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6 Cost Estimating Business Tips You Need to Know [INFOGRAPHIC]

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Today’s estimators are faced with more challenges than ever before. From getting bids in on time, to risking finances by going over budget; it’s important to stay on top of the latest technology to create better, faster, more accurate bids.

The following infographic covers 6 cost estimating business tips you’ll need to know, from experts who’ve been in the field for decades.

 

 

6 Cost Estimating Business Tips You Need to Know

1. Know Your Deadline

Every bid manager knows the importance of making sure enquiries are priced on schedule and returned on time. Put solid systems in place to ensure this happens.

How can I keep track of deadlines?

Use a robust dashboard to track every inquiry by tender return, review dates, and keep track of all final deadlines.

 

2. Know Your Rates

We’ve all heard stories about companies winning jobs due to mispricing. Implement a process that checks missing labor norms and missing material prices.

How can I always know my data is up to date?

Use a computer software that lets you create as many filters as you need to fully check the data before it leaves the office.

 

3. Store Your Drawings

Chasing documents and drawings is a huge waste of time. You’ll need to ensure you’re always working on the latest revision.

How can I store my drawings properly?

Save time, effort, and money by storing your documents and drawings in digital form through the use of an online tool.

 

4. Pack It All Up

If you’re not using kits, you’re really missing a great tip. Try adding many items to your estimates that could be grouped together as a kit and added with a single click.

How can I use kit features accurately and quickly?

For a faster and accurate bid, plan time to pack up your troubles and use an estimating software that has good kit capability.

 

5. Lay It Out Right

Work in a way that is flexible enough to allow you to break tenders down to various job structure levels. Accommodate customer change without worrying about lost information.

How can I stay flexible in my process?

Take a look at how you’re working. Review the software you’re using, look at its features, and ensure it meets your needs.

 

6. Track Pricing Data

Use a robust process that allows your team to see the latest prices and product information. Obtain, store, and manage all of the data in one place.

How can I manage all of my pricing data efficiently?

Use a centralized product database with a data subscription that gives you control, assurance, and above all, accuracy.

 

For more information on estimating software to help you perform better, take a look at our estimating products.