Electrical contractors make rational financial decisions every day. They use historical data to develop the next budget and cost accounting to measure whether projects are hitting desired profit goals.
Do you ever wonder if your attitudes about money are normal? Your family, culture and level of financial literacy influence your relationship with money and attitudes about accumulating, using and managing your finances.
Do your employees affect customer loyalty? According to a recent Gallup poll, 20 percent of your employees who have contact with your customers are doing more harm than good, and only one-tenth are working to improve customer service and company performance.
Last month, the first column in this series introduced the topic of occupational fraud and its potential costs to electrical contractors. This month, you’ll find specific suggestions to help you minimize the risk of being victimized.
Frank Abagnale, the con artist who Leonardo DiCaprio portrayed in the movie “Catch Me If You Can,” is now a security consultant who advises clients on how to avoid becoming victims of fraud. His advice is simple: if you make it easy for someone to steal from you, it will probably happen.
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