Conley Smith, Sr. Business Writer
When you’re rushing to bid more work, it’s easy to repeat the same mistakes. Did you forget the unreliable supplier or which trade always runs late? Nobody wants the last 5% of any job to drain 50% of your profits, but it happens—even to the most experienced contractor.
Whether your scope of work is framing an eight-story parking garage or painting 62,000 square feet of floor space, it is never easy to make sure the project is on budget and the actual estimate matches the bid. As outlined in our white paper, Overcoming the Pitfalls of Estimating, shortcuts can come back to bite you.
Applying Lessons Learned
For example, a concrete subcontractor who specializes in decorative concrete may think they are focused on the right type of work for their business. But if they fail to review the ins and outs of each completed job, how will they know?
Not to worry—here are five great tips and tricks to help you get a jump on the next job:
- Use digital tools that allow you to save your historical calculations to see the impact of cost overruns and project delays.
- Go over labor records weekly so you can spot issues early in your project.
- Track progress against your original estimate so it is easier to accurately predict just how long it will take to complete the next job.
- Meet with clients after the project and provide positive or corrective feedback to the estimator and team.
- Complete each job with a profit-and-loss (P&L) statement so everyone knows their part in making each job more profitable than the last.
Find Your Sweet Spot
These best practices can help to confirm you’re on the right path or show you where and how to adjust your focus. Fine-tuning your bidding process is one way to avoid making the same errors again and again.
Ready to get more great tips and tricks?. Download our white paper, Overcoming the Pitfalls of Estimating, now.
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