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

 
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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AEP and Allegheny 765-kV Transmission Project Approved by PJM

American Electric Power’s (AEP) 765-kilovolt (kV) joint transmission line proposal with Allegheny Energy Inc was approved by PJM Interconnection (PJM) of Norristown, Pa.


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Operating Effectively

For electrical contracting companies that have many large, complex projects underway at the same time, construction management software is the key to making everything go smoothly and to completing each job on schedule and within budget.


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