New construction projects are sometimes hard to come by. Given today’s economy where more companies bid for projects in the retail construction space, a retail contractor must ensure he has the required bidding knowledge to take on competition and ensure his survival. Mastering the bidding process is the key and a contractor has to evaluate a variety of factors before the bid.
1. Evaluate The Opportunity
Be realistic and study the bid opportunity. Contractors get over-optimistic about their delivery capability and can backtrack when they get to know the expenses involved in completion. Check the project feasibility and evaluate your ability to execute the project. Do not decline after accepting the bid invitation, this can impact your brand image. Avoid any haste and thoroughly understand the bidding procedure to nullify any errors. Show prudence and make a project site visit. Collate as many details as possible such as dependencies during construction, resource availability, etc. This evaluation exercise will also help in defining the opportunity at hand and also enable in foreseeing any potential challenges.
2. Error – Free Bid Submission
Make sure your bid document is concise, crisp and succinct. Keep a tab on deadlines and ensure you follow all the guidelines in the document before submission. Avoid haste at any cost, stay focused and act fast. Review the document for completeness and get a editorial review done to correct language or formatting errors. Do check for any missing pieces of information. In case of any queries ask, do not guess. Showcase professionalism at all cost.
3. Estimate Resources & Assess Risks
Review the terms of the contract and have your best practices in place. identify project risks & deadlines, consider the type of construction involved and the specialists required to handle various tasks, financial dependencies and the work ethics required to execute the project. The way you approach the project goes a long way in building a sustainable and lasting impression in the eyes of the client. Estimate the equipment at your disposal. Would it be cognizant to buy or rent equipment you don’t have? Assess the resources at your disposal and if you intend to acquire equipment do evaluate all risks before dealing with equipment vendors.
4. Build a Reliable Subcontractor Network
It is recommended to build a strong network of subcontractors whom you can rely on. Get due diligence done in identifying sub contractors having a consistent track record of delivery quality and the experience in handling varied requirements. Also, ensure they can handle your expectations, project schedules and payment timelines. Try getting referrals. Get to know their ability to understand your scope of work, what can impact their work and deadlines, etc. This will help you get to know the subcontractor’s ability to deliver as per your expectations minus any surprises.
For a retail contractor, its vital to get the bid right. To master every aspect of bidding, you need a focused & planned approach that can help cover all the important parameters required to prepare for an error-free & successful bid. If you are looking for any kind of support in preparing an authentic industry standard bid, do get in touch with us. We would be glad to help you.