Saturday, February 24

Maximizing ROI: How to Analyze Electrical Bids Like an Industry Pro

Commercial Electrical Estimating Software | TurboBid

Construction has many variables which can impact how an estimator sees the costs. Different methods or plan execution will impact the price significantly. Therefore, the goal of an estimator is to arrive at the most accurate price under specific circumstances and conditions.

To become a successful electrical contractor, you must ensure you win bids accurately and consistently. However, there is no way to guarantee that you will win all the electrical jobs you bid on. Indeed, you can improve the estimation process to improve the percentage of jobs you can win.

Are you looking to simplify your commercial electrical bidding process and increase your chances of winning more projects? Try TurboBid’s commercial electrical estimating software today! 

To help you, we will help you with the five ways to help you make informed decisions and set your projects up for success.

  1. Review the Bid Documents: Whenever you analyze the electrical bids, you must thoroughly review the bid documents. It includes the scope of work, tech specifications, and special requirements. You must also understand the project’s goals, timeline, and budgetary constraints to assess the bids accurately.

The scope of work will help you outline the specific tasks the contractor will perform on the project. It’s important to carefully review this section to ensure that each bid covers all the necessary work. Any discrepancies or omissions should be noted and addressed with the contractor.

Technical specifications provide detailed information on the materials, equipment, and methods required for the project. This section ensures bids accurately reflect the required materials and equipment costs.

2. Find out What worked and what did not: Once you’ve completed a project and submitted your electrical bid, it’s crucial to analyze the results to determine what worked and what didn’t. Data is the key to your bids and can give you an overview of how you are working. The data gives you the power to repeat the areas where you have been successful. 

Tracking the results of your bids will also help you find out where you are less successful and where you can make tweaks to get better results. For example, if you consistently lose bids to a particular competitor or need help to win bids in a particular geographic area. By identifying these areas of weakness, you can tweak your bidding strategy to increase your chances of success.

3. Bid Training Can Help Your Business: Bid training is the best way to approach or handle your projects. Taking help from resources or classes can help you better understand electrical estimation software and help you with the tips and tricks to make accurate and efficient estimators.

After completing the training, continue using the EBM electrical estimating software as much as possible. It will help you become more familiar with the processes and features that it offers.

Rember that practice makes you perfect; the more you will use the software, the better you will become in your estimation processes. Over time, you will develop a good understanding of creating accurate estimates and using the software to its full potential.

Don’t let a lack of resources keep you from winning more projects. Try TurboBid’s electrical estimating software for small contractors helps the business to the next level.

4. Track your bid results: It can be hard to improve if you don’t have a solid understanding of bidding results. That is why you need to track some key metrics to know how your metrics are performing. Here are some key things you should track in your bid log.

  • The amount of bidding amount
  • Your bid amounts
  • Cost of the job
  • The amount and percentage you were under/over on the bid.

You can track the size and type of jobs you bid on to get a more detailed bid analysis. It can help you determine the types and sizes of jobs you win. Doing this lets you identify whether you’re more successful with residential, commercial, or industrial jobs. Additionally, you can add a difficulty scale to your tracking sheet to see if you’re bidding on too many challenging jobs or not enough. This information can help you make informed decisions when bidding on future projects.

5. Use Estimating Software to Increase Profitability: The construction industry continues to grow and is a significant sector in the world economy. However, despite the growth, it is still low in adopting new technologies. Which means it is still labor-intensive when it comes to cost estimation. And it can take much time, from weeks to months, to get the final price estimates.

Fortunately, commercial electrical estimating software can help you with all the above challenges and speed up your takeoff process. It can increase the estimates’ productivity and improve takeoff accuracy. Using this software, you can reduce errors and complete bids more quickly, allowing you to compete for more jobs. Another benefit of electrical estimating software is that it can significantly reduce your estimating time. 

Conclusion:

Reviewing your successful and unsuccessful bids is crucial in improving your bidding process and increasing your chances of winning more jobs. Additionally, technology is there to help you make informed decisions so that you can bid like a pro.

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