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.
Last month, we defined working capital (WC) as a measure of liquidity, efficiency and general financial health, easily calculated by subtracting current assets from current liabilities on your most recent balance sheet.
Electrical contractors generally use net profit levels as the primary measurement of their success, but cash is the lifeblood of daily operations. Even profitable companies can fail without a healthy cash flow.
Reality television, despite its smarmy nature, is cathartic for the viewers who wish they could say whatever they wanted to whenever they wanted to, without the usual filters of tact and diplomacy we use at home and at work.
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.
American workers are growing more confident about having enough money to fund a comfortable retirement, according to the latest Retirement Confidence Survey (RCS) sponsored by the Employee Benefit Research Institute (EBRI), the American Savings Education Council (ASEC), and Mathew Greenwald & As
Are you awaiting your retirement date, eagerly embracing a well-earned life of leisure? Or does the very thought of replacing your work routine with unscheduled days on your couch bring on a full-scale anxiety attack?
How does your attitude about money affect your business and personal life? At work, people are seldom comfortable discussing financial issues with employees or co-workers. You implement procedures to acquire and protect assets, and expect your employees to legally agree to follow your rules.
Most business owners have probably looked at their personal credit reports through at least one of the three major reporting organizations—Equifax, TransUnion and Experian—and occasionally glimpsed something called a FICO score.
Managing overhead requires a deliberate series of allocation and recovery decisions that affect the flexibility of your pricing strategy for each project. Periodically, you should re-evaluate how you price to recover overhead costs and allocate actual expenses through your job-costing system.
Strategic pricing is not a one-size-fits-all system, and it requires constant analysis. Electrical contractors who understand and monitor market conditions, as well as their own estimating procedures, will make the best choices each time they submit a bid.
If you’re a typical electrical contractor, at least part of your revenue probably depends on submitting the lowest price among a growing list of competitors. Although this technically qualifies as a pricing method, it is not a pricing strategy.
It may seem that running an electrical contracting business is harder than it used to be. Technology can mechanize many tasks and reduce errors, but research has revealed that employee attitudes have a greater effect on productivity than anyone realized.
In a December 2013 interview on “60 Minutes,” Amazon.com CEO Jeff Bezos declared, “Complaining is not a strategy.” In the electrical contracting industry, each day is a battle for the cash flow to make it to the next project, so what can electrical contractors learn from a guy whose optimism is lege
Each New Year offers the opportunity to forget past mistakes and hope for a brighter future. Part of planning for success requires an understanding of history. From a 2008 discussion of whether the United States was entering a recession, I learned some lessons that offer hope for 2014 and beyond.