Episode 52: The High Cost of Not Keeping Score

SEPTEMBER 1, 2019

In this episode of the show, Larry sits down with fellow Landstar BCO Steve Wheeler. In addition to his experience as an owner/operator, Steve has experience as an accountant and bookkeeper. Their conversation is about “keeping score.” You cannot know the health of your business if you do not possess the statistical data to measure what freight you can haul and what you can’t. Larry and Steve also discuss important topics like -

When to file as a corporation versus a sole proprietor

How to save for maintenance

Use a P&L (Profit and Loss Statement) to watch your cost savings strategies that affect your bottom line.

Most importantly, find and monitor your CPM (Cost Per Mile). This is the only way to know what freight rate you can haul for a profit.