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. 

Evaluating the cost-
effectiveness of renewable power has always been a fairly simple calculation. As manufacturers lowered their production costs and improved the generating efficiency of their technology, renewables became more cost competitive with conventional sources of power.


We appreciate all of the positive response to the new format for our column in which we interview industry leaders about key issues that may alter the future of electrical construction.

Mobile lighting systems powered by hydrogen fuel cells are cleaner and quieter and now have a proven track-record in applications like nighttime construction, sports and entertainment events, and airport operations, making them ready for commercialization and broader use.


Retirement planning is complicated, with many risks and legal pitfalls. It is worth investing time and money with a financial adviser who specializes in retirement. A little preparation will help you get ready for your first meeting and result in a plan that fits your expectations and goals.


More on Your Business

 
Prebundling Saves Money and Time
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Until recently, labor contracts prohibited electrical contractors from doing much preassembly of electrical parts away from the job site.

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Distributor Services Sharpen Electrical Contractors' Edge
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As customers increasingly demand more complex and technologically advanced voice/data/video (VDV) systems for their facilities, electrical contractors must rely more than ever on their distributor partners to supply the value-added services that will strengthen their competitive edge.

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Article 210 - Branch Circuits
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• Please refer to ELECTRICAL CONTRACTOR magazine for referenced illustrations. 210.8(A) Dwelling Units Receptacles installed in certain locations must have ground-fault circuit-interrupter (GFCI) protection for personnel.

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Caution Prevents Problems
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To avoid costly surprises, a complete estimate is just one part of the equation. Uncertainties must be covered with a cost factor, albeit at times information is scarce.

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Research Proves the Cumulative Effects of Change Orders
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Because each construction project is unique and completed with time and money limitations, change orders are inevitable. Faulty plans, a change in the owner’s preferences, or unforeseen circumstances can all force the implementation of those changes.

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Liquidity Is Key to Financial Health
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What’s the key to financial health for the modern electrical contractor? While stakeholders value liquidity the most, it is not what electrical contracting firms build on to become successful. Look at your last balance sheet.

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duPont Method: A Starting Point for Performance Analysis
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Return on Investment (ROI) is probably the most common measure of an electrical contracting firm’s performance. However, ROI doesn’t reveal how management can improve this performance.

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