How do you keep your estimates and bids current?

1 Use reliable data sources

One of the most important factors in keeping your estimates and bids current is using reliable data sources. You need to have access to up-to-date information on material costs, labor rates, equipment rentals, permits, taxes, and other expenses that affect your project. You can use online databases, industry publications, trade associations, local suppliers, and subcontractors to get the latest data. You should also verify the data with multiple sources and adjust it for your specific location, project type, and quality standards.

2 Track changes and revisions

Another key factor in keeping your estimates and bids current is tracking changes and revisions . You need to have a system to document any changes in the project scope, design, specifications, or requirements that may affect your estimate or bid. You should also communicate with your client, architect, engineer, and subcontractors regularly to stay on top of any changes. You should update your estimate or bid accordingly and submit it to your client as soon as possible. You should also keep a record of all the changes and revisions for future reference and dispute resolution.

3 Use software tools and templates

A third factor in keeping your estimates and bids current is using software tools and templates. You can use software tools to automate some of the tasks involved in estimating and bidding, such as calculating quantities, applying markups, generating reports, and sending proposals. You can also use templates to standardize your format, layout, and content of your estimates and bids. Software tools and templates can help you save time, improve accuracy, and reduce errors. You should also update your software tools and templates regularly to reflect the latest industry standards and best practices.

4 Review and compare your estimates and bids

A fourth factor in keeping your estimates and bids current is reviewing and comparing your estimates and bids. You need to review your estimates and bids before submitting them to your client to ensure that they are complete, accurate, and competitive. You should also compare your estimates and bids with other similar projects, past projects, or industry benchmarks to see how you stack up against the competition and the market. You should also solicit feedback from your client, subcontractors, and peers to improve your estimating and bidding skills and performance.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?