The past year has been difficult, to say the least. A lot of construction projects have been canceled or put on hold, as government regulations and finances continue to be uncertain in the midst of a global pandemic. The construction industry is expected to take a hit in 2021, which means that – when it comes to bidding – there is no room for any mistakes.
In this article, we will review some of the most common bidding mistakes when it comes to construction projects. Take some time to really think about how often these happen to your team, and what measures can be put in place to avoid them in the future.
Focusing on the wrong projects
Just because you have the opportunity to bid on a project, does not mean that you should. Some are just not going to make financial sense (however, it is up to you to determine this). Other projects might not make sense from a staffing perspective. The goal is to achieve a good balance when it comes to bidding so that your team is just busy enough so that you are not wasting resources, nor are you stretched too thin.
Neglecting to do your due diligence
When you are running up on a deadline, it might seem like cutting corners is the only option. But when it comes to bidding projects, this is never a good idea. You need to make sure that you are always visiting the site, double-checking your math (scratch that, do not submit a bid without triple-checking your math), and clarifying any other outstanding questions that you might have.
Forgetting to evaluate needs/assets
One of the biggest things that you will need to do on your end is to make sure that you have all of the equipment needed for the job, otherwise, this will be an additional cost at your expense. Things like overtime and talent on staff also need to be considered. Evaluate a potential project by determining how its needs overlap with your available assets.
In a lot of ways, the hurdles and strategies for bidding construction projects are the same as the ones that you come across in hiring. By having a good idea of the type of candidate you are looking for – as well as taking into account what your company needs and can accommodate – you can be sure that you find a good fit for all parties. Just make sure that you double-check references so you know what you are getting yourself (and your team) into.