Enhancing financial success among electrical contractors
This paper provides electrical contractors with significant information related to enhancing company financial performance. The methodology involves understanding the determinants of contractor financial success through: (1) an extensive literature review; (2) collection of financial- and management-related data from electrical contractors; and (3) analysis of data to identify management trends that are more prevalent in profitable firms. Ninety-six usable responses were collected from small, medium, and larger electrical contracting companies. General trends reveal that more profitable firms place greater emphasis in the areas of certain management initiatives (higher lines of credit and supporting continuing education), marketing initiatives (involvement in formal alliances and partnering), and technology initiatives related to spending more capital resources on computers and software. Significant differences are revealed with financial ratios as well. A Financial Success Scorecard is created for firms to compare their management inputs to those of successful firms. Findings from this study could provide helpful guidelines for nonelectrical contracting firms. Recommendations for achieving future financial success are also provided.
MARKETING IN THE CONSTRUCTION INDUSTRY: STATE OF KNOWLEDGE AND CURRENT TRENDS
Construction enterprises are aware of the importance of involving marketing in their management functions as a way to adapt themselves not only to the contin...
Construction Contractors' Survival Guide
Managing with Confidence. Elements of Contractor Failure. Increase in Project Size. Change in Geographic Location. Change in Type of Construction. Replacing Key Personnel. Managerial Maturity. Accounting Systems. Evaluating Contract Profitability. Equipment Cost Control. Billing Procedures. The Use and Misuse of Computers. Other Industry Concerns. Glossary. About the Author. Index.