Chapter Corner

Newsroom & Insights: September/October 2016

Predict & Prevent

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Flipping the College Decision-Making Paradigm

It’s quite shocking when you think about it. Ask any university graduate to describe how they approached three significant life choices: their major, their college, and their career. Ask them to recall, in order, which they chose first, second, and third. They’ll probably tell you that the first thing they chose was the college they wanted to attend. Perhaps they picked a parent’s alma mater or one based upon location.

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The IIOT and Me: How Connectivity Is Transforming the Electrical Contractor Role

The rapid pace of technological change isn’t news to electrical contractors – who can’t go far without encountering such buzzwords as “Industrial Internet of Things” (IIoT) and “digital transformation” – yet its full effect on the industry can be difficult to grasp.

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Lead a 'Best in Class' Construction Biz

Stan is the owner of CompassContractors, specializing in electrical work on office building projects. They primarily work for general contractors as a subcontractor. Stan struggles finding enough time to get everything done and keeping multiple commitments to demanding customers. He finds himself juggling his time between working on bids, estimating, ordering materials, scheduling 25 field workers, making sure the right equipment is on job sites when needed, constant phone calls with foremen asking for advice, and daily job site visits to meet with his foremen and project superintendents. To make matters worse, customers demand he cut prices to win work, cash-flow is tight, his bookkeeper doesn’t get him job cost reports until months after projects are finished, he works over 65 hours per week, and he isn’t making much more money than he pays his top foreman.

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Strategies for Minimizing Risks of Worker Misclassification

While the use of independent contractors (IC) can have substantial business advantages given the current economic and political climate, IC relationships have been facing and continue to face increased scrutiny. Both the Internal Revenue Service (IRS) and the Department of Labor (DOL) believe that up to 30 percent of employers are misclassifying their workers. The Government Accountability Office also estimates that misclassification costs the federal government $2.7 billion dollars a year in unpaid unemployment, FICA, FUTA, and other taxes. With the Obamacare mandate that companies with 50 or more “full-time equivalent workers” offer health plans to employees who work the required number of hours per week or else pay stiff penalties, significant temptation exists to reclassify employees as ICs.

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Exploring Communication Breakdowns

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Cash Out and Pass the Baton: Understanding Exit Planning and Succession

In running your contracting business there is only one guarantee: You eventually will exit – either voluntarily or involuntarily. The day will come when you will have to say goodbye.

Exiting is not an easy process, and the odds are not in your favor. Therefore in order to succeed, the business and the owner must both be prepared to successfully transfer the business.

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How to Make Another Million Dollars Next Year With This Brain-Meltingly Powerful Strategy

Would you like to make an extra million dollars of income next year without adding any more employees to your payroll? What if you could do it without any capital outlay?

The skeptics among you just read those sentences, rolled your eyes, and thought about flipping to the next article. But if you keep reading, I’ll show you exactly how to do it. It works, it’s amazing, and it will totally change the game for you. And yes, you can start doing it in your electrical business as soon as you get back to the office.

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