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.
As the year ends, you are probably taking your final steps to minimize your business and personal tax obligations for 2013. Consider Judge Learned Hand’s view of your “fair share” from the U.S. Court of Appeals decision in Gregory v.
In the last two columns, you learned how to calculate the return on your investment in human capital and what factors contribute to a successful hiring process. This month, we explore the potential of your training and development program to maximize your return on investment in human capital.
Last month, I showed you how to calculate the return on your investment in human capital—the knowledge, skills and experience of your people. This month, we look beyond the numbers at the factors in your hiring process that either maximize or reduce your return on investment.
Your financial statements only partially reflect your company’s overall performance. The return on investment (ROI) in “human capital”—the knowledge, skills and experience of the people who produce your results—is easy to calculate but difficult to maximize.
Every time you purchase a fixed asset for your company, you attempt to evaluate which option provides the greatest return on your investment over its useful life. Forecasting “capital productivity” offers a variety of ways to evaluate these choices and make the best decision.
In this three-column series on using rapport-building techniques to improve financial health, we discussed the principles of neurolinguistic programming, including the primary representational systems—visual, auditory and kinesthetic—we use to interpret our environment and to communicate with each o
You can easily learn a simple system that will immediately accelerate your ability to build wealth, without investing in expensive customer relationship management software or overhauling your accounting system.
In last month’s column, we explored the benefits of allowing employees to contribute and using more of their experience, talents and creativity, even when it is painful to hear their opinions about how management runs the company.