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.
It's no secret that there's a work force shortage. If your key employees are demanding better compensation and benefits, you're probably frustrated. You know it's a seller's market and you can't afford to lose good people.
Electrical contracting firms are no longer the "single-product" firms they once were. For most of the history of electrical construction, the electrical contracting firm's market has been traditional contract construction and its customer base, predominantly general contracting firms.
The National Association of Electrical Distributors (NAED) released an open letter to the electrical industry urging all electrical manufacturers to begin providing and maintaining accurate and timely pricing data through the Industry Data Warehouse (IDW).
An electrical contracting company is worthless on a job site without the proper people and the right tools. Equipping skilled employees with the appropriate tools and equipment at the right time is the difference between profits and disaster.
Why manage your cash now Some contractors have said the construction market is slowing. Others report they are busier now than ever in the last 10 years. One contractor said this is the busiest construction downturn he has ever experienced.