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With the current state of the supply chain in the general contracting and construction industry, it’s critical to provide accurate estimates to your prospects in order to avoid unnecessary losses for your business. Luckily, there are a number of online programs and tools that can be used to automate this process and render precise calculations the first time around.
The Benefits of Software
Generating quotes can be a time-consuming process that drives up the costs of your operation. Additionally, many customers requesting estimates may not even sign on, so it’s in your best interests to keep this task as efficient as possible. By using software, you can eliminate the stress involved in number crunching, and use the app to submit your bid as soon as you’re ready. Here is an overview of these benefits and more if you switch over to software and away from manual calculations:
- Quick Calculations
Realistically, the process involved with performing complex calculations associated with your designs is prone to human error, which ultimately leads to unhappy clients and loss of time and money. With a software program, you’ll simply need to upload your plans and wait for an estimate to be provided based on the relevant measurements.
- Keep Track of Local Costs
The costs of labor, materials, and equipment are ever fluctuating, and more often than not are on the rise. Estimating software gives you unfettered access to a library of local data that you can use to stay on top of these costs – thereby allowing you to have contingencies in place when providing estimates to clients.
- Streamline With Templates
To maintain professionalism, you’ll want your quotes to remain consistent in their design and style. If you haven’t paid much attention to your branding, you can use a logo maker and other free online tools to brand your business. Then, simply create a template using the estimating software that can be used with each new quote that is generated.
Although keeping your pricing low may appear to give you a competitive advantage, it may deter customers who see it as a sign of poor workmanship. It would be worthwhile to take an in-depth look at how your competitors have positioned themselves in the market and what line items are being charged on their invoices and estimates. This will help you determine whether there are any specific services you are selling yourself short on so you can adjust your pricing strategy accordingly.
Check Past Expenses
Taking a closer look at how much you’ve spent on your previous work contracts can give you invaluable insight into where money is being wasted and which services are being undercharged to clients. You may also find that any specific materials you use a lot of can be ordered in bulk, which will result in savings based on a wholesale price.
It’s important to concede that you may not have all the expertise necessary to take on every job or contract. If you’re required to offer pricing on something that you’re not well-versed in, consider bringing in a sub-contractor to offer advice on the costs or to take over that aspect of the job entirely. This will save you from liability and offer an opportunity to broaden your knowledge in the field.
Running a contracting company involves keeping track of loads of equipment, staff, and materials. This means that mistakes are usually expensive and take lots of time to correct. It’s important to avoid this by providing the right estimates from the get-go and ensuring that your staff is well-prepared for any contract you take on.
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Article courtesy from Naomi at LifeBasedBusiness.net