Don’t fall asleep at the wheel of your business No matter how well you plan and manage your company, you cannot guarantee that you won’t be one of the 40,000 companies filing bankruptcy in a given year. Not all factors resulting in business failure are under your control.
Improve written communication by following the rules Have you ever written a letter like this? “Dear Owner/Contractor: We have been in business for 20 years and never encountered the problems we have with this job.
Financial awareness for employees IF YOU THINK THAT IT IS ENOUGH for you and your managers to understand your cost structure and financial statements, then you may want to consider sharing this information with your entire staff.
Why don’t electrical contractors spend more time reviewing their financial statements? How much time does it really take to do a financial self-examination? Do you have to be an accountant or financial wizard to evaluate the status of your financial health? It might be easier than you think.
The first two parts of this series have explored the concept of the Employee Stock Ownership Plan (ESOP) and the potential advantages of establishing one for your contracting business. This month, we will discuss some of the possible pitfalls.
Last month, we introduced the concept of the Employee Stock Ownership Plan (ESOP). This month, we’ll look at the potential advantages to your company of establishing an ESOP, including positive effects on employee morale, company finances and bonding relationships.
Is an Employee Stock Ownership Plan (ESOP) right for your electrical contracting company? What is an ESOP and how do you establish one? In this three part series, we’ll define what an ESOP is, the principal reasons for starting such a plan and the possible pitfalls of employee ownership.
You know those old axioms: “A penny saved is a penny earned,” and, “Time is money,” and, from Ben Franklin, “Beware of little expenses. A small leak will sink a large ship.” It is no secret that managing expenses commands more of our attention today than in the past.
As 2005 came to a close, many economists blamed a cloudy future on a femme fatale named Katrina. Anthropomorphism, giving human characteristics to something inanimate, is a tricky device, usually frowned upon in writing.
Two trends are converging for electrical contractors that offer lucrative opportunities—building owners are increasingly investing in intelligent building technology while, on the other hand, they are contracting out for building maintenance once done by company employees.
This unfortunate circumstance occurs every day: A company, concerned about mounting claims and litigation against it, decides to get rid of its assets by conveying them to the company owners, shareholders and others.