Enhancing Financial Success Among Electrical Contractors
Publication: Journal of Construction Engineering and Management
Volume 128, Issue 1
Abstract
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.
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References
Becker, B. E. (1995). Single vs. separate prime contracting: A national study. The Electrical Contracting Foundation, Bethesda, Md.
Brownsword, A. W., Hartzler, G. J., and Hartzler, M. T. (1994). Improving apprentice training with personality assessment. The Electrical Contracting Foundation, Bethesda, Md.
Rounds, J. L. (1993). Productivity enhancement focusing on labor efficiency. The Electrical Contracting Foundation, Bethesda, Md.
Rowings, J. E., Jr., and Federle, M. O. (1996). Electrical contractor’s guide to partnering. The Electrical Contracting Foundation, Bethesda, Md.
Severson, G. D., Jaselskis, E. J., and Russell, J. S.(1993). “Trends in construction contractor financial data.” J. Constr. Eng. Manage., 119(4), 854–858.
Information & Authors
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Copyright
Copyright © 2002 American Society of Civil Engineers.
History
Received: Jul 18, 2000
Accepted: Mar 2, 2001
Published online: Feb 1, 2002
Published in print: Feb 2002
Authors
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