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

 
A Promising Prognosis

A number of factors are fueling a nationwide surge in healthcare facility construction and improvements, including updating aging facilities, changing workforce needs and growing consumer demands for specialty services.


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Up for Grabs

Two trends are converging for electrical contractors that offer lucrative opportunities—building owners are increasingly investing in intelligent building technology while, on the other hand, they are contracting out for building maintenance once done by company employees.


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Where Did the Money Go?

This unfortunate circumstance occurs every day: A company, concerned about mounting claims and litigation against it, decides to get rid of its assets by conveying them to the company owners, shareholders and others.


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PV Future

Photovoltaics (PV) have a sunny future in the building industry. After a number of false starts over the past 30 plus years, PV has the potential to become a significant contributor to the U.S. energy supply in the coming decades.


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Reassuring Your Surety

Bonding capacity is one of the primary factors limiting your ability to grow and acquire larger projects. What does your surety want from you, and how can you make sure your bonding capacity is there when you need it?


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It Begins and Ends with the End-User

When discussing distributors and manufacturers, we have to take a look at the big picture to see how it relates to contractors. This business relationship is important because it affects a contractor’s ability to meet the demands of the end-user in a very competitive marketplace.


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The Year's Estimate

My final thoughts for 2005 are for all the owners, chief and senior estimators out there—the team leaders who bear the responsibility of determining which direction their estimating department will take their company.


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