Again, this sounds obvious but mistakes here happen more frequently than you think. When carrying out your calculations, make sure you are always working with the most up-to-date documents for the project. Ī common pitfall in construction estimating occurs when the estimator fails to access all of the relevant documents and information. In our experience, if the answer to any of the above is yes, we would advise submitting a rough order of magnitude (ROM) quote allowing you a buffer of +/- 25 - 50%. Does the job require you to work with other subcontractors or will you be the sole entity working across this project?.Will there likely be multiple rounds of design edits?.
Are you bidding at the early design phase?.There are a number of other factors to be considered: There’s a learning curve for growing businesses which should be pursued, but it’s best to err on the side of caution, particularly for small and medium sized construction companies. These mistakes can be costly and will eat into your profit and reputation. If you do happen to land a job where you’re out of your depth, whether it be too big or very complex, you’ll likely make mistakes along the way.It’s great to be ambitious but don’t waste your resources bidding on projects where you’ll lose out to competitors who are better suited to the job. As a small construction contractor, it is important that you bid on the type of work that is suitable for your business and your expertise. This may sound obvious, but you’d be surprised at how often this is overlooked. The good news? We have outlined a process to set you and your small construction business up for success.īid on work that suits your strengths & capabilities
Project estimating can be laborious and requires razor sharp planning and attention to detail. As a small construction contractor, it’s imperative that the process is carried out correctly.Īs a construction cost estimator, you will have to look into a wide variety of costs including: There are a number of widely used methods for calculating fixed and variable costs including:Ĭonstruction estimating will vary greatly for different builders, surveyors, contractors and construction companies. For this reason, it’s important that the specific steps are followed to ensure all aspects of the project are taken into account, in addition to any relevant external factors such as weather or market fluctuations. Poor estimating can lead to cost overruns which can in turn delay a project and damage your business relationships.
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