Last updated on December 22nd, 2023
Creating winning project bids is a science onto itself. Do it right and you end up profitable and productive. The secret is to invest the time and attention to show the buyer why your business is the best for the job. In truth, that’s easier said than done, but there is some work you can complete before ever submitting one bid to promote your chance at success.
Define your business goals.
A commonly cited statistic asserts that your bidding process can be considered successful if you receive at least one job for every five bids submitted. As an accountant and a business advisor that feels random. To add structure, consider the big picture. What are your overall sales, profit, and cash flow goals for the year, quarter, and month? Can your answers guide your bidding activities, pointing to when you need to make more bids or set goals for improving your hit (win) rate?
Develop your brand.
A brand reflects your business’ identity or reputation. It’s what distinguishes your business from your competitors’, and it sums up the experience a client can expect when he/she awards you a job. Are you known for professionalism, quality, financial stability, safety, customer satisfaction, project management, environmental awareness, or something else? If so, you should be saying that, consistently, every time you submit a bid. If you need help, consider engaging a marketing firm or freelancer to summarize your brand and provide standard language you can use for bids (as well as marketing channels like your website, social media, and more).
Know your strengths and weaknesses.
Not every bidding opportunity is going to be a good fit. Consider creating a checklist – based on past work – to identify the types of projects that are worth your time and align with your business goals and outcomes. Similarly, a checklist of attributes to avoid can help you quickly decide whether it’s better for your business to forgo a bid.
Evaluate software, online tools, and services that can boost accuracy and productivity.
At the very least, an online search can help you find a variety of free construction bid proposal templates. If you’re looking for more, software and services are available to support the entire bidding process, cost estimations, work breakdowns, project management, proposal generation, takeoff accuracy, and more.
Prequalify subcontractors.
Since you should submit bids by the deadline, if not sooner, prequalifying subcontractors you may use on jobs can save you time and promote peace of mind that the people you’re engaging align with your brand, as well as your quality and performance standards. You may also review licenses and certificates of insurance to make sure the subcontractors have what you need when the time for a bid/job comes.
Expand your pipeline for learning about bids.
In addition to getting leads on projects from trade organizations, referrals, and suppliers, consider subscribing to a lead generation service. Evaluate which markets are served, client size, geography covered, success statistics, service options, and prices. Also look for features that would be of value to you – like getting an email when a new bid is opened.
By putting the time and effort in before ever making a bid, you are in a better position to choose and submit bids – and win projects – when the opportunity arises.
To free you up to focus on bids and all other aspects of running your business, please remember RBT CPAs is here to help with your accounting, tax, audit, or business advisory needs. Interested in learning more? Give us a call today.
RBT CPAs is proud to say 100% of its work is prepared in America. Our company does not offshore work, so you always know who is handling your confidential financial data.