As promised, short and sweet, see below our key essential steps and start increasing your success rates for both projects and tenders.
- Take time to REVIEW all information provided by the main contractors.
- Review market RATES for labour, materials, plant, and machinery etc…
- Build your estimate using FIRST PRINCIPLES, from the ground up. Include everything from the smallest insignificant component to the largest most significant component.
- DO NOT only review information provided by the main contractors, but also review all the information your supplier or subcontractor has provided you within the RFQ. DO NOT be afraid to ask questions.
- Are you pricing to the right Main Contractor? Are you building a relationship with Main Contractor and creating TRUST? Think before you submit.
One final thought, have you ever won a project which has been priced perfectly?
I do not think so.
But take one small recommendation and never let it go, SPEAK to Project Managers, Engineers or Supervisors. Understand how to get better, understand any hidden issues. That way you can start recording your lessons learned which won’t only benefit yourself but everyone working with and around YOU.