Contracting companies have to put a ton of work into getting their next project. If you’re submitting bids but you aren’t winning a good percentage of that work, you need to take a hard look at what isn’t going right. Your profitability depends wholly on being able to rake in a fair amount of the projects that you bid on. Moreover, your time is valuable.
You don’t want to run around looking at job sites and crunching numbers only for all that time and effort to go to waste. You have to do everything reasonably possible to win as many of the projects that you want to get as you can. Here are some important considerations about what you need to do to be the winning bidder on more projects that you create estimates for.
Carry Comprehensive Insurance
It is essential for contractors to maintain thorough insurance coverage that addresses all of their risk exposure. It’s not only important for protecting them from liability. It’s also something that clients expect to see. General liability insurance and commercial surety bonds to back a professional license or individual project are a must-have safeguard that clients are counting on.
Enhance Your Presence Online
Even after you’ve met with prospective clients in person, your online persona could play a role in the impression that you make with them. For the most part, business and property owners want to work with well-established businesses that have demonstrable resources, so a business’ online presence could be a key factor when people are deciding whether to accept an estimate.
A competing business’ superior website could create the impression that it can do superior work or it’s better managed. A company that offers small business website design services can help you design or enhance a website that conveys professionalism and credibility. Moreover, building a great website and stepping up your digital marketing initiatives may help to attract more inquiries.
Include Through Detail
Clients are likely to reject bids that feature too little information, do you need to put careful time and effort into the process of putting a bid together. Thoroughly itemized expenses reflect strong attention to detail that enables clients to meaningfully understand project costs.
It shows that you considered your submission thoughtfully, and you arrived at your total estimate fairly and accurately. Also, the detail in a proposal is a clear indication that a contractor fully understands the scope of work that it’s taking on.
Budget Project Costs With Care
Plenty of customers don’t want to default to the lowest bidder. Of course, if there’s too much difference, they may consider the disparity between your bid and others to be a red flag. Savvy homeowners and businesses choose the most reasonable bid from a contractor who emanates competence rather than choosing the lowest from someone who doesn’t inspire confidence.
Lastly, it’s important to mention that you really don’t want to work too hard to be the lowest bidder. If you end up cutting too much off of your estimate in order to underbid competitors, the project may ultimately fail to be worth all of what you’ll have to put into it.