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Overcoming the Pitfalls of Estimating

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WWW.ONCENTER.COM OV ERCO MIN G T HE PIT FA LL S O F EST IM AT IN G 1 Page I n today's c onstr uc tion ma r ket, the re is ple nt y to c ele brate. T he industr y is booming with few re maining re minde r s of the days whe n wor k wa s more sc a rc e. But a s new c ompetition bubble s up almost daily, the re is no bet te r time to make sure your busine s s is well-positione d to build a back log of wor k . As a re sult, the pre s sure is mounting for e stimator s to ac c ele rate the bid p roc e s s a nd win more wor k . T his philosophy wor ks well a s long a s you c a n rein in ove r ze alous ef for ts to cha se more wor k that isn't ne c e s s a r ily p rof itable. O c c a sionally, c ontrac tor s ne e d to ste p back a nd exa mine how well their e stimating p roc e s s is wor k ing. A re they focusing on the r ight wor k for their sk illset? By a sk ing tough que stions, they c a n avoid ma ny e stimating pit falls or take c or re c tive ste ps to re me dy the m. No doubt, c ontrac tor s wa nt their e stimate s to yield the be st, most prof itable wor k, to grow their re putation. But they should always be reviewing what cha nge s a re ne e de d to elevate their busine s s outlook . T he se k inds of insights c ome with ha rd que stions like: • W h a t j o b s a r e w e b i d d i n g a n d w h y ? • W h o i s d o i n g t h e b i d d i n g ? • W h a t t e c h n o l o g y a r e w e u s i n g ? • W h a t h a p p e n s w i t h t h e b i d a f t e r i t i s w o n? For the s ake of this discus sion, we will take a de e pe r dive a nd outline four t ypic al e stimating pit falls, the r isk they cre ate for your busine s s, a nd how to ove rc ome the m to sustain p rof itabilit y a nd stre a mline your e stimating p roc e s s. Overcoming the Pitfalls of Estimating

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