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. 

Second to electricians and project managers, the most important assets on any work site are equipment and tools. But until recently, tracking them—in the warehouse, in trucks and vans, and on the job site—was a paper-, pen- and phone-based operation.

My September column, “America’s Money,” explained the basic structure of the Federal Reserve, including the 12 Federal Reserve Banks, Board of Governors and Federal Open Market Committee (FOMC). All checks are cleared through this system.

Hundreds of jobs have been “mothballed” or put on an extended hold status. It occurs with home-renovation projects, power plants, marinas, dentists’ offices and automobile manufacturing plants, to name a few. Every case is unique, yet almost all instances eventually boil down to money issues.

Understanding and accepting 
change is important in any walk of life, but especially so in electrical construction. I’ve seen how innovations in technology have affected the men and women in my business, and it’s exciting to be a part of it.

More on Your Business

 
The Next Level

The implementation of design/build means more power and input for any given specialty contractor on the job site. It puts more responsibility on the contractor and also gives said contractor the opportunity to provide myriad services that extend beyond installation.


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Lightning Strike Closes Power Plant Until Late 2007 or Early 2008

Wisconsin Public Service Corporation updated the cost and timeline for repairing the damage resulting from the Oct. 6, 2007, lightning strike at its 321-megawatt Weston 3 power plant near Wausau, Wis.


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Candle in the Wind

A recent trip to a Latin American country helped remind me of so much that we often take for granted in the United States.


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Checking Your Financial Pulse, Part 2

Last month, we introduced the NECA Financial Performance Report (FPR) and began reviewing the data within it. Let’s continue with some additional measures of profitability.


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Legacies Derived from Will to Succeed

It may sound odd when I say a week-long event completed a couple of months ago left a legacy. However, a legacy can be defined as something from the past that enriches beneficiaries in the present and future, and I believe the 2007 Solar Decathlon will provide benefits well beyond its duration.


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Progress Energy Carolinas Seeks Renewable Energy Proposals

To support Progress Energy Carolinas’ balanced solution to meeting the future energy needs of a growing region—and to meet increasing renewable energy targets that take effect in the near future—the company is seeking information from potential suppliers about the availability of renewable and alter


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Recommendations for 2008

It's December already, which means this year’s estimating saga is basically over. Not to worry, 2008 should be just as exciting and fun, loaded with all sorts of new changes.


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