Another month has come and gone and it’s time for a financial episode. It’s a pretty interesting market right now and we start off the episode talking about that. I also mentioned a Soldier I work with who had an accident that is likely to leave him paralyzed from the waist down. If you are able to donate to help him and his family, it would be greatly appreciated. He has a Go Fund Me page you can access here.
What To Expect From Episode 114
BLUF (Bottom line up front), we lost money in September, it wasn’t much, however, we also had a lot of one-off expenses that skewed our numbers a bit. We also had two trucks sitting for some of the months so revenue wasn’t quite as high as it should have been. This month’s P&L was pretty chaotic, Craig and I dive into the details and explain it all.
- Total miles ran – 78,386 (New record, but still not where it should be for 8 trucks, should be closer to 90k)
- Deadhead miles – 4,094 (5.2%)
- Total revenue – $187,637.46 (Record, but should be over $200k)
- All-in rate-per-mile – $2.39 (Drop from last month, but it is still better than average over the last 6 months)
Haulin Assets realized a loss of $5,326.76. This month was really just one of those months that was a sacrifice to the gods of the up-and-down trucking industry. A lot of things kind of came together, in not such a great way, this month and we lost money.
Here are a few of the things that impacted the P&L that we talk about.
- Bank charges, $2.5k in loan origination fee
- Damages, $12.5k
- About $10k in repairs and maintenance, a bit on the high side, but not crazy high
- $4.5k in HVUT (2290)
- $500 in travel, refer to the incident that has not yet been named.
Try to manage time off. October through December typically have the best freight rates of the year. Avoid taking time off during these months. I would much rather as an owner operator work hard through the holidays, and then take time off in January and February when rates are often at their worst. The same thing for drivers, try to work with them to limit time off in the 4th quarter and take it in the 1st. With that being said, don’t sacrifice relationships for a few extra bucks.