3 Ways to Set Yourself Up for a Successful Bid
Many construction businesses bid on work to expand their market, but the competition is fierce. Construction professionals must learn how to win bid contracts while also staying profitable. If your bid proposal is poorly executed you will be eliminated from the competition. To get started on the road to winning more contracts, set yourself apart, do your homework, and improve your estimating process. As always, if you need assistance with the bidding process reach out to a construction lawyer in Wilmington, NC from Cotney Construction Law.
Set Yourself Apart
To win bids you must stand out from the crowd. What competitive advantage do you bring to the table? How can you help them solve problems? It’s not all about the price; a company that offers customization, quality control, and excellent customer service is a valuable asset. Showcase your experience and be straightforward when explaining why your team is right for the job. When competition gets stiff, a firm’s reputation can be the factor that tilts the scales in your favor.
Do Your Homework
It is crucial to have an understanding of what potential clients want. Spend some time conducting market research on each client and develop strategies to appeal to them based on their personal interests and pain points. Have a thorough understanding of the site conditions so you will not be caught by surprise if you are awarded the contract. Certain site conditions (e.g., limited access, transportation) can increase your costs. Attending a pre-bid meeting is a helpful tactic to get all the clarification you need on the project requirements so you can put yourself on the right track.
Create Good Estimates
The estimate is what truly dictates the scope of the contract, budget, and process for delivering the project. Poor estimating leads to cost overruns that can seriously affect your project profits. Some of the major problems we see in the estimating process include a lack of consistency among estimators, a lack of detail in project phases or tasks, using inaccurate information, and a failure to build in a margin for contingencies. An effective process is necessary to ensure that estimates are valid and accurate.
If you would like to speak with a construction lawyer in Wilmington, NC, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.