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.

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 this your best year in business ever.

 

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About Joey Slaughter

Joey Slaughter is the owner of Blue Ridge Transport, LLC. Joey has been in the trucking industry since 1992.

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