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

 
Stuck in the Middle

The balance between the manufacturer and the customer:


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Pricing for Profit, Part 1

Making sense of markup and margin: When you look at your latest income statement, you probably check the bottom line first; for many electrical contractors, the net profit figure is often a surprise.


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Hiding Behind the Wall

Out of sight doesn’t mean out of mind: Probably few industrial/commercial segments are as power-quality conscious as the financial, banking, credit and insurance companies.


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Building Better Bonding Relationships

As an electrical contractor, your experience with bonding may be limited to the unpleasant task of making a claim against a payment bond; surety bonding is often confused with insurance.


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Big Bad Bid Day

How to review your bid, part 3: Note to estimators: I write this article assuming you have finished and reviewed your takeoff (see part 1, October 2006), and ran and reviewed all of your extensions (see part 2, November 2006); if you haven’t, you will need to accelerate the following to Warp 10.


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