Reviewing Your Quotation For Completeness
Reviewing your estimate is an important step in your estimating process. Make sure that check every estimate before you send it in. If you don’t have the time to review your estimate then you should not submit it.
Double-check these items before you submit a quotation:
- Double-check the documents for the proper way to submit your estimate. Do they need you to give it in person, email or fax?
- Double-check your quantities and make sure that you have added in your waste overage
- Check to make sure that you have all the items that are needed to complete the project scope of work.
- Check the prices for all your items to make sure they are correct. Underpricing will cause you to produce an inaccurate final price. If you end up landing the project you will end up paying for the extras out of your own pocket.
- If you are using Microsoft Excel then you need to check your formulas to make sure they are calculating properly
- If you use software to calculate your estimate then this process will be a lot easier.
- Double-check your contingency, labor, and profit percentages to make sure they are not to low for the project you are pricing.
Before you send out your response to a proposal you need to check your estimate for accuracy and completeness. Reviewing your estimate for completeness is an essential step towards winning proposals.
All the material items and labor items must coincide with what the project specifications are asking for. The main reason for an inaccurate estimate is due to missed items, underpricing materials and labor costs. To prevent inaccuracies in your estimating process you should use templates, systems and cost data to help prevent mistakes.
The software or ways that you use to prepare your estimate will determine how easily you can spot mistakes and inaccuracies in your estimate. Whether you use Microsoft Excel or a specialized estimating software it is a must that you review your estimate before submitting it. The price you submit may be considered as a contract and you may be held liable for completing the work at the quoted price.
If you use Excel to complete your quotations make sure that double-check all your formulas and calculations to make sure they are calculating accurately. The use of specialized software will make double-checking your estimate a lot easier. Regardless of what process you use to complete your estimate, you need to get into the habit of re-checking your proposals for accuracy.
Try to do these steps above to give yourself a better chance of winning more bids and submitting accurate bids.