Tips for Creating Accurate, Competitive and Profitable Bids

Axis Capital Group, Singapore, a company is servicing many Southeast Asian countries such as KL Malaysia, Beijing China, Jakarta Indonesia and many more, provides you with tips for creating accurate, competitive and profitable bids.

Review plan documents provided in detail. This may appear too noticeable, nonetheless a lot of times significant details concerning the project are disguised by fine print, long lists or just pure baffling writing style. Gather all the documents, grab your highlighter and review the plan and scope wisely.

Join all the pre-bid meetings/conferences. While this looks simple, lots of your rivalry will think that if they have the documentation, there is no purpose of attending the meetings. Frequently, further information becomes available or you are given the chance to ask questions.

Warning! Verify that your labor costs are up-to-date. Changes can happen with sub-contractors’ rates; be assured the most current are comprised. Correspondingly look for any precise sets of minimum wages that might be required by state or federal projects.

Confirm your material pricing and delivery to avoid complaints. If you have historical data available from similar projects, you can base your estimate on definite costs and plan your profit margins appropriately. Procurement is an often miscalculated area of bids—whether prepared with software or not—so be sure to detail schedules and material deliveries.

Cautiously assess your equipment costs. Equipment costs include an important part of your cost estimate, so it’s vital to precisely define the cost you will comprise for your machines. Many companies use regular rates for machines of a given type or size class. Nevertheless, these average rates are constructed upon the real costs of running the equipment in specific applications. A common mistake is to be unsuccessful to habitually review the variables that create the “average equipment cost” and update them. You want to audit equipment costs regularly to guarantee that you’re competitive and likewise sufficiently cover the cost of running the machines.

Use telematics and machine technologies to increase your bid correctness. Technologies that offer detailed information about your equipment like fuel consumption, production time and idle time truly add worth in the bidding procedure as your information can be thorough and current to your latest project.

Lastly, keep in mind that your bid submissions are an image of your company and your work. Be responsible for the required information in a clear, easy-to-review format to gain credibility and consideration. Consider about what the owner has to base the decision on—price is surely a big factor, however it’s possible not the lone factor and it may not even be the number- one factor.