Are you a construction contractor? Do you bid on construction projects and end up losing big projects? Well! Don’t worry, in this article; we’ll discuss ten secret tips to win a construction bid. We’ll also discuss how you can make a precise bid proposal and end up with a big construction project. These tips will help you a lot in your future endeavors.
Here is a list of secret tips. Read and follow these tips if you want to become successful construction bidder:
10 Secret Tips to Win Construction Bids
1. Bid Smartly
Bidding smartly is the first tip if you want to win a construction bid. All you have to do is select quality projects only. If you keep bidding on unnecessary projects, you’ll waste not only your time but also your capital. It is better that if you’re currently bidding on unnecessary projects, you should withdraw your proposals. Always select quality projects which suit your company in terms of requirements and resources.
2. Double Check the Bidding Paper Work
Whenever you submit your bid proposal, make sure to double-check your paperwork. Most bidding proposals get rejected because of missing documents. It is better that you should make a checklist when you’re creating a bid proposal. You can hire a separate person or assign someone the responsibility to double-check the papers. It is also essential that you should attend all the pre-bid meetings.
3. Know Your Project
If you want to win a construction bid, it is better that you should know your project. Firstly, you should go for a site visit. Make sure that there are no complications when you are bidding for some project. It is better that you should talk to the authorities and know if there are any legal requirements. Make a proposal, projections, and estimate according to the requirements. It will not only help you win a bid, but you’ll also save some bucks.
4. Review Your Profits
Once you’ve estimated all your costs. Make sure to include the cost of material, labor, supplies, instruments, equipment, and bonds. Now it is time to review your profits margins. With this tip, you’ll know the quality of the bid. If the profit margin is less, then the error is probable. Try to remove it by re-estimating the cost. If all the expenses are okay and still the profit margin is low, it means that it is low quality project or bid. So if you are getting a good profit based on your final bidding price then go for it.
5. Measurements and Takeoffs
Take correct and accurate measurements. Double-check the dimensions and review those dimensions twice and thrice. These measurements will help you in estimating the precise cost of the project. You can use the takeoff software to make sure that your measurements are correct. Remember to use the right units of measurements when you’re taking dimensions. You can also take services of 3rd party estimation services to do the estimation part for you and this way you will save time as well as some bucks.
6. Go Digital
There are different software’s available on the internet regarding measurements and paperwork. Use these bidding and estimation software’s to avoid any error. Manual paperwork has lots of error chances. Even if you review your paperwork twice thrice, there are still chances of error. Digital software’s help you avoid these errors and get accurate measurements and estimations. You can use MS Word or Excel etc. to have the record of all your calculations, estimations and bid proposals.
7. Highlight Your Skills and Qualifications
If you’re an experienced contractor, it is better to highlight your skills and experience in your proposal. Let your client know that you’ve handled the precarious situations. The expertise you highlight will grab the attention of the client. It will help you in winning the bid. If you’re an amateur and new to the business, you should highlight your qualification. You should mention how you’ve created your team. Try to persuade your client that you’re the one fit for the project.
8. Risk Assessment
Risk assessment is another step in winning a construction bid. Assessing all the risks will maximize your profit. All you have to do is identify, manage, and analyze the risks before the problem occurs. It will help you during the project. If any problem occurs, you’ll be prepared to handle it. Therefore, you should include the risk assessment report in your bidding proposal.
9. Early Submission of Proposal
The initial submission of tender or proposal is essential to win a bid. Make sure to complete all the necessary paperwork and estimations before the deadline. If you submit the proposal after the deadline or late submission will have a negative impact on the contractor profile. It is better that you should work quickly and efficiently on the proposal and submit it on time.
10. Keep in Touch with Client
It is better to communicate with the client. These communications will help you in understanding the project in a better way. Keep in touch with every party involved in the contract, suppliers, subcontractors. It will help you in clarifying all your doubts, and you can run your project smoothly.
I hope that these tips will be helpful for you in future construction bids. Good Luck!