Expert Tips on Building a Strong Construction Bid
The construction industry has always been a competitive landscape for small and large contractors alike. Now, with the pandemic and the new normal significantly impacting construction by temporarily halting and even permanently shutting down projects in its tracks, it's more crucial than ever before for construction leaders to win valuable bid opportunities to continue bringing in new revenue for their business. However, the competition is intense, and standing out against the crowd can be a daunting task.
Construction leaders know that offering the lowest bid doesn't guarantee that you'll land the job, and, even if it does, you still have to be profitable as a business. However, you can also waste valuable time, money, and effort when going after countless construction bids and turning up empty-handed. So, how can you create construction bids that receive the greatest return on investment?
Choose the Right Projects for Your Team
Construction leaders know their company better than anyone else, which is why it is crucial they do their due diligence when searching for new bid opportunities. You have to identify your specialties, niches, and what you can bring to the table. You don't want to waste time bidding on options that aren't a good fit for your team and your goals. On top of this, you don't want to oversell your capabilities, which ruins trust and hurts your reputation and relationships.
Perform a Competitive Analysis
After you identify a bid opportunity that you would like to pursue, dive into research about the possible competition that might be going after the same project. Understanding your competition’s strengths, weaknesses, and specialties can help you better understand your own company and team's aspects that you should be highlighting in your bid to stand out better. Doing this will help you build a robust and persuasive proposal that will catch your potential client's attention and give you a better chance of winning the bid.
Integrate Innovative Technology into Your Company
The construction industry tends to be slow to adopt new technologies. However, efficiently and effectively integrating new, innovative tech into your company will help propel you forward as a leader within the industry. It will further differentiate you from your competitors. This tech can include drones, Robotic Total Stations (RTS), and Building Information Modeling (BIM).
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This article originally appeared in the bimonthly Arizona Contractor & Community magazine, Jul/Aug 2021 issue, Vol. 10, No. 4.