If you’re reading this, you’re probably an electrical contractor. You’ve poured thousands of dollars into your dream, from licensing and insurance rates to overhead and equipment costs. Your commitment is evident, but are...
Construction activity in many regional markets has heated up to the point that some areas are experiencing worker shortages. In the midst of such a boom, it is easy to forget that, for every boom, there is a bust. That...
The holiday giving season is here, and the news stories about pay-to-play corruption and uncertainty surrounding how tax law changes will affect business deductions have made the process an ethical slippery slope. Gift or...
Last month, this column provided ideas about how economic forces affect a company’s pricing decisions. I believe a business has the right to a profit that accounts for the risks of a particular project, but its reputation can...
If you take your MRI to a dozen doctors, you may get several different opinions about the cause of your back pain. Likewise, if you take your financial picture to a dozen financial planners, you may get several different...
As I write this column, the citizens and businesses in Texas are assessing the damage from Hurricane Harvey, and Florida is cleaning up after Irma. In the wake of every natural disaster, complaints arise about price gouging...
When I ran the family contracting business, we still employed some of the old guard from my father’s term as owner. It was clear that they considered their training complete when they received their journeyman credentials...
Productivity improvement is more than reducing waste. Understanding how routines and environment affect our physical and mental states can help you and your employees get the work done more efficiently and accurately without...
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...
Most taxpayers know the Federal Reserve Board of Governors meets periodically to set interest rates, but too often, they leave the deeper analysis to economists. Since monetary policy affects the economy’s health and...
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...
Do you believe that your financial adviser knows more than you do about how to make your money work for you? Do you trust that adviser to be ethical? These are questions investors are asking more than ever, since the losses...
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. Managers use so-called...
Electrical contractors know productivity affects profitability but may overlook personal factors that affect employee attitudes toward work and that reduce the motivation to improve efficiency. Last month, I provided some...
This is the Chinese Year of the Monkey, which represents playfulness, creativity, honor, luck, God and riches. Since attitudes and beliefs affect wealth building, my 2016 columns will include topics such as behavioral finance...
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. Your...
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...
The first two columns in this series provided an overview of occupational fraud and suggestions for tightening internal controls to protect your electrical contracting business. This final column examines factors that may...
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...
