December 19, 2023
I spent 12 months learning the ins/outs and nuances of how construction bidding works. I’ve been deeply embedded with our clients who have been using RhinoDox for the past 12 months. Somewhat unanimously, they have all said, “I wish we started this earlier”. Here are some highlights of what we all learned last year.
There is never enough time to estimate and bid all the jobs out there and sometimes it feels like this….
I kept asking the question, how do you know which bids to sink your time into? The answer was experience, gut, and intuition, which I happily accept. But the world I come from, we use data to back that up. At 3 months, then 6 months, and now one year, EVERY client has learned something new from looking at their bid history data. Here are 3 examples:
Bid History allows you to prioritize where you spend your precious estimating resources.
To say it again, time is our most precious asset and we have to use it wisely. The Head of Estimating and the CEO of a large GC told me….
“Listen, the number is important. It’s the first thing we look at. But if our Subs would pick up the phone and call more often, we would award them more work. – “
Large General Contractor
Being top of mind and making bid leveling easier will WIN YOU MORE WORK! GCs need answers and help to make decisions. If you are there to assist with that, your hit rates will go up. Period.
If you are working on the next bid while your competitor is helping a GC figure out the answer, I hope your number is low and you are comfortable at those margins.
Visibility helps prioritize follow-up. Before RhinoDox, the majority of our clients used excel spreadsheets to track bid logs. When you have a manual process like tracking in Excel, it leads to inconsistencies and unreliable information. It sounds something like…”What’s going on with the XYZ job?” “Oh, I didn’t have time to enter it, I’ll find out and enter it tomorrow.”
UPDATE: PART 2 is now available and can be read by clicking here. In this post we cover the 3rd thing I learned which is that you bid probably needs an overhaul. Not just how it looks, but how it’s put together…..sneak peak, if your client has to ‘hunt and peck’ to figure out what’s in your bid, you are losing deals.