In today’s construction market, there is plenty to celebrate. The industry is booming with few remaining reminders of the days when work was more scarce. But as new competition bubbles up almost daily, there is no better time to make sure your business is well-positioned to build a backlog of work.
As a result, the pressure is mounting for estimators to accelerate the bid process and win more work. This philosophy works well as long as you can rein in overzealous efforts to chase more work that isn’t necessarily profitable. Occasionally, contractors need to step back and examine how well their estimating process is working. Are they focusing on the right work for their skillset? By asking tough questions, they can avoid many estimating pitfalls or take corrective steps to remedy them.
No doubt, contractors want their estimates to yield the best, most profitable work, to grow their reputation. But they should always be reviewing what changes are needed to elevate their business outlook. These kinds of insights come with hard questions like:
• What jobs are we bidding and why?
• Who is doing the bidding?
• What technology are we using?
• What happens with the bid after it is won?
For the sake of this discussion, we will take a deeper dive and outline four typical estimating pitfalls, the risk they create for your business, and how to overcome them to sustain profitability and streamline your estimating process.
Take a hard look at your estimating process. Read our white paper to get strategies to help you focus on the best, most profitable work. Download the Free PDF now for more information.