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. 

By all accounts, light-emitting diodes (LEDs) have emerged as the new, efficient source of lighting, making most consumers forget the short-lived reign of compact fluorescents, which replaced incandescents only a few years ago.


In light of the trend of utility customers establishing their electricity service independence with distributed generation technology, utility companies have expressed fears of a “death spiral” as they lose money from those customers and face a diminished capability to maintain their transmission sy

In the quest for achieving greater energy efficiency, buildings have become a primary target, and building designers are jumping on the bandwagon.


The power generation environment is changing, and so are the systems used to transmit and store that resource. Microgrids are emerging as one of the key components in the new energy landscape.


More on Your Business

 
Why Bother to Detect Problems Early?
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In a recent discussion about the virtues of power quality (PQ) monitoring with some less-than-knowledgeable business people, the point was raised that, “Why bother to figure out whose fault it is if you can’t fix it?” I responded to this comment by showing them some of the latest software tools avai

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Old Systems Struggle to Meet New Power Demands
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One of the biggest problems facing the electrical industry is existing power systems’ inability to meet the demands and requirements of the future.

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Relevant Records Can Produce Profits
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Improving the estimating process is not altogether dissimilar from improving performance in any other profession that requires sound judgment and productivity.

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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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