Your Business

 

 

Articles in this section are intended to help electrical contractors grow and improve their businesses, from financial and legal advice to creating a service and maintenance department. You’ll find articles on estimating projects and more below. 

Most taxpayers know the Federal Reserve Board of Governors meets periodically to set interest rates, but too often, they leave the deeper analysis to economists.

Various internet sources claim that adults make an average of 35,000 decisions each day. While that total may be in dispute, it highlights the constant activity our brains are in deciding on matters both inconsequential and life changing.

This tunnel lighting is part of Birmingham’s total lighting upgrade.

The City of Birmingham, Ala., announced a new project designed to upgrade its current public parking garage lighting to energy-efficient, connected light-emitting diode (LED) lighting. The retrofits are expected to save about $375,000 per year.


Credit cards typically apply interest to late payments. This interest factor, which may be 18 percent or more, can be viewed as a form of liquidated damages (LDs). The base amount owed is not liquidated, because it depends on your balance, but the percentage is liquidated, or fixed, by agreement.

More on Your Business

 
Think Risk

Even under optimal circumstances, it is difficult to control risk in the construction industry. Owners have certain advantages because they control the purse strings and often can obtain performance security in the form of surety bonds, letters of credit, guarantees or other protections.


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Lady or the Lion? Part 2

In my July 2007 article, I posed six problems and named the piece “Lady or the Lion?” The title comes from tales of King Arthur’s court, and it refers a knight who was given a choice between opening one of two doors.


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Nothing to Yawn About

If the stock market makes you nervous with its volatile ups and downs, you may want to take a good look at a more conservative alternative to stocks—municipal bonds. Mention tax-free municipals to some investors and you will be greeted with a big yawn.


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PQ Comes in Twos

The acronym “PQ” most often is associated with power quality, but some people use it to represent power quantity. The latter is more commonly referred to in today’s technical community as energy management. The commonality between the two is further seen in the instruments used to measure such.


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Spread the Word

As you well know, contractors no longer merely dropwire into a facility and call it a day. They have become the primary provider of all things related to electricity, power, communications, security and countless other systems-related work.


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Design/Build Teamwork Sharpens Winning Edge

As Today’s growing project-delivery method, much is said about design/build’s inherent advantages; however, its success rests on the shoulders of a winning team.


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Vicarious Liability Threatens Contractors on Multiple Levels

Mark Hady of Hady Electric Inc in Watertown, Wis, has not faced the problem of vicarious liability yet, and he hopes not to. “The hiring practices of my subcontractors is just not an issue I had given much thought to,” he said.


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