Often times a contracted project takes longer to complete and requires a larger budget than was originally planned. Many factors can be contributed to the increased duration and cost of a project. But who is responsible for such delays?
Just a few years ago, electrical construction consolidators sprang to life in a bizarre manner. Buying companies hand-over-fist and paying way too much, they added debt as if tomorrow would never come. But tomorrow is now here; for the most part, the consolidators are gone.
Growing numbers of electrical contractors are trying out new technology to increase their efficiency—some products with more success than others. But the CAD (computer-aided design) system has become a staple that contractors cannot ignore.
It’s almost certain your company will add equipment and tools to its inventory this year. What’s less certain is whether you will buy outright or lease. Neither choice is all good or all bad, but the result will make a difference on your balance sheet and tax statements.
Electrical contractors can obtain needed equipment by purchasing it, leasing it or renting it. Electrical contractors use each of these three equipment acquisition methods every day and each method has its advantages and disadvantages.
Customers are placing a higher priority on time than money, and it seems that nearly all projects are now “fast track.” Managing money is easier than managing time, and every electrical contracting company struggles with waste, inaccurate records, or even time theft.
Growth during a recession is not an absurd idea Electrical contractors are a debt-resistant group. Past and future company leaders often clash over whether to assume debt. The former is proud of having no debt, the latter knows that it’s a tool for growth. Who is right? They both are.
Customers warm to people who care about them. There is no question that when homeowners call in electricians, what they are looking for is competent work. However, fair treatment is important to consumers; a sense that we care inspires trust.
On Oct. 31, 2002, a 15-year-old boy was shot in the stomach by another 15-year-old at Lincoln High School in Jersey City, N.J. The next day, another student was attacked blocks from campus. The incidents caused a community outcry, prompting calls for heightened security.
Caterpillar Inc. and FuelCell Energy, Inc. are expected to win a contract to install one of the nation's first advanced utility-scale fuel cell power plants designed to feed power from a substation into a local electric distribution system.
With a stalling economy and rising utility costs, saving money has become the most common objective of business owners. For electrical contractors, that equates to a shifted focus on upgrading existing electrical systems rather than on new construction.
For every sweltering summer there is a bone-chilling winter. In construction, contractors enjoyed tremendous growth and profitability during the late 1990s and early part of this new century. While it lasted, the ride generated widespread prosperity.
Growing the volume of your business is natural, it’s expected and it’s rewarded. The problem is, it takes planning, cash and expertise to keep revenue growth from killing an otherwise successful electrical contracting business.