3 Things to Consider When Retrofitting Your Building with Fire Sprinklers

Protecting your company’s assets from damage during a fire should be an essential component in your overall safety plan. Fire sprinklers have the ability to help suppress flames quickly and efficiently, but many older buildings do not have fire sprinklers. Retrofitting your building to include a fire sprinkler system can be beneficial, but only if the system is designed effectively.

Here are three things you should consider when adding fire sprinklers to your company’s older building in the future.

1. Access to Water

In order for a fire sprinkler system to be effective, you will need to be able to ensure that an adequate supply of water is on available at all times.

It’s estimated that the average fire sprinkler can produce between 15 and 20 gallons of water each minute. Multiply this number by the number of sprinkler heads you plan to install in your building, and you will have an estimate of the total volume of water that could be needed should a fire break out.

Ensure that your building’s plumbing lines can handle this volume and that you have access to a reservoir of water large enough to fully supply your fire sprinklers in the event of a fire.

2. Existing Construction Features

When retrofitting an existing building with a fire sprinkler system, you will need to ensure that you are taking existing construction features into consideration. The design of the sprinkler system should allow for maximum coverage while minimizing the amount of damage that will be done to the structure of the building.

Consulting with a fire protection engineer can be a great way to guarantee that the design of your retrofitted fire sprinkler system will work well with the existing architectural features in your company’s building.

3. Code and Insurance Requirements

Many companies opt to retrofit their older buildings with fire sprinkler systems in order to comply with insurance requirements. Be sure that you check with your insurance company to determine the minimum amount of fire suppression required to qualify for policy discounts when you are designing your fire sprinkler system.

It can also be beneficial to check with your local planning and zoning office to educate yourself on the codes that must be met in order for your fire sprinkler system to be legal. Knowing code and insurance requirements before you begin the retrofitting process will ensure your fire suppression system will be designed properly.

Investing in the help of a fire protection engineer can be a great way to ensure you have access to plenty of water, you accommodate existing construction features, and you comply with code and insurance requirements when retrofitting your older building with a fire sprinkler system.

Fixing IT With RFP

RFP, which means request for proposal, is a way for businesses to put out a request for services and to accept bids for those services. For many, this is a way to reduce costs and get the best professional service provider.

Here are three benefits of using RFP processes. 

You Set Up the Rules for the Bids

The first thing you do with an RFP is design the job posting. You’ll write down a number of things, including legal issues with the problem you want solved, form agreements, specifications of the project, necessary qualifications for the vendors, administrative requirements and rules, and a full description of the services that you need performed. 

You Evaluate the Bids First Hand

Instead of going on hearsay and hiring a company to perform the work you want to have done, those businesses come to you with an RFP. Because they want to work on your project and are bidding for your business, the bidders put their best feet forward, explaining everything they can do for you for the money they’re asking for. This allows you to evaluate which bidder offers you the best value for the money and which one is likely to finish the job fastest. By looking into each of the bidder’s past work via their portfolios or references, you can also get a good idea of if the bidder will work well in your particular situation. 

You Get to Negotiate

Negotiations can help you get your job done for less or help you get more bang for your buck. With an RFP, bidders are fighting one another for your business, so they’re more likely to negotiate and have options for you that will cost less money or provide more benefit. For example, if you want to hire someone to build a website, you might have three responses. One offers to build a 5-page site for $500. Another sees this bid and offers the same for $480 plus gives you extra page options. The third might offers 24-hour turn around times and 8 pages for $475 to make it more likely for them to win the job. If you reach out and want to work with the first bidder because of his or her reputation, you can take the other bidders’ offers in hand and negotiate by showing what else you’ve been offered. 

These are a few reasons RFPs can work for you. Try one like Expedience Software, and you’ll have plenty of help for your IT concerns. 

Three Methods Of Business Valuation Every Business Owner Should Know

As a business owner, understanding the value of your business as well as any you’re considering partnering with is important. If you’re fairly new to the business world, you may not understand exactly how to do this. There are three primary approaches to consider, and while you can work with a business valuation specialist, you may be able to do it on your own as well.

Income Valuation

The income valuation approach focuses specifically on the income that the business produces. It determines the company’s value according to that income. In most cases, the income valuation requires that you look at the current cash flows and estimate the future growth with a calculation that takes into consideration any potential loss or discount risk you may assume going forward. This gives you an idea of what the company is worth now and likely to be worth moving forward. It is an objective way to look at businesses with recurring payments, such as subscription service companies and retail environments.

Market Valuation

The market valuation method takes a different approach. It relies on information that’s available in the company’s given marketplace to determine the operational value. It’s based on the idea that in any given period of time, markets will ultimately adjust to create balanced pricing for similar products. As a result, the market approach focuses on market data by asset type. To value a business this way, you determine the multiples of each asset value based on what you anticipate the market to balance out at. If it’s expected that values will increase, you’ll multiply your asset values by that anticipated increase. Applied to the earnings, cash flow, revenue and customer base, this gives you an estimate of the company’s growth potential.

Net Asset Valuation

With a net asset process, the company is valued based on the actual book value of the assets that they record in the current market. To use this method, you need an appraiser to complete a fair market value appraisal. Once you have those values, you can then adjust the current balance sheet estimates accordingly to determine the value of the business. This is a popular option when you’re dealing with investment companies and those with a lot of capital assets on the books.

Now that you understand the three most common methods for business valuation, you can decide which one suits your situation best. Talk with a specialist like The Ostermueller Group if you aren’t sure of the best way to proceed.

3 Reasons To Use Oil And Gas Compliance Consulting

They hydrocarbon industry can be a fantastic industry to make money, and provide the world with the energy to meet today’s needs. Getting into the industry does not seem that difficult, but if you do not understand the in’s and the out’s of the hydrocarbon industry, you may be breaking a law in ignorance. With all the different laws and regulations, it is easy to miss something and get into big trouble with federal policy. This article is going to outline three different reasons to use oil and gas compliance consulting when diving into the oil and gas industry. 

Do It The Right Way

The government does regulate the hydrocarbon industry, but it is for a good reason. The government wants to ensure the safety of the workers and also of the environment. When you hire a consulting company to help become oil and gas compliant, you will be saying that you truly do care about what you do. It will ensure that you are taking the necessary steps to become a legitimate business in the hydrocarbon industry. The consulting company will help you become a worker friendly, and environmentally friendly company. 

Your Own Protection

Even when everything is in line, it is possible for your company to be attacked by those who are opposed to the hydrocarbon industry. Simply put, you need to be sure that all of your bases are covered. A consulting company will ensure that your bases are covered, and that you are completely protected by a side attack from those who oppose the industry. No matter what front they try to attack, the consulting company will be able to help you prove that you are in compliance with all the laws and regulations that have been put in place by the government. 

Help With Your Own Knowledge

The more that you understand and know about the hydrocarbon industry the better. This is true in all aspects of the industry. It is important for you to understand the scientific side, the production side, and the business side of the industry. The consulting company will have experts in these fields that will be able to teach you a great deal about these different aspects of the industry. You will start to understand the industry better and will be better off for it. Hiring a oil and gas compliance consulting company (such as A. G. Wassenaar, Inc.) will help you be a legitimate business.