There are several key business and field operations elements that every electrical contractor needs to know. Designed to help contractors professionalize their business operations, this program will cover essential elements of finance, legal issues, insurance, bonding, risk management, material management, productivity, and construction technology.
This session will discuss the key financial processes, facts, and figures that you need to be constantly aware of to keep the company running smoothly. Following the class, you’ll have an understanding of the components of financial statements, cash flow, profit fade, work in process schedules, cycle time, and the concept of margin versus markup.
This session will be led by David O’Brien, CPA, Director of Construction Services at Mosley Glick O’Brien, Inc.
The legal issues that electrical contractors can face are diverse and this session will focus on three key areas. First, every company routinely signs contracts for products and services, but those contracts may not be in the best interest of your company. Recommended clauses and provisions, what they mean, which ones to avoid, and how to include the correct ones will be discussed. Next, important wage and hour changes will be reviewed to assist you with staying in compliance to avoid an audit or lawsuit. Finally, every business may face an incident or allegation that must be internally investigated. It is critical to conduct such an investigation or self-critical analysis in an effective manner, and this presentation will center on best practices in this area.
This session will be led by James Fagan, NECA’s General Counsel and Vice President of Risk Management
Insurance, Bonding & Risk Management
While you may have insurance policies in place, you may not be adequately covered. This session will discuss common coverage concerns and factors that affect business insurance premiums. Risk management culture, best practices for fleet/driving, as well as bonding, will also be discussed.
This session will be led by Federated Insurance.
Planning and managing materials on a project can take up a significant amount of time before you even get to the jobsite and then also have a significant impact on the labor effectiveness on the jobsite. While the contractor is responsible for the results, the supply chain is a large and complex ecosystem and often difficult to navigate. The current state of the supply chain, the “digital thread concept,” industry-proven best practices, and useful tools to see more predictable, efficient, and profitable projects will be discussed.
This session will be led by Mike Carroll & Jessica Wilson of Graybar.
Measuring and tracking productivity is key to being able to improve it. This session will discuss how to benchmark and identify field productivity and identify areas of waste. Methods to improve productivity among your staff, as well as subcontractors, will also be discussed.
This session will be led by Mark Federle of Marquette University
Project delivery methods and building systems are growing increasingly complex. Owners and GCs continue to push tighter schedules and control cost, all while we are expected to adapt to their ever-changing expectations. How do electrical contractors meet these growing demands and position themselves to be successful in our fast-changing industry? This session will discuss what is driving these changes and what tools are available to help ECs shift from a low bid mindset to being seen as a trusted project consultant. We will explore how these new technologies expose strengths and weaknesses and help us identify opportunities to increase margins while reducing risk.
This session will be led by Tauhira Ali, NECA.