What is your time worth? Re-engage with owner-operator business fundamentals to know the answer
"Time is money," as the old saying goes, and as s…
Summary
"Time is money," as the old saying goes, and as such "time management is money management." That was how the great Red Eye Radio host Eric Harley put it near the beginning of this our last in a series of Partners in Business short podcasts on Overdrive Radio, talks excerpted from a long roundtable conducted at the Mid-America Trucking Show this year: https://www.youtube.com/watch?v=khKP2WHZjfg&list=PLc1lg9rs1dUBRbJKjvc7UUcJRRd4iI2v3 Time should be a factor in your analysis of any load to truly assess the potential for profit. Overdrive released a bit of a tool to help in that process -- it's a custom spreadsheet that was made available for download around the time of MATS and the big update to this year's Partners in Business owner-operator handbook: https://www.overdriveonline.com/partners-in-business/document/15666632/evaluate-any-loads-cost-in-relation-to-time-not-just-miles The tool clearly illustrates how added time within any load's schedule dilutes revenue and adds costs per mile as fixed costs continue to mount with any delay. It offers a way for you to calculate that impact more or less at a glance, with the input of just a few of your own numbers. The tool was developed by Overdrive contributor Gary Buchs in his efforts coaching individual owner-operators through business decisions large and small. In this episode, voices you’ll hear, in order of appearance, are that of our moderator Eric Harley, setting us up for discussion of time management, followed by myself, then ATBS Vice President Mike Hosted expanding with some market timing insight, and Overdrive contributor and now longtime business coach Gary Buchs, previously mentioned. Through to the end, all stress, too, the fundamental value of re-engagement with business fundamentals possible with the PIB program. Here’s hope the talk and broader program both give you plenty to chew as you assess prospects and performance of your own business throughout the remainder of the year. The educational program this year is sponsored by the great folks at the Rush Truck Centers dealer network, who share our vision for your success: https://rushtrkctr.com/4bLxbR4 As mentioned in the talk, Matthew Mickenberg's story of valuable timing: he saved $50K on the price of a new truck purchase on account of it: https://www.overdriveonline.com/overdrive-extra/article/15659622/its-a-deal-50k-saved-on-a-new-truck
First published
05/15/2024
Genres
Duration
15 minutes
Parent Podcast
Overdrive Radio
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