My September column, “America’s Money,” explained the basic structure of the Federal Reserve, including the 12 Federal Reserve Banks, Board of Governors and Federal Open Market Committee (FOMC). All checks are cleared through this system.
Various internet sources claim that adults make an average of 35,000 decisions each day. While that total may be in dispute, it highlights the constant activity our brains are in deciding on matters both inconsequential and life changing.
For the last two months, I have offered information on choosing an honest, responsible financial adviser. But all investments involve some element of risk, and scam artists can victimize even the most sophisticated clients.
Choosing a trustworthy financial adviser can be confusing and stressful. In last month’s column, we learned that researchers have not been able to find a link between financial literacy education and improved consumer decision-making.
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.