What are the key factors to consider while deciding on a project to bid?by Justin Langer Content Manager
Besides substantial effort, one has to invest a considerable amount of time in bidding on projects. Many firms are there who win a bid and later wish they hadn’t. There is a correct method to build a process when it comes to deciding which one project to bid on and which one to avoid. You should know that construction organizations get projects quickly. There could be various reasons such as insufficient discovery, extremely rosy estimate, or the presence of a subcontractor.
After acquiring comprehensive information about the projects that just fit your goals perfectly, you should use a point format to rate every bid opportunity that comes your way. You should also keep a well-updated list of all items to get rid of all those projects that do not work. Read the following to obtain a clear understanding of top factors that can help you create and plan a project in a solid way.
If you are running a construction business, you have to take the construction market into account. You should find the market that is your forte. It can be a commercial market or residential market. You should assign rating numbers to every project market so that it reflects their significance to your goals. What you need to do in the end is sum up the score to witness how close the bid opportunity matches the goals of your business.
Consider the project type you can execute in an exceptional way and see whether it matches your business goals. You have to choose between new construction and renovation projects. You have to make sure that your skills, competencies, and experiences match that specific aspect of construction projects.
When it comes to considering the size of a project, the most typical approach is to use project value. If you find that construction projects anywhere between $4 million and $5 million range fits your goals, you should give them more points.
Do not opt for a project that is miles away from your business location if yours is a new business. You can enhance the process if you follow the typical approach, which is to assign points depending on the radius from your base. Give more points to those construction projects that are within a 20-mile radius. However, you can opt for projects in a different region if you are well established and plan to expand your business.
Ensure that you update your construction project plan to match the evolving project picture and transformations in your business. You have to reassess the points you have assigned to several factors on a regular basis. Aside from the ones mentioned in the above part, many more key factors are there that businesses consider when deciding on a project to bid.
Created on Sep 17th 2020 08:18. Viewed 216 times.