payments and the company made $595.65. The down side was, as a driver I earned half of what I normally would. Luckily, I get paid from the National Guard to make up for it.
Cost-per-mile is probably one of the most important numbers you need to understand when running a trucking company, but it is probably one of the least understood. Knowing how much it costs you to run each mile increases your likelihood of success. You don’t want just an educated guess, you need to know what the exact number is.
In this episode I talk about a very common topic in the Army, priorities of work. I use the example of setting up a patrol base. When you are out in enemy territory on a foot patrol and are going to stop for a significant period of time, you set up what is called a patrol base. The Army preaches the importance of prioritizing your tasks, so you do the most important things first that are going to have the biggest impact on your ability to survive and complete the mission. Here is a simplified version of what the priorities of work are.