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You are missing more jobs than you think you should. You just don’t understand why. You feel like you have a good estimate but you just keep losing jobs.
Let’s face it. Sometimes you will just be bidding against people that just don’t have a clue or someone that made a mistake. Here is another reason you may be losing jobs.
“Direct Cost” More and more I am finding that people and getting the estimate right but they just don’t quite know what their Over Head, Profit, and Labor Burden is.
Let’s say you are bidding against (4) reputable contractors. You have mastered the Best Bid Hybrid Pro and you complete your estimate. For a starting point you and the other (3) contractors should be on equal ground.
This is assuming you all (4) did a flawless estimate. There should not be a lot of difference in your quotes, rough in material and man hours. So why on bid day are the numbers so off?
In today’s market every successful contractor is using an electrical estimating software. Even though the Best Bid will perform faster and cost less, it is pulling from a database much like the software that cost (4) times as much.
It is not unreasonable for the (4) of you to be within $1,000.00 at this point.
Now you start to add in your Labor rate, profit, overhead, and direct cost.
It is just as important to know what to charge for these items as is to have a solid estimate.
- Labor Rate
- Labor Burden
- Over Time
- Over Head
- Per Diem
- Back Hoe
- Lost Time
- Job Trailer
And the list goes on.
This is something to think about. We talk about this in out estimating class and we will continue the subject in our next post.