Tips to Improve Your Construction Project Bidding ProcessJune 29, 2022
To succeed in construction, you need to be skilled at bidding and estimating. You may have the expertise, the right team, and the resources required for the project. But if you don’t know how to create a winning bid, you’ll struggle to find work or fall short of your targets.
Think of creating construction bids as having a resume. The bid package speaks and advertises for you. It’s the document that the project owner or issuing entity reviews to decide whether to grant you the project.
So, how can you improve your construction bidding process to ensure you get the project issuer’s attention and win more bids? Check out our tips below.
Use a Project Bidding Software
It’s no secret that creating a compelling bid takes a significant amount of time. You need to read the RFP requirements, calculate internal costs, send bid packages to subcontractors, compile the estimate totals, and finally submit your bid before the deadline. You could be using this time to manage your business or finish ongoing projects. A lack of time is actually one of the challenges that hinder contractors from drafting accurate, comprehensive bids.
This reason is why we recommend you invest in construction project bidding software. Project bidding software not only saves you time. It also makes the bidding process easy by compiling everything you need into one platform. You can use the software to create bid packages, send and monitor bid invitations, convert winning bids to subcontracts, and even sign the contracts electronically from the platform.
Bid for the Right Projects
Not every project will meet your expertise or will be a good match for your business. You don’t have to bid on every job that lands on your desk or email. Aim to find the ones that are worth your time and that you are most likely to win. The best way to do this is by evaluating the project proposal before drafting your bid.
When reviewing the proposal, first assess whether you meet the RFP requirements. Bidding for projects where you fall short of the requirements will be like shooting in the dark. Considering the amount of time and effort required to create a bid, you’ll be losing too much time only to lose the bid.
Another thing to assess when evaluating the proposal is the project’s scope. Some jobs may require skills you don’t possess or may demand more resources or finances than you can handle. Go for the ones practically achievable with the resources at your disposal.
Learn How to Create a Winning Bid
The best bids are the ones that are accurate and comprehensive, meaning they cover all details required to do the project. This includes everything from the workforce to timelines to equipment and tools to detailed cost estimates.
Winning bids also have the necessary fundamentals, such as your business name, brand logo, and contact information. They have supporting documents, concerns and price estimates and a conclusive summary. Learn how to create such a compelling bid to improve your chances of getting the project.