Winning more profitable projects requires generating more and better leads, as well as determining the right builds to go after. Of course accurate estimates based on the most up-to-date intel and strong financial resources are key too. Read on for practical advice to kick your bidding strategy into high gear.
Quality Leads and Strong Bids
Many construction company owners are so busy that they fail to dedicate enough time and effort to scouting out leads for high quality projects. As Construct Connect reminds us: “Submitting a winning bid starts with the quality of the projects you plan to bid on.” Toward expanding the pool of upcoming projects you are aware of, in addition to considering a construction leads service, experts suggest:
- Maximize connections through your ITBs and have a direct link to your possible next job through networking.
- Over the last three years, approximately 20% of construction contracts have been awarded to minority-owned and women-owned businesses. If your business qualifies, lead searching on government bidding sites
- Consider joining a local trade association to gain access to industry networking events that could land you fresh lead contacts in your area.
In addition to generating a steady stream of leads, successful builders also know that it’s important to realistically assess bid opportunities vis a vis business strengths:
After finding your leads and gathering your data, it’s time to decide whether entering a bid makes sense for your business. Don’t waste a moment of your time if the answers to these questions don’t add up.
- Do you have the financial resources to complete the work?
- Have you clearly defined and understood the scope of work?
- Did you thoroughly review the project requirements?
- Have you met the contract obligations and reviewed them in full?
When it comes to putting a winning–and realistic– proposal together, businesses that already have a solid practice of job costing in place will find they have a strong advantage over competition. Other reminders for submitting a competitive bid include:
The proposal you submit should be thoughtful and custom to the prospective client. As stressful as this sounds, it doesn’t have to be! If you’ve done your homework, a simple checklist, and another set of eyes to double-check your work should help bring everything you need together. Follow these guidelines before you submit your proposal:
- Budget for any contingencies that might affect your bid price.
- Double-check your estimates.
- Make sure you’ve submitted all documents.
- Be mindful of the timeline for submitting your bid.
Ready To Win More Work?
Contractors poised for growth may ultimately decideit is worth investing in dedicated help to win more work: “Construction bid writing is a specialized occupation that requires finesse and a crosspollination of art and science to deliver a final proposal that accurately meets RFP requirements while telling a compelling, convincing story that persuades a prospective client why your company should get their business.” Toward success, some contractors are finding that hiring a dedicated proposal specialist pays off. Sometimes also referred to as a bid writer, a proposal specialist has strong writing skills, attends to details and coordinates all the information that goes into submitting the winning bid, on time. Depending on experience, salaries for proposal specialists range from about $50-$100k.
Ultimately, to succeed, every contractor needs some elbow room too. Gain flexibility with speedy and easy bid, performance and payment bonds from Colonial Surety. Qualify for The Partnership Account® and you’ll even use our power of attorney to issue your own bid bonds, in minutes. Win and successfully juggle more work than ever as you leverage your:
- surety line of credit—in writing;
- private digital dashboard;
- daily snapshot of single and aggregate limits
- ability to update work on hand
Get started right now—and get your free financial scores too:
Pre-Qualify for The Partnership Account® for Contractors
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed. Let’s connect today: Colonial Surety.