10 Things You Need To Start Tracking Now!- A Joey Slaughter Blog

Contributing author Joey Slaughter is the owner of Blue Ridge Transport, LLC. A Ringgold, VA based carrier. Joey started his company in 2010 after serving time as an unhappy employee with a local trucking company. The time spent there was not fun but, in hindsight, was a turning point that propelled Joey into the wonderful world of being an entrepreneur. Please visit JoeySlaughter.net for more insightful blogging.


I know owner-operators who only track the revenue on a load and how much the fuel costs will be.  They run their business (or hobby I should say) like that and wonder why they can’t get ahead.  That’s a classic example of a truck driver who buys a truck and continues to act as a truck driver.  To succeed, you must be a business person first and a truck driver second.

 

 images available at /www.truckstockimages.com/

 images available at /www.truckstockimages.com/

I track all fuel purchases by writing odometer reading on receipt and then recording price, gallons, fuel mileage and state where purchased.  All this is needed for IFTA.

Here’s a list of what I track monthly on a spreadsheet:  These are what I call KPI’s or Key Point Indicators.

1. Total Miles – from home until I get back home

2. Revenue in Dollars

3. Revenue per Mile -from home until I get back home

4. Average Fuel Cost

5. Fuel Mileage

6. Fuel Costs per Mile -Fuel Cost per gallon divided by Fuel Mileage

7. Cost to Operate -I have a fixed number for the other expenses and I add my fuel cost per mile for that month to obtain this number

8. Profit – Revenue per mile that exceeds my cost to operate per mile

9. National Fuel Price Average -www.eia.gov

10. Remarks –  anything to add context to the numbers; ie. No deadheading, out sick for a week, truck down for maintenance for 4 days, etc..

I’ve found that by tracking these KPI’s monthly, I’m able to easily identify areas for improvement.  I’m able to accurately determine how much profit I’ll make on a certain load and be in a position to compete more aggressively with the competition. Start tracking your Key Point Indicators (KPI’s) to make 2015 your best year in business ever.


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Joey Slaughter

Joey Slaughter is the owner of Blue Ridge Transport, LLC, a Ringgold, VA based carrier. I started the company in 2010 after serving time as an unhappy employee with a local trucking company. The time spent there was not fun, but in hindsight was a turning point that propelled me into the wonderful world of being an entrepreneur.