Bidding on commercial projects can be a trying process. It can offer unique challenges in each bidding process and can make or break your business in the long run. Here are a few things we would suggest you consider during and before the bidding process.
How well do you know your own business?
This may sound like a funny question. Your first instinct would be to say, “Obviously I know my own business”. But double check yourself. As you begin to bid on large commercial projects, you have to know the exact ins and outs of your own business to know if you can take on certain projects, and, furthermore, if you are a good option for certain projects in the first place. Knowing your business means knowing the current financial situation, your current access to skilled labor, your current level of organization, and more. You don’t have to run every single angle, but you should be aware of it.
How much research have you done on the project and company on which you are bidding?
Knowing the commercial company you are bidding for has a lot to do with a successful bid. Get to know the company, the owner, the company’s history, and more. You need to know if the company has had financial issues in the past, or if it has the propensity to push project scope and will constantly be moving up deadlines. Do your research on the company and you will be better prepared to make your bid, or, in some instances, resist the urge to make a bid at all.
Have you evaluated all of the associated project costs?
After evaluating your own construction business as well as the company who has the project, the next and biggest step is to fully evaluate the potential project. Take a good amount of time to review all the details, equipment rentals, timeline, project scope, and budget. Small, missed details will really hit you hard if you realize them after you win a project. Commercial projects are often a different ball game and offer unique challenges that you will need to be prepared for. Always check, check again, and re-check when bidding. One tip here is to utilize your team well. Be sure that you have a trusted team behind you, helping to make the best decisions possible. Then, after you win the project, you can celebrate instead of nervously wondering if can you actually do it.
Here at FACS, we are not the end all be all for bidding. We don’t have the software for you to zero in on the best bid. But, what we do have is a way to be sure you are successful after you win a bid. Check out how our software can keep your projects on track and your profitability up!