The business of restoration is exciting, and with opportunity around every corner, keeping your feet firmly on the ground is essential to your company’s success. Regardless of if you are a large restoration company with many employees or a small family run business, how effectively you estimate your projects will greatly impact your profit loss margins.
Estimation Is Crucial
The estimating process is crucial to the success of any restoration business. However, it is also rife with obstacles that can trip up even the most seasoned of contractors. From rushing bids to getting bogged down in the bidding process, the pitfalls can cost you time, money, and jobs. Fortunately, avoiding these pitfalls is not about working harder, it’s about working smarter.
Pick A Lane
The pitfall of becoming overwhelmed in anything is created by taking on too much. Whether mentally or physically, overreaching our limits keeps us from completing projects successfully and on time. Striking a balance between bidding and securing enough work and knowing the right jobs for you to bid on is an important first step to being profitable. Know what you are good at, focus on your strengths, and the markets that provide you with enough business to succeed so that you can be successful.
Selectivity vs. Speciality
Being selective in the jobs you bid on does not necessarily mean that you should develop a specialty. Selectivity merely means that you are not willing to put your company’s reputation at risk to spread yourself too thin, which can ultimately lead to uncompleted jobs, missed deadlines, and poor working ethics. You are in the driver’s seat, if you know that there are enough specialty jobs for you to pursue then you can choose that route. But specializing is not a requirement of being selective.
How you present your company to your clients is of the utmost importance when it comes to winning bids and securing future work down the road. Don’t expose your company to unnecessary risk by preparing inaccurate estimates for bids right off the bat. Understanding the full scope of a project is imperative to your presenting a professional bid package with detailed calculations.
You can avoid this potential bidding pitfall by investing in the right tools for estimation. Empire Estimators provide professional Xactimate estimating services that help you take your company to the next level. Taking in the full scope of your bid, Empire Estimators delivers high-quality estimation services that your company can depend on for any type of project.
Streamline For Success
With the construction and restoration market growing, it is the perfect time for contractors to streamline their processes of estimating and bidding in order to remain competitive and professional. Avoid common pitfalls by staying focused on what you do best and adopting the right tools, your restoration and construction business can not only grow but also sustain profitability.