Getting the Inside Scoop on Which Construction Projects to Bid On

If you want to bid less, but earn more, finding the right construction projects to bid on is half the battle. By searching building permits and other local construction data, you can uncover more ideal projects while avoiding potential problem clients.

Play to Your Strengths

Instead of considering any project that comes your way, take the initiative to seek out projects where your unique skill set will be valued. A would-be client is far more likely to pay attention to a bid from a company offering expertise in the exact services they need. If you’re a general contractor specializing in light commercial construction, searching local commercial building permits can lead you toward potential clients. From here, you can narrow your search to specific building types, such as retail stores or medical offices, to find the right construction projects to bid on. If you’re a high-end building materials supplier, remodeling permits are a good source of potential clients looking for products to upgrade their interiors.

Check for Signs of Trouble

Using building permits to find potential clients can help you weed out the troublesome ones before you waste any time on them. If the same residential property developer has already let one or more building permits expire for their current project, it could mean they’re having trouble finding the right contractor. A little further investigation can tell you why that is and whether or not the project is worth pursuing. If the project requires specialist skills or materials you’re an expert in, you could be a shoo-in for the job. On the other hand, it could mean the developer is having financing problems or they have a bad reputation and you’re better off avoiding the project.

Building permits also help you find out if the project will require methods or materials you’re unfamiliar with, if regulations might make it difficult to actually complete the project or if the work will require more effort than it’s worth.

For help finding valuable construction projects to bid on, contact us at Construction Monitor.

Will Specialization Boost Your Bottom Line?

At first glance, specialization can seem like a risky proposition that could cause you to miss out on opportunities. In reality, positioning your firm to stand out from other construction professionals is one of the most effective ways to both attract more clients and increase your profit margins.

construction professionalsA Reputation That Precedes You

Your would-be clients aren’t looking for a “construction firm,” but for a company that can provide the exact service they want. If your firm is strongly positioned as a leader in that area, you’ll be the clear first choice. Keep in mind that it’s far easier to rise as a leader in a defined niche than in a broad market. You’re also more likely to receive referrals from construction professionals who remember your firm’s name in connection with your specialty.

Generally speaking, whatever you do best will become your specialization, but there’s more than one way to approach defining your specialty.

  • Building type: medical facilities, office buildings, custom homes
  • Customer type: entrepreneurs, homeowners, developers
  • Location: urban or rural, neighborhood, topography
  • Contract type: bid or negotiated, design-build or plan-spec

Having more than one specialty extends your reach in the construction market. If you go this route, though, segment your client base and target your marketing to each one.

The Perception of Excellence

Your specialization is evidence you’ve invested time in developing your knowledge and skills. It displays the kind of focus, hard work, and commitment we all admire in a professional. The very fact you’ve made the effort to specialize inspires trust, which in turn helps you win over more clients.

Clients also know that effort pays off. Specialists nearly always provide higher quality with greater efficiency than generalists. They hire foremen and subcontractors with a deep knowledge of their individual areas of focus. They’re experienced at managing the challenges that come with their specialty. When you offer this level of service, you can command premium prices because your clients know you’re worth it.

For more information on specialization for construction professionals, contact Construction Monitor today.

Using Big Data for Better Productivity and Profitability

Access to large volumes of data can give you the kind of bird’s-eye view you need to steer your business in the right direction. The more you know about how big data affects construction businesses, the better you can harness this resource for your firm.

how big data affects construction businessesBoosting Your Productivity

Fast, high-volume data analysis lets you keep track of your vehicles and equipment more accurately and plan the most efficient travel routes for them. This is done by placing sensors on vehicles and equipment, and using technology that processes the data provided along with data on current traffic conditions to determine the fastest driving routes. Your workers will spend less time stuck in traffic, and you’ll save fuel, too.

When you store your data and documents in collaborative software, everyone on your team can work together on the same documents in real time no matter where each team member is. That means less email and phone tag and less time spent running documents to other locations. It also cuts down on time-wasting errors caused by two groups of employees working from two versions of a document.

Improving Your Profitability

With more and better-managed data on your company’s past performance, you can more accurately pinpoint profitable bidding strategies and identify the ideal approach to hiring for every job you win. You’ll not only bring in more jobs, but also decrease your labor costs on each one.

The ability to process big data related to your market lets you more precisely target specific customer bases. You’ll be better able to tailor your services to each, which helps set you apart from your competition. It can even help you spot opportunities you might have otherwise missed.

By analyzing data from previous jobs, you can predict when exceptional costs might pop up so you can budget for them. Knowing ahead of time when you’ll need to replace your power tools or the parts in your heavy equipment also prevents delays caused by unexpected equipment breakdowns.

To find out more about how big data affects construction businesses, contact us at Construction Monitor.