#79. May 2021 Financials

Back in the saddle again. After a month with two trucks sitting we had all three trucks running for about half the month of May and that was enough to get us back in the black. I am super excited to see what will happen in June. During this episode, I also share what I think is going to be the biggest threat to small trucking companies and could potentially put them out of business. What To Expect From Episode 79 Here are the numbers for the month. Total miles ran – 26,722 (New record) Deadhead miles – 944 (3.5%, really good) Total revenue - $56,740.16 All-in rate-per-mile - $2.12 Haulin Assets realized a profit of $7,582.17. Impact Tip Make your company scalable. This is actually one of my favorite tips, especially if you want to grow your trucking company. What does it mean to be scalable? It basically means you have a business that can adapt to increased workloads. That can only happen if you have good systems in place. Systems for buying equipment, hiring drivers, billing clients, etc. It's important that you have all the necessary systems in place and aren't missing one. Imagine what happens if you can add trucks and drivers, but you don't have a system for billing clients. You will complete more and more jobs, but you won't get paid for them or your payments will lag behind, neither is a good thing. When your company is small you can often manage the little inefficiencies and problems in your business. As you grow, if you don't solve those problems or inefficiencies they grow with you and can quickly get out of hand. If that happens, you'll have serious problems that will lead you to a nervous breakdown or even a shuttered business.