24 Jul How Construction Subcontractors Can Leverage Bid Data to Lift The Bottom Line
Is your bid log a forest or a tree?
Every owner or executive of a specialty trade construction contractor (including our clients) has one job; they need to optimize their workforce and maximize the profitability of each project they bid on and win. Soon, that task will become even more critical as the economic climate shifts once again. That is why we work with our clients to educate them on how to make data-driven decisions to increase win rates on the RIGHT jobs.
We all understand that the only way to make money is not to waste efforts bidding on the wrong projects. More importantly, our clients don’t want to waste their field team on projects that don’t make money.
To get the correct answer, you need to be able to answer the following questions affirmatively:
1. What is your win/loss ratio by GC?
2. What is the win /loss per project category? Are we better at schools or casinos?
3. What is your win/loss by estimator?
4. Do we win more big projects or small projects?
5. Can you show me your backlog or pipeline with estimated start and completion dates?
6. And can you do and see it all in one place?
And the most important question: What is my hit ratio AND profitability by GC, project type, estimator, and project size?
If your answer to these any of these questions is “kinda, no, or sometimes,” you are probably leaving margin on the table.
Having great data at your fingertips is the future for driving a more profitable bidding strategy. You will be more equipped to:
- Identify Project Execution Risk
- Predict Consistent Margin Outcomes
- Optimize Pricing
There is an abundance of data in your company that you can use right now. It’s most likely spread out, not easily accessible, and therefore not leveraged.
The cloud-based RhinoDox Bid Response & Management Platform gives you visibility into your data all in one, so you can leverage your past success and consistently repeat those successes for a better, more profitable future.
The bottom line: Winning projects is easy. But winning the most profitable projects is the goal.
RhinoDox can help.
If you would like to learn more about how RhinoDox can help your specialty construction trade company leverage your bid data to lift your bottom line, reach out to us here.