“There seems to be far more opportunity out there than ability.... We should remember that good fortune often happens when opportunity meets with preparation.” - Thomas Edison
As an estimator, one of the most exciting aspects of bidding on projects is the bid review process. This is the time to showcase your skills and creativity by compiling a comprehensive approach to building the project, estimating the cost, and analyzing the competitive landscape. The bid review process involves collaborating with a team of experts who provide feedback to help find the most cost-effective and innovative solution for the project. It’s your time to shine.
To ensure a successful bid review process, it's important to standardize the bid preparation and review. This includes scheduling the review days in advance, addressing any issues with the project specifications or drawings beforehand, and having key team members such as project managers and superintendents participate in the review. The estimator should have an open mind, a firm command of the project details, and follow a standard sequence during the review process, which includes an overview of the project, detailed takeoff and cost review, analysis of the competitive landscape, and a summary of remaining action items. It is super obvious when the estimator is not prepared. On the other hand, reviewing a bid with a passionate estimator who has creative solutions and comes prepared with answers to the toughest questions raises the bar for all active participants. High levels of energy, enthusiasm, and having one’s stuff together are contagious.
In addition, it's important for the estimator to avoid repeating mistakes from prior bids, complete accurate quantity takeoffs, and contact key subcontractors and suppliers via phone and in writing. By focusing on the 20% of items that involve 80% of the cost and risk, the estimator can prioritize their efforts and increase the chances of success in winning the project.
Overall, bid preparation and review is a critical part of the project acquisition process. By standardizing the process and putting in the necessary effort and attention to detail, the estimator can showcase their passion and expertise and increase the predictability of project acquisition. At Edgevanta, our proprietary SaaS platform enables highway contractors to track and forecast critical market dynamics, helping them win more projects and increase profitability. Thank you for reading our post this week.
Sincerely,
Tristan Wilson
Co-Founder and CEO
Edgevanta, LLC
