A mentor can mean the difference between success and failure as a business owner. Whether your electrical contracting business is new or has existed for generations, you can always learn from other entrepreneurs.
“Where will you be 10 years from now if you keep on going the way you are going?” Napoleon Hill, one of the great writers on success, famously asked this question. When you apply it to the fire alarm and signaling business, it should give you pause.
The term “baby boomer” refers to Americans born between 1946–1964, when the United States experienced a marked, sustained rise in birth rates following the end of World War II. The first baby boomers began turning 65 in 2011, and this group is expected to live longer than previous generations.
How do companies figure the cost of doing business? The answer is complicated for electrical contractors (ECs) to track and mitigate, as the environment most operate in has shifted from a few big construction jobs to a variety of contracts and providing a plethora of services.
Last month, We began our exploration of how—and how much—today’s electrical contractors (ECs) are working, with Part 1 of our coverage of the 2014 Profile of the Electrical Contractor. We focused on the kind of work ECs are doing and the types of projects most important to their bottom lines.
As a contractor, you must be able to sell your services to a potential client with a proposal that fully conveys the scope of work you intend to provide while also conveying confidence in your company’s ability to perform the work.
Once known as demand-side management, the implementation of products and practices designed to modify electricity consumption are proven methods for electricity providers and consumers to control usage.
Contractors spend their adult life building businesses that usually hold more than 70 percent of their hard-earned wealth. Unlocking that trapped wealth without being clobbered by taxes will be a key to your retirement and not outliving your money.
While there may be marginal improvement in the U.S. economy, the electrical contracting business has not yet recovered from a slowdown that has hurt businesses across the spectrum, often lowering margins and slamming once thriving businesses into painful contractions.