5 Ways to Win the Bid
Construction companies operate in a very competitive industry, and the bid selection process is no different. Putting together a strong bid takes time and effort. The bid’s budget estimates should include legal, administrative and insurance costs, site preparation costs including utilities – all in addition to labor, time, and equipment and materials costs.
How should you approach bidding to ensure that the time spent preparing isn’t wasted? Read below to learn 5 ways to win the bid.
Know your niche
Find your unique selling point, or USP. What does your company excel at? What can you do better than your competition? One-stop-shops sound great, but many project owners are looking for experts. It’s better to do a few things at an expert level than to be simply average at many different things.
When trying to nail down your niche, think about your interests and passions. Make a list of the top 5-10, then start to narrow it down. Research competitors for each idea. Then, do some research on what potential customers need, or have questions about. Can you fix those problems, or answer those questions with authority and confidence? It’s OK if you aren’t an expert today – if it’s an area you’re interested in, you’re more likely to do the legwork and stick with it long-term.
Consider a new marketing approach based on your newly determined niche(s). Present your company as THE expert in the field.
Do your homework
Attend pre-bid meetings and conduct site visits. This will give you a better understanding of current site conditions so that you can factor things like accessibility, transportation, storage, and more, into your bid. Pre-bid meetings allow contractors the opportunity to ask questions about specifications or the project itself, but if questions come up later on, be sure to reach out to the project team and get clarification.
Accuracy matters
Follow the instructions for the bid exactly as written. Take time to carefully examine the plans and specifications to help calculate accurate measurements and takeoffs. Incorrect measurements lead to miscalculations, which can cost you the bid. Consider cost-estimating or takeoff software to help ensure accuracy of your measurements and materials needed.
Bid early
One way to ensure your bid is reviewed is to bid as early as possible. Take advantage of the various construction project trackers or bidding marketplaces available online and monitor them for upcoming projects in your area. This way, you can start to prepare your bid, and submit it, sooner than your competition. Be the first one with your foot in the door and avoid missing the bid deadline down the road.
But don't bid too often
Another consideration is the frequency with which you choose to submit bids. You’ve narrowed down your specialties and have found what separates you from the competition. Not every project will be right for your organization – and it’s OK not to bid on every single opportunity out there. Winning the bid for a project your company can’t properly complete can be more costly than losing a bid outright. Reputations can be damaged overnight. Additionally, putting in fewer bids means that the ones you do choose to work on can be prepared more thoroughly.
Buy used (and save $$$)
Be sure to include subcontractor and labor costs, as well as estimates for any equipment and material needed to complete the project. Purchasing used construction equipment and material can save money over purchasing brand new assets. Plus, when using a marketplace like Eiffel Trading, material can be resold after use to increase ROI on the project (not to mention, purchasing used equipment and materials means avoiding rental fees altogether).
To help keep costs down, consider purchasing used heavy equipment and materials like used sheet pile, used HDPE pipe, used barrier wall, and used H-pile.
Buy and Sell with Eiffel Trading
All of our listings are constantly being updated, but if you don’t see what you’re looking for, create a wanted listing for free.
Ready to sell your used heavy equipment or construction material? List your products today for free on Eiffel Trading’s online marketplace.
If you have any questions or would like additional information, please call us at 1-800-541-7998 or email sales@eiffeltrading.com.